september 2016 - БНБ€¦ · 31.viii.2015 30.ix.2015 30.x.2015 30.xi.2015 30.xii.2015 29.i.2016...

September 2016

Monthly BulletinMonthly BulletinSeptember 2016

BULGARIANNATIONALBANK

Contents

ChartsFinancial Sector 5External Sector 12Fiscal Sector 14Real Sector 15

TablesFinancial Sector 19External Sector 79Fiscal Sector 106Real Sector 109

Methodological NotesOverview and Institutional Sectors 114Financial Sector 120External Sector 133Fiscal Sector 152Real Sector 153

Resolutions of the BNB Governing Council 154

BNB Publications 155

Banks’ Head Offices 160

2

MONTHLY BULLETIN 9/2016

Abbreviations

BGN The Abbreviation of the Redenominated LevBIR Base Interest RateBNB Bulgarian National BankCEE Central and Eastern EuropeCEFTA Central European Free Trade AssociationCG Central Government CIF Cost, Insurance, FreightCIS Commonwealth of Independent StatesCM Council of MinistersCPI Consumer Price IndexDISCs Discount Bonds EBRD European Bank for Reconstruction and DevelopmentECB European Central BankEFTA European Free Trade AssociationEIB European Investment Bank EMU European Monetary Union EONIA Euro OverNight Index AverageESA’95 European System of Accounts, 1995 EU European UnionEURIBOR Euro Interbank Offered RateFLIRBs Front-loaded Interest Reduction BondsFOB Free on BoardGB Government BudgetGDP Gross Domestic ProductIABs Interest Arrears Bonds IAS International Accounting StandardsICs and PFs Insurance Companies and Pension FundsIMF International Monetary FundKTB Corporate Commercial BankLIBOR London Interbank Offered RateLTIR Long-term Interest RateM1 Narrow Money M2 M1 and Quasi-moneyM3 Broad Money MF Ministry of FinanceMFIs Monetary Financial InstitutionsMMFs Money Market FundsMU Monetary UnionNBPS National Border Police ServiceNPISHs Non-profitInstitutionsServingHouseholdsNSI National Statistical InstituteOECD Organisation for Economic Cooperation and DevelopmentOFIAs Other Financial Intermediaries and Auxiliaries, Except Insurance Companies and Pension FundsOMFIs Other Monetary Financial InstitutionsSDDS Special Data Dissemination StandardSDR Special Drawing RightsSNA’93 System of National Accounts, 1993SSFs Social Security FundsZUNK Law on Settlement of Non-performing Credits Negotiated prior to 31 December 1990

Legends

“ - ” data do not exist/are not applicable“ . ” data are not available yet“ 0 ” zero or a negligibly low value“ R ” revised data

3

9/2016 MONTHLYBULLETIN

Charts

1 Financial Sector 1.1. Gross International Reserves ................................................................................................ 5 1.2. Foreign Assets and Liabilities of Monetary Financial Institutions ........................................ 5 1.3. Domestic Credit of Monetary Financial Institutions ............................................................. 5 1.4. Dynamics of Domestic Credit Components .......................................................................... 6 1.5. Dynamics of Other Monetary Financial Institutions Claims on Households and NPISHs .... 6 1.6. Deposits Included in Money Supply by Sector ..................................................................... 6 1.7. Dynamics of Deposits Included in Money Supply by Sector ................................................ 7 1.8. Deposits Included in Money Supply by Type and Currency ................................................. 7 1.9. Dynamics of Deposits Included in Money Supply by Type and Currency ............................ 7 1.10. Monetary Aggregates ............................................................................................................ 8 1.11. Monetary Aggregates Dynamics ........................................................................................... 8 1.12. Broad Money ........................................................................................................................ 8 1.13. Interbank Money Market ...................................................................................................... 9 1.14. Foreign Exchange Market ..................................................................................................... 9 1.15. Interbank Money Market Interest Rates ................................................................................ 9 1.16. InterestRatesonNewBusinessonLoanstoNon-financialCorporations .......................... 10 1.17. Interest Rates on New Business on Loans to Households ................................................... 10 1.18. Interest Rates on New Business on Deposits in BGN with Agreed Maturity ofNon-financialCorporations ............................................................................................ 10 1.19. Interest Rates on New Business on Deposits in BGN with Agreed Maturity of Households ......................................................................................................................11 1.20. Interest Rate Differential between Annual Yield of Base Interest Rate and Monthly EURO LIBOR ............................................................................................... 11

2 External Sector 2.1. Balance of Payments .......................................................................................................... 12 2.1.1. Current Account ........................................................................................................ 12 2.1.2. Capital and Financial Account .................................................................................. 12 2.2. Gross External Debt............................................................................................................ 12 2.3. External Debt Indicators ..................................................................................................... 13 2.3.1. Gross External Debt .................................................................................................. 13 2.3.2. External Debt Service ............................................................................................... 13 2.4. BGN/USD Exchange Rate .................................................................................................. 13

3 Fiscal Sector 3.1. BudgetDeficitFinancing .................................................................................................... 14 3.2. Execution of the Republican Budget .................................................................................. 14

