The Financial Supervision Commission (FSC) has alerted its regulated entities about advancing to the next phase of preparations for introducing the euro in Bulgaria, highlighting the crucial role of the non-banking financial sector. As outlined in the Action Plan for euro adoption, the FSC is tasked with initiating the process of updating information systems in…
Bulgaria risks losing at least 2 billion leva (1 billion euros) in European funding due to the National Assembly’s failure to approve amendments to the Recovery and Sustainability Plan, along with the new chapter and updated roadmap for climate neutrality. Acting Deputy Prime Minister and Finance Minister Lyudmila Petkova warned at a media briefing following…
The Ministry of Finance is working on a budget with a deficit of up to 3% on an accrued basis, the Deputy Minister Martin Danovski has confirmed. This figure aligns with the Maastricht Treaty criteria, which is essential for Bulgaria’s entry into the Eurozone. When asked about the clarity on the main financial parameters for…
The European Bank for Reconstruction and Development (EBRD) has revised its growth forecast for Bulgaria’s economy for the upcoming two years. The bank now expects a slowdown of 0.4% this year, predicting a growth rate of 2.2%, down from previous estimates. Looking ahead to next year, the EBRD has adjusted its projection from 3% to…
Wizz Air has announced the launch of a new route from Sofia to Stuttgart, one of Europe’s greenest cities. Starting in December, flights will operate year-round three times a week. Tickets are available now on the airline’s website and mobile app, with prices starting at 65.99 leva. With this addition, Wizz Air strengthens its presence…
According to the Bulgarian National Bank (BNB), the expansion of mortgage loans continues, as banks in Bulgaria report an increase in housing credit. As of the end of August, outstanding housing loans reached 23.2 billion leva, reflecting an annual growth of 25.5%. This marks an increase from July, when mortgage loans rose by 25.1%. Since…
Bulgaria ranks 35th in the 2023 list of the wealthiest countries, with net financial assets per capita amounting to 16,410 euros. The Global Wealth Report, released by Allianz, highlights a notable increase in global financial assets of private households, which has risen by 7.6%, offsetting a previous decline of 3.5%. The total financial assets worldwide…