Bulgaria’s fiscal reserve up 31% y/y at end-February

By bne IntelliNews April 6, 2015

Bulgaria’s fiscal reserve increased by 31% y/y to BGN7.94bn (€4.06bn) at end-February, after rising by 7.6% y/y at end-January, data from the ministry of finance showed. In monthly comparison terms, the fiscal reserve increased by 11.4% at end-February, after dropping by 22.3% at end-January.

The fiscal reserve deposits went up 36.4% y/y to BGN5.68bn at the end of the second month of 2015. Deposits at the central bank rose by 21.7% y/y to BGN4.46bn. Deposits at commercial banks soared 2.4 times y/y to BGN1.22bn at end-February.

In addition, receivables from EU funds for certified expenditures, advances and others grew by 19% y/y to BGN2.26bn at end-February.

Fiscal Reserve, BGNmn          
  Feb'14 Jan'15 Feb'15 % y/y % m/m
Deposits at the c-bank 3,662.8 4,557.5 4,457.7 21.7% -2.2%
Deposits at commercial banks 499.5 1,250.7 1,221.5 144.5% -2.3%
Receivables from EU funds 1,898.7 1,321.3 2,260.7 19.1% 71.1%
TOTAL Fiscal Reserve 6,061.0 7,129.5 7,939.9 31.0% 11.4%
Source: Ministry of finance          
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