4


4 Real Sector 4.1. Unemployment ................................................................................................................... 15 4.2. Average Monthly Salary Dynamics ................................................................................... 15 4.3. Monthly Change in Consumer Prices on Previous Month .................................................. 15 4.4. Consumer Price Changes by Month on Corresponding Month of Previous Year ................ 16

5

9/2016 FINANCIALSECTOR

1 Financial Sector 1.1. Gross International Reserves

(assets of the Issue Department)

1.2. Foreign Assets and Liabilities of Monetary Financial Institutions

1.3. Domestic Credit of Monetary Financial Institutions

6


1.4. Dynamics of Domestic Credit Components(annual change)

1.5. Dynamics of Other Monetary Financial Institutions Claims on Households and NPISHs

(annual change)

1.6. Deposits Included in Money Supply by Sector

7


1.7. Dynamics of Deposits Included in Money Supply by Sector(annual change)

1.8. Deposits Included in Money Supply by Type and Currency

1.9. Dynamics of Deposits Included in Money Supply by Type and Currency

(annual change)

8


1.12. Broad Money

1.11. Monetary Aggregates Dynamics(annual change)

1.10. Monetary Aggregates

9


1.13. Interbank Money Market

1.14. Foreign Exchange Market

1.15. Interbank Money Market Interest Rates

10


1.18. Interest Rates on New Business on Deposits in BGN with Agreed Maturity of Non-financial Corporations

1.17. Interest Rates on New Business on Loans to Households

1.16. Interest Rates on New Business on Loans to Non-financial Corporations

11


1.20. Interest Rate Differential between Annual Yield of Base Interest Rate and Monthly EURO LIBOR

1.19. Interest Rates on New Business on Deposits in BGN with Agreed Maturity of Households

12


2 External Sector 2.1. Balance of Payments

2.1.2. Capital and Financial Account

2.1.1. Current Account

2.2. Gross External Debt

13

9/2016 EXTERNALSECTOR

2.3. External Debt Indicators

2.3.1. Gross External Debt

2.3.2. External Debt Service

2.4. BGN/USD Exchange Rate

14


3 Fiscal Sector

3.2. Execution of the Republican Budget

3.1. Budget Deficit Financing

15

9/2016 REALSECTOR

4 Real Sector 4.1. Unemployment

4.2. Average Monthly Salary Dynamics(quarterly moving average)

4.3. Monthly Change in Consumer Prices on Previous Month

16


4.4. Consumer Price Changes by Month on Corresponding Month of Previous Year

17


Tables

1 Financial Sector 1.1. Balance Sheet of BNB Issue Department ................................................................................ 19 1.2. Balance Sheet of BNB Banking Department ........................................................................... 19 1.3. Monetary Survey and Analytical Reporting ............................................................................ 20 1.3.1. Short Monetary Survey .................................................................................................. 20 1.3.2. Detailed Monetary Survey ............................................................................................. 22 1.3.3. BNB Analytical Reporting ............................................................................................. 27 1.3.4. Analytical Reporting of Other MFIs .............................................................................. 31 1.3.5. Foreign Assets and Liabilities of the BNB .................................................................... 36 1.3.6.LoanstoNon-financialCorporations,HouseholdsandNon-profitInstitutions Serving Households ....................................................................................................... 39 1.3.7. Memoranda to the Analytical Reporting of the BNB .................................................... 41 1.3.8. Memoranda to the Analytical Reporting of Other MFIs ................................................ 43 1.4. Sectoral Survey of Monetary Financial Institutions ................................................................ 44 1.4.1. Monthly Sectoral Survey of the BNB as of July 2016 .................................................. 44 1.4.2. Monthly Sectoral Survey of Other MFIs as of July 2016 .............................................. 47 1.5. Monetary Aggregates ............................................................................................................... 50 1.5.1. Monetary Aggregates – Stocks and Transactions .......................................................... 50 1.5.2. Counterparts of Monetary Aggregates – Stocks and Transactions ................................ 51 1.6. Supervisory Statistics ............................................................................................................. 52 1.6.1. Balance Sheet Statement (Statement of Financial Position) of the Banking System as of 30 June 2016 ............................................................................................................... 52 1.6.2.StatementofProfitorLossoftheBankingSystemasof30June2016 ............................ 54 1.7. Bank Groups as of 30 June 2016 ............................................................................................. 56 1.8. Capital Adequacy of the Banking System as of 30 June 2016 ................................................ 57 1.9. Liquidity of Banks as of 30 June 2016 (under Ordinance No. 11 of the BNB) ....................... 57 1.10. BalanceSheetStatement(StatementofFinancialPosition)andStatementofProfit or Loss of Banks by Group ...................................................................................................... 58 1.10.1. Balance Sheet Statement (Statement of Financial Position) of Group I Banks as of 30 June 2016 ....................................................................................................... 58 1.10.2.StatementofProfitorLossofGroupIBanksasof30June2016 ................................ 60 1.10.3. Balance Sheet Statement (Statement of Financial Position) of Group II Banks as of 30 June 2016 ....................................................................................................... 62 1.10.4.StatementofProfitorLossofGroupIIBanksasof30June2016 .............................. 64 1.10.5. Balance Sheet Statement (Statement of Financial Position) of Group III Banks as of 30 June 2016 ....................................................................................................... 66 1.10.6.StatementofProfitorLossofGroupIIIBanksasof30June2016 ............................. 68 1.11. Interbank Money Market ......................................................................................................... 70 1.12. Foreign Exchange Market ....................................................................................................... 70 1.13. Cash Bought and Sold at the BNB Cash Centre ...................................................................... 71 1.14. Base Interest Rate .................................................................................................................... 71 1.15. Interest Rates on New Business on Loans, Other than Overdraft, by Period of Initial Rate Fixation ............................................................................................ 72 1.16. Volumes on New Business on Loans, Other than Overdraft, by Period of Initial Rate Fixation ............................................................................................ 72 1.17. Interest Rates on Balances on Loans ....................................................................................... 73 1.18. Volumes on Balances on Loans ............................................................................................... 73 1.19. Interest Rates on New Business on Deposits with Agreed Maturity ....................................... 74

