Banks in Bulgaria have reported a tightening of credit conditions for both businesses and households, primarily driven by increased interest rates. This tightening has been particularly evident in consumer loans, according to the Bulgarian National Bank’s (BNB) Economic Review for the third quarter of 2024. Despite the stricter conditions, banks have slightly relaxed the maximum…
Bulgaria is set to request protective measures from the European Commission regarding the import of Ukrainian honey. The request will be made during a meeting of EU agriculture and fisheries ministers in Brussels. The country’s position highlights that the sharp rise in Ukrainian honey imports is creating difficulties for local producers, as the large quantities…
At the end of the third quarter, Bulgaria’s treasury faced a deficit exceeding 2.8 billion leva, according to data on the implementation of the fiscal program, as approved by the Cabinet of Ministers. The Ministry of Finance predicts that this shortfall will rise to 4 billion leva in October, with an expected deficit for the…
Stanislav Popdonchev, Deputy Chairman and Financial Director of the Bulgarian Chamber of Commerce, expressed concerns over Bulgaria’s economic direction, particularly regarding the goals of joining the Eurozone and Schengen. In a recent interview with BNR, he highlighted that these goals were crucial for economic growth but were currently sidelined due to the lack of a…
Inflation is expected to rise moderately at the beginning of 2025, according to the Bulgarian National Bank (BNB), despite a significant slowdown throughout 2024. September’s inflation rate reached a low of 1.2% YoY, marking the slowest pace in the last four years. The BNB’s latest “Economic Review” report anticipates this deceleration to continue until year-end,…
As the start of the ski season in Bansko approaches, hoteliers and restaurant owners in the resort are grappling with a shortage of staff. In response, many have turned to hiring workers from third countries to ensure there is enough personnel to serve tourists. The influx of foreign workers, including maids from India, valets from…
Bulgaria could potentially adopt the euro on July 1, 2025, if all the necessary steps are taken within the required timeframe. According to an analysis by Stanislav Popdonchev, Deputy Chairman and Chief Financial Officer of the Bulgarian Chamber of Commerce, Bulgaria has time to meet the conditions for euro adoption until the middle of 2025,…