Bulgarias money supply up 10% y/y in Jul, domestic credit grows by 2.9% y/y.

By bne IntelliNews August 24, 2012
Money supply, measured by the M3 aggregate, increased by 10% y/y to BGN 59.9bn (EUR 30.6bn) at the end of July or 77% of the full-year GDP projection, the monetary survey of the central bank shows. The growth decelerated marginally from an annual 10.2% at the end of June. Still, money supply growth remains above the levels from end-2010 and end-2009 (6.4% y/y and 4.2% y/y, respectively). The rise in M1 money supply in June, which includes the most liquid funds, however accelerated to 15.5% from 13.4% y/y in June. Domestic credit went up by 2.9% y/y to 68.4% of GDP in July. Its growth decelerated due to 2.9% drop in consumer loans. Mortgages growth still struggles to stay in positive territory. Total households credits declined by 1.3% y/y in July. The growth of credits to the non-government sector rose slightly to 4.2% y/y as of end-July mainly on the back of 6.9% annual increase in corporate loans. The share of bad and restructured loans edged down 0.1pps m/m to 18.6% of the total. It has been rising gradually since March 2009 (3.11%) reaching 17.3% at end 2011 (14.2% at end-2010, 8.3% at end-2009 and 2.4% at the end of 2008).
Annual growth rates, % 2009 2010 2011 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12
M3 Money supply, y/y 4.2 6.4 12.2 12.7 11.7 10.7 11.6 10.9 10.2 10.0
M1 Money supply y/y -8.8 1.4 14.4 18.9 18.0 17.2 18.0 17.2 13.4 15.5
Domestic credit, y/y 6.8 5.1 7.5 7.1 6.9 5.5 4.5 4.7 5.6 2.9
Companies loans, y/y 2.3 2.4 5.7 4.7 4.8 5.7 5.3 6.1 6.8 6.9
Consumer loans, y/y 6.9 -2.8 -0.7 -1.1 -1.1 -1.3 -1.0 -1.2 -1.9 -2.3
Mortgages, y/y 8.4 3.8 1.1 0.8 0.7 0.6 0.5 0.4 0.3 0.1
Source: BNB

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