18


1.20. Volumes on New Business on Deposits with Agreed Maturity ............................................... 74 1.21. Interest Rates on Balances on Deposits ................................................................................... 75 1.22. Volumes on Balances on Deposits ........................................................................................... 75 1.23. Government Securities Yield and Long-term Interest Rate for Convergence Assessment Purposes.................................................................................... 76 1.24. Interbank Market Indices ........................................................................................................ 76 1.25. Interest Differential between Base Interest Rate and Monthly EURO LIBOR ...................... 77 1.26. Quotations of Bulgarian Global Bonds.................................................................................... 78

2 External Sector 2.1. Balance of Payments ............................................................................................................... 79 2.2. Exports and Imports................................................................................................................. 82 2.2.1. Exports by Use............................................................................................................... 82 2.2.2. Imports by Use............................................................................................................... 83 2.2.3. Exports by Major Trading Partner and Region .............................................................. 84 2.2.4. Imports by Major Trading Partner and Region .............................................................. 85 2.3. Gross External Debt ................................................................................................................ 86 2.4. Gross External Debt Disbursements ........................................................................................ 87 2.5. Gross External Debt Service .................................................................................................... 88 2.6. External Debt Indicators ........................................................................................................ 93 2.7. Bulgaria’s International Investment Position ........................................................................... 94 2.8. Template on International Reserves and Foreign Currency Liquidity ..................................... 96 2.8.1.PartI.OfficialReserveAssetsandOtherForeignCurrencyAssets (Approximate Market Value) ......................................................................................... 96 2.8.2. Part II. Predetermined Short-term Net Drains on Foreign Currency Assets (Nominal Value) in the Following 12 Months ............................................................... 97 2.8.3. Part III. Contingent Short-term Net Drains on Foreign Currency Assets (Nominal Value) in the Following 12 Months ............................................................... 99 2.8.4. Part IV. Memo Items .................................................................................................... 104 2.9. Central Exchange Rates of Some Convertible Currencies .................................................... 105 2.10. BGN/USD Exchange Rate ..................................................................................................... 105

3 Fiscal Sector 3.1. Consolidated State Budget ..................................................................................................... 106 3.2. Execution of the Republican Budget ..................................................................................... 106 3.3. Government Debt .................................................................................................................. 107 3.4. General Government Sector Debt (Maastricht Debt) ............................................................ 108

4 Real Sector 4.1. GDP by Final Expenditure ..................................................................................................... 109 4.2. GDP – Production Approach ................................................................................................. 109 4.3. Economic Activity ................................................................................................................. 110 4.3.1. Employed under Labour Contract ............................................................................... 110 4.3.2. Unemployment ............................................................................................................ 110 4.4. Average Monthly Salary of Employed under Labour Contract ............................................. 111 4.5. Change in Consumer Prices ................................................................................................... 111

19


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1 23

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593

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in B

GN

915

528

896

761

878

346

955

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in

BG

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255

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51 6

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464

BR

OA

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ON

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70 5

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24 7

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71

in

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15 8

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316

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7 57

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97

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6727

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9727

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74

in

BG

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845

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12 8

47 1

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893

438

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65 7

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588

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36 6

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590

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in

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96

807

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21


VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

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5XI

I.201

5I.2

016

II.20

16III

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6IV

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6V.

2016

VI.2

016

VII.2

016

in fo

reig

n cu

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195

140

4 14

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MM

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52

in

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916

61 8

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Dep

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6

Deb

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sued

ove

r 2 y

ears

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78 0

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in B

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-

in

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107

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659

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37

Not

e: P

relim

inar

y da

ta.

Sour

ces:

BN

B a

nd o

ther

MFI

s.

1.3.

1. S

HO

RT M

ON

ETA

RY S

URV

EY(c

ontin

ued)

(B

GN

’000

)

22


(con

tinue

d)

1.3.

2. D

ETA

ILED

MO

NET

ARY

SU

RVEY

(B

GN

’000

)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

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5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

Exch

ange

rate

: BG

N/U

SD 1

1.78

338

1.74

394

1.74

581

1.77

528

1.84

879

1.79

007

1.79

105

1.79

632

1.71

790

1.72

198

1.75

348

1.76

169

1.75

995

BG

N/E

UR

11.

9558

31.

9558

31.

9558

31.

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3

FO

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179

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56 5

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01

Cas

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7

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15 8

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1215

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635

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71 8

6514

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878

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79 2

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030

16 7

49 4

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022

414

15 8

35 9

3416

664

819

18 7

86 2

32

in

BG

N65

2 73

692

3 83

095

6 06

694

4 28

480

4 60

584

4 52

895

6 35

588

8 54

585

9 03

689

9 10

190

8 69

71

009

086

928

754

in fo

reig

n cu

rren

cy15

209

318

15 2

91 5

0215

181

746

14 7

56 3

5114

467

260

13 5

84 3

5015

922

850

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26 4

8515

890

371

15 1

23 3

1314

927

237

15 6

55 7

3317

857

478

o

/w E

UR

12 7

67 5

9312

751

110

13 0

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0112

583

022

12 5

71 5

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570

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080

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13 7

01 7

0012

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632

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15 9

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Rep

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532

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127

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621

1 47

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1 84

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91

723

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in B

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9 28

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890

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7 00

0

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1 16

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91

880

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1 76

3 00

61

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in B

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265

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274

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281

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264

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638

1 97

0 74

4

F

inan

cial

cor

pora

tions

489

581

443

324

431

374

448

170

467

228

476

701

436

390

651

236

719

634

781

369

775

792

732

260

725

875

Hou

seho

lds a

nd N

PISH

s11

245

879

11 2

55 8

4211

273

749

11 3

06 1

7211

334

249

11 2

31 3

3611

131

087

11 1

49 1

5811

016

286

11 0

34 3

3810

945

466

10 8

59 7

6410

819

319

o/w

EU

R10

995

123

10 9

87 2

1511

033

153

11 0

04 3

9711

233

573

11 0

27 9

4310

957

199

11 0

51 0

4111

094

772

11 1

03 9

3011

036

601

10 9

62 5

7410

999

108

Loc

al g

over

nmen

t and

SSF

s22

722

722

722

722

722

722

722

722

722

722

722

722

7N


1 45

3 78

81

452

034

1 50

1 40

01

468

369

1 61

8 39

61

608

064

1 55

8 47

91

571

278

1 59

6 25

51

611

876

1 58

8 53

01

588

805

1 66

2 17

5

F

inan

cial

cor

pora

tions

466

436

422

043

409

734

425

988

443

832

429

888

401

125

508

983

581

116

640

272

630

440

585

660

586

159

Hou

seho

lds a

nd N

PISH

s9

074

672

9 11

2 91

19

121

792

9 10

9 81

39

171

118

8 98

9 76

48

997

368

8 97

0 55

38

917

174

8 85

1 55

58

817

404

8 78

7 88

28

750

547

Dep

osits

rede

emab

le a

t not

ice

up to

3 m

onth

s10

599

421

10 5

63 2

0910

553

638

10 5

73 8

7510

670

619

10 9

31 8

9010

956

919

10 9

60 7

3710

905

363

10 9

59 7

1010

982

694

11 0

33 0

8311

094

329

in

BG

N6

404

281

6 41

6 87

16

422

091

6 45

5 72

36

541

837

6 77

5 54

96

807

272

6 80

0 63

16

774

849

6 80

9 45

26

805

229

6 84

1 44

56

860

767

Loc

al g

over

nmen

t and

SSF

s -

- -

- -

- -

- -

- -

- -

N


13 3

9112

885

14 4

5113

956

17 2

9915

886

13 7

0213

177

15 3

2319

592

20 8

0421

309

20 7

86

F

inan

cial

cor

pora

tions

- -

- -

- -

- -

- -

- -

-

H

ouse

hold

s and

NPI

SHs

6 39

0 89

06

403

986

6 40

7 64

06

441

767

6 52

4 53

86

759

663

6 79

3 57

06

787

454

6 75

9 52

66

789

860

6 78

4 42

56

820

136

6 83

9 98

1

in fo

reig

n cu

rren

cy4

195

140

4 14

6 33

84

131

547

4 11

8 15

24

128

782

4 15

6 34

14

149

647

4 16

0 10

64

130

514

4 15

0 25

84

177

465

4 19

1 63

84

233

562

Loc

al g

over

nmen

t and

SSF

s -

- -

- -

- -

- -

- -

- -

N


3 97

82

286

2 23

62

306

10 8

182

683

2 08

32

017

1 91

02

561

2 55

61

831

1 75

8

F

inan

cial

cor

pora

tions

- -

- -

- -

- -

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- -

-

H

ouse

hold

s and

NPI

SHs

4 19

1 16

24

144

052

4 12

9 31

14

115

846

4 11

7 96

44

153

658

4 14

7 56

44

158

089

4 12

8 60

44

147

697

4 17

4 90

94

189

807

4 23

1 80

4

o/w

EU

R3

434

801

3 39

6 17

43

369

755

3 35

5 70

33

349

018

3 38

4 75

43

382

815

3 37

6 54

53

357

926

3 36

3 95

43

382

072

3 39

6 98

03

419

004

Loc

al g

over

nmen

t and

SSF

s -

- -

- -

- -

- -

- -

- -

N


2 64

599

696

599

94

626

1 41

185

482

272

472

470

569

564

6

F

inan

cial

cor

pora

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- -

- -

- -

- -

- -

- -

-

H

ouse

hold

s and

NPI

SHs

3 43

2 15

63

395

178

3 36

8 79

03

354

704

3 34

4 39

23

383

343

3 38

1 96

13

375

723

3 35

7 20

23

363

230

3 38

1 36

73

396

285

3 41

8 35

8

26

MONTHLY BULLETIN 9/20161.

3.2.

DET

AIL

ED M

ON

ETA

RY S

URV

EY(c

ontin

ued)

(B

GN

’000

)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

MO

NEY

M3

(M2

+ M

AR

KET

AB

LE IN

STR

UM

ENTS

)70

579

138

71 1

64 6

9971

381

486

71 9

58 5

4172

761

115

73 9

61 3

9873

551

198

73 8

69 7

8673

264

305

74 0

15 7

9974

463

187

75 5

24 8

8676

655

061

M

arke

tabl

e in

stru

men

ts (d

ebt s

ecur

ities

issu

ed u

p to

2 y

ears

+ M

MFs

shar

es/u

nits

+ re

pos)

110

812

61 8

5461

880

59 4

7064

925

70 2

3771

623

72 4

7274

856

71 5

4573

270

68 5

5485

852

in B

GN

61 9

1661

854

61 8

8059

470

64 9

2561

237

62 6

2363

472

65 8

5662

545

64 2

7063

954

72 4

02

in

fore

ign

curr

ency

48 8

96 -

- -

-9

000

9 00

09

000

9 00

09

000

9 00

04

600

13 4

50

o/w

EU

R48

896

- -

- -

9 00

09

000

9 00

09

000

9 00

09

000

4 60

013

450

LO

NG

ER

-TE

RM

LIA

BIL

ITIE

S N

OT

INC

LU

DE

D

IN M

ON

EY

SU

PPLY

17 5

75 11

017

724

071

17 8

07 8

4618

155

082

18 1

07 0

1018

347

214

18 6

13 1

7619

203

028

18 9

60 7

6518

988

806

19 0

36 2

4519

471

911

19 7

56 0

65

DEP

OSI

TS W

ITH

AG

REE

D M

ATU

RIT

Y O

VER

2 Y

EAR

S A

ND

DEP

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TS R

EDEE

MA

BLE

AT

NO

TIC

E O

VER

3 M

ON

THS

2 44

8 74

82

432

828

2 44

6 71

42

491

080

2 49

2 31

32

676

101

2 67

1 02

22

727

011

2 77

0 90

72

681

531

2 84

4 04

92

774

453

2 80

0 43

9

in

BG

N1

112

246

1 11

1 09

81

116

657

1 13

3 35

21

137

847

1 20

7 18

71

212

000

1 23

4 67

61

240

956

1 26

1 79

21

326

503

1 28

3 90

11

311

273

in fo

reig

n cu

rren

cy1

336

502

1 32

1 73

01

330

057

1 35

7 72

81

354

466

1 46

8 91

41

459

022

1 49

2 33

51

529

951

1 41

9 73

91

517

546

1 49

0 55

21

489

166

o

/w E

UR

1 08

5 84

61

080

878

1 08

9 99

21

107

296

1 10

5 47

11

226

892

1 17

3 52

21

169

362

1 23

2 84

81

174

220

1 20

0 29

41

259

087

1 20

0 95

7 D

EBT

SEC

UR

ITIE

S IS

SUED

OV

ER 2

YEA

RS

107

659

107

659

107

097

107

098

107

098

78 7

4078

741

78 7

4278

087

78 0

8778

088

78 0

8878

089

in

BG

N -

- -

- -

- -

- -

- -

- -

in

fore

ign

curr

ency

107

659

107

659

107

097

107

098

107

098

78 7

4078

741

78 7

4278

087

78 0

8778

088

78 0

8878

089

o/w

EU

R10

7 65

910

7 65

910

7 09

710

7 09

810

7 09

878

740

78 7

4178

742

78 0

8778

087

78 0

8878

088

78 0

89 C

API

TAL

AN

D R

ESER

VES

15 0

18 7

0315

183

584

15 2

54 0

3515

556

904

15 5

07 5

9915

592

373

15 8

63 4

1316

397

275

16 11

1 77

116

229

188

16 11

4 10

816

619

370

16 8

77 5

37

Fun

ds c

ontri

bute

d by

ow

ners

3 92

7 66

53

931

964

3 93

1 96

43

931

964

3 93

1 96

43

931

964

3 93

1 96

43

961

964

4 07

2 53

44

072

534

4 07

2 53

44

072

534

4 07

2 53

4

Res

erve

s9

342

737

9 41

1 83

59

412

103

9 59

8 30

19

523

861

9 43

5 76

79

776

721

10 1

52 7

1710

008

473

10 0

30 6

1210

039

830

10 3

76 8

3510

477

081

F

inan

cial

resu

lt1

748

301

1 83

9 78

51

909

968

2 02

6 63

92

051

774

2 22

4 64

22

154

728

2 28

2 59

42

030

764

2 12

6 04

22

001

744

2 17

0 00

12

327

922

*

Incl

udin

g al

so th

e re

serv

e po

sitio

n in

the

IMF.

**

Incl

udin

g on

ly lo

ans r

ecei

ved

from

the

IMF.

***

Incl

udin

g de

bt se

curit

ies i

ssue

d an

d M

MFs

shar

es/u

nits

hel

d by

non

-res

iden

ts.

Not

e:

Prel

imin

ary

data

.

Sour

ces:

BN

B a

nd o

ther

MFI

s.

27


3.3.

BN

B A

NA

LYTI

CA

L R

EPO

RTIN

G

(BG

N’0

00)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

Exch

ange

rate

BG

N/U

SD 1

1.78

338

1.74

394

1.74

581

1.77

528

1.84

879

1.79

007

1.79

105

1.79

632

1.71

790

1.72

198

1.75

348

1.76

169

1.75

995

BG

N/E

UR

11.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

3

A

SSE

TS

27 4

17 7

7228

070

319

29 0

83 1

8029

630

927

30 1

97 6

0232

303

744

30 4

11 3

3930

923

909

29 4

91 4

9829

975

013

29 3

90 0

3930

010

655

30 9

94 5

93 F

OR

EIG

N A

SSET

S (N

ET)

36 8

55 9

4137

488

146

37 7

75 5

7238

041

813

38 5

05 1

7338

091

320

36 7

23 8

9436

987

515

40 2

74 3

8940

810

597

41 0

16 8

1342

341

805

43 6

19 0

62

For

eign

ass

ets

38 4

30 0

2339

096

349

39 4

08 4

7239

728

649

40 4

83 7

7539

706

500

38 3

03 1

4938

655

127

41 8

08 3

0742

339

920

42 5

68 2

5043

925

204

45 2

19 7

33

C

ash

in fo

reig

n cu

rren

cy25

1 78

928

7 72

025

9 56

024

7 10

622

9 76

221

7 33

520

6 42

120

0 26

519

3 93

518

7 15

318

1 32

917

0 05

526

4 70

6

o/w

EU

R25

0 41

426

8 19

325

7 61

624

5 42

222

8 57

521

6 15

120

5 47

519

8 89

619

2 82

118

5 65

118

0 03

516

9 15

826

3 07

7

D

epos

its9

544

362

9 74

7 40

910

171

859

9 96

2 04

89

900

652

9 14

5 30

89

937

472

8 87

8 19

39

567

453

9 06

3 78

08

916

153

9 50

9 38

711

596

674

in

BG

N -

- -

- -

- -

- -

- -

- -

in

fore

ign

curr

ency

9 54

4 36

29

747

409

10 1

71 8

599

962

048

9 90

0 65

29

145

308

9 93

7 47

28

878

193

9 56

7 45

39

063

780

8 91

6 15

39

509

387

11 5

96 6

74

o

/w E

UR

9 37

1 76

19

579

951

9 98

5 71

19

772

285

9 70

3 87

98

951

289

9 74

5 36

18

685

307

9 38

2 13

98

873

970

8 72

1 90

89

315

917

11 4

02 1

35

R

epos

- -

- -

- -

- -

- -

- -

-

in B

GN

- -

- -

- -

- -

- -

- -

-

in fo

reig

n cu

rren

cy -

- -

- -

- -

- -

- -

- -

o/w

EU

R -

- -

- -

- -

- -

- -

- -

Loa

ns -

- -

- -

- -

- -

- -

- -

in

BG

N -

- -

- -

- -

- -

- -

- -

in

fore

ign

curr

ency

- -

- -

- -

- -

- -

- -

-

o

/w E

UR

- -

- -

- -

- -

- -

- -

-

S

ecur

ities

oth

er th

an sh

ares

24 4

98 6

9924

881

019

24 8

23 0

1025

242

330

26 1

47 7

0126

221

251

23 9

36 5

2524

908

276

27 5

30 5

4728

516

329

28 9

29 0

0429

456

489

28 5

35 9

73

in B

GN

- -

- -

- -

- -

- -

- -

-

in fo

reig

n cu

rren

cy24

498

699

24 8

81 0

1924

823

010

25 2

42 3

3026

147

701

26 2

21 2

5123

936

525

24 9

08 2

7627

530

547

28 5

16 3

2928

929

004

29 4

56 4

8928

535

973

o/w

EU

R24

498

699

24 8

81 0

1924

823

010

25 2

42 3

3026

147

701

26 2

21 2

5123

936

525

24 9

08 2

7627

530

547

28 5

16 3

2928

929

004

29 4

56 4

8928

535

973

Sha

res a

nd o

ther

equ

ity30

152

30 1

5230

152

30 1

5230

152

31 6

8231

682

31 6

8231

682

31 6

8231

682

31 6

8231

682

in

BG

N -

- -

- -

- -

- -

- -

- -

in

fore

ign

curr

ency

30 1

5230

152

30 1

5230

152

30 1

5231

682

31 6

8231

682

31 6

8231

682

31 6

8231

682

31 6

82

o

/w E

UR

6 85

66

856

6 85

66

856

6 85

66

856

6 85

66

856

6 85

66

856

6 85

66

856

6 85

6

M

onet

ary

gold

and

SD

R h

oldi

ngs*

4 09

2 35

54

135

863

4 10

8 81

04

234

814

4 16

0 43

14

072

882

4 17

5 78

54

624

189

4 46

4 55

04

529

108

4 49

9 42

74

746

603

4 78

0 32

6

A

ccru

ed in

tere

st re

ceiv

able

12 6

6614

186

15 0

8112

199

15 0

7718

042

15 2

6412

522

20 1

4011

868

10 6

5510

988

10 3

72

in B

GN

- -

- -

- -

- -

- -

- -

-

in fo

reig

n cu

rren

cy12

666

14 1

8615

081

12 1

9915

077

18 0

4215

264

12 5

2220

140

11 8

6810

655

10 9

8810

372

o/w

EU

R11

737

13 5

4214

428

11 5

6114

598

17 0

4013

595

11 4

9818

158

11 2

709

981

10 4

069

712

Les

s: fo

reig

n lia

bilit

ies

1 57

4 08

21

608

203

1 63

2 90

01

686

836

1 97

8 60

21

615

180

1 57

9 25

51

667

612

1 53

3 91

81

529

323

1 55

1 43

71

583

399

1 60

0 67

1

D

epos

its53

772

107

249

135

083

170

975

428

188

98 4

6368

350

151

591

55 3

4142

290

48 6

7077

881

102

445

in

BG

N48

195

103

713

131

860

168

338

419

412

7 20

129

089

143

478

47 2

2238

232

45 0

1174

064

96 4

72

in fo

reig

n cu

rren

cy5

577

3 53

63

223

2 63

78

776

91 2

6239

261

8 11

38

119

4 05

83

659

3 81

75

973

o/w

EU

R5

577

3 53

63

223

2 63

78

776

91 2

6239

261

8 11

38

119

4 05

83

659

3 81

75

973

Rep

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3.3.

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8 86

413

8 86

4

F

inan

cial

cor

pora

tions

- -

- -

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-23

3 95

122

8 77

523

4 21

123

6 38

423

6 95

123

3 50

7

H

ouse

hold

s and

NPI

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- -

- -

- -

- -

- -

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-

o/w

EU

R21

514

21 5

1421

514

21 5

1421

514

21 5

1421

514

264

037

264

037

264

037

254

258

254

258

256

214

Soc

ial s

ecur

ity fu

nds

- -

- -

- -

- -

- -

- -

-N


21 5

1421

514

21 5

1421

514

21 5

1421

514

21 5

1414

8 64

314

8 64

314

8 64

313

8 86

413

8 86

413

8 86

4

F

inan

cial

cor

pora

tions

- -

- -

- -

-11

5 39

411

5 39

411

5 39

411

5 39

411

5 39

411

7 35

0

H

ouse

hold

s and

NPI

SHs

- -

- -

- -

- -

- -

- -

-

D

epos

its re

deem

able

at n

otic

e up

to 3

mon

ths

- -

- -

- -

- -

- -

- -

-

in B

GN

- -

- -

- -

- -

- -

- -

-

in fo

reig

n cu

rren

cy -

- -

- -

- -

- -

- -

- -

o

/w E

UR

- -

- -

- -

- -

- -

- -

- L

ON

GER

-TER

M L

IAB

ILIT

IES

NO

T IN

CLU

DED

I

N M

ON

EY S

UPP

LY4

175

751

4 21

7 51

54

212

871

4 35

4 96

14

288

574

4 15

3 94

94

341

334

4 68

1 52

64

557

101

4 57

2 80

24

550

138

4 87

3 67

84

948

647

Dep

osits

with

agr

eed

mat

urity

ove

r 2 y

ears

and

d

epos

its re

deem

able

at n

otic

e ov

er 3

mon

ths

- -

- -

- -

- -

- -

- -

-

in B

GN

- -

- -

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-

in fo

reig

n cu

rren

cy -

- -

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o

/w E

UR

- -

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- -

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- C

API

TAL

AN

D R

ESER

VES

4 17

5 75

14

217

515

4 21

2 87

14

354

961

4 28

8 57

44

153

949

4 34

1 33

44

681

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7 10

14

572

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4 55

0 13

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4 94

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7

Fun

ds c

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ners

20 0

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000

20 0

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000

20 0

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000

20 0

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20 0

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000

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00

Res

erve

s4

114

330

4 15

7 41

94

157

517

4 30

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94

231

608

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34

293

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4 62

5 66

04

503

845

4 55

0 42

84

530

752

4 83

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34

897

110

F

inan

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resu

lt41

421

40 0

9635

354

32 9

4236

966

25 9

6627

572

35 8

6633

256

2 37

4-6

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865

31 5

37

* In

clud

ing

also

the

rese

rve

posi

tion

in th

e IM

F.**

Incl

udin

g on

ly lo

ans r

ecei

ved

from

the

IMF.

Sour

ce: B

NB

.

31


3.4.

AN

ALY

TIC

AL

REP

ORT

ING

OF

OTH

ER M

FIs

(B

GN

’000

)

(con

tinue

d)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

Exch

ange

rate

BG

N/U

SD 1

1.78

338

1.74

394

1.74

581

1.77

528

1.84

879

1.79

007

1.79

105

1.79

632

1.71

790

1.72

198

1.75

348

1.76

169

1.75

995

BG

N/E

UR

11.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

3

A

SSE

TS

72 6

12 1

6873

080

313

73 3

74 6

7474

057

631

74 9

28 3

8376

128

635

76 0

60 5

2976

720

832

76 0

17 5

4976

556

177

76 9

59 8

1877

881

704

78 8

06 1

08 F

OR

EIG

N A

SSET

S (N

ET)

3 24

3 29

63

328

870

3 10

5 75

62

853

991

2 62

6 49

02

586

026

4 69

6 84

45

281

647

5 63

4 42

45

531

040

5 97

9 36

66

214

724

6 37

5 91

8

For

eign

ass

ets

11 5

47 2

5011

484

784

11 3

49 2

9810

933

791

10 5

25 5

2510

639

163

12 5

43 6

6812

896

317

12 9

53 9

2312

780

432

13 1

59 2

5113

466

749

13 3

68 8

68

C

ash

in fo

reig

n cu

rren

cy62

8 97

450

1 24

945

9 97

139

5 20

141

0 49

945

4 58

937

9 97

636

9 53

137

0 79

338

2 62

042

4 25

342

6 00

446

8 06

0

o/w

EU

R44

5 84

134

3 81

829

8 18

423

2 54

425

1 06

930

4 30

824

0 59

623

8 20

224

0 56

823

9 90

726

5 23

726

7 81

031

0 78

0

D

epos

its6

317

692

6 46

7 92

35

965

953

5 73

8 58

75

371

213

5 28

3 57

06

941

733

7 23

6 83

77

181

954

6 95

8 63

46

919

781

7 15

5 43

27

189

558

in

BG

N65

2 73

692

3 83

095

6 06

694

4 28

480

4 60

584

4 52

895

6 35

588

8 54

585

9 03

689

9 10

190

8 69

71

009

086

928

754

in

fore

ign

curr

ency

5 66

4 95

65

544

093

5 00

9 88

74

794

303

4 56

6 60

84

439

042

5 98

5 37

86

348

292

6 32

2 91

86

059

533

6 01

1 08

46

146

346

6 26

0 80

4

o

/w E

UR

3 39

5 83

23

171

159

3 06

0 49

02

810

737

2 86

7 64

52

618

742

4 01

3 04

44

395

090

4 31

9 56

13

928

360

4 22

7 57

44

316

084

4 55

9 92

9

R

epos

1 16

9 53

21

159

705

1 33

8 91

91

125

266

1 12

7 24

41

103

394

1 09

2 23

51

074

536

1 18

9 62

11

478

250

1 85

5 31

01

841

849

1 72

3 41

4

in B

GN

9 28

09

180

9 18

011

070

11 0

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070

11 0

708

890

8 89

08

890

8 89

09

890

7 00

0

in fo

reig

n cu

rren

cy1

160

252

1 15

0 52

51

329

739

1 11

4 19

61

116

174

1 09

2 32

41

081

165

1 06

5 64

61

180

731

1 46

9 36

01

846

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1 83

1 95

91

716

414

o/w

EU

R26

9 90

527

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225

8 10

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2 24

922

8 74

220

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820

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218

5 83

030

6 11

035

0 45

738

4 70

037

8 19

336

6 67

8

L

oans

1 50

7 60

61

495

861

1 61

8 09

91

626

842

1 66

8 83

81

814

989

1 77

0 62

31

805

179

1 88

0 80

31

914

913

1 82

9 21

91

763

006

1 75

8 46

2

in B

GN

265

079

266

021

274

435

270

392

282

985

281

349

259

040

261

037

264

343

263

665

187

357

173

434

170

340

in

fore

ign

curr

ency

1 24

2 52

71

229

840

1 34

3 66

41

356

450

1 38

5 85

31

533

640

1 51

1 58

31

544

142

1 61

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01

651

248

1 64

1 86

21

589

572

1 58

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2

o

/w E

UR

866

045

861

315

834

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856

145

866

459

1 02

1 65

81

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1 02

1 34

71

087

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1 11

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21

120

705

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91

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es o

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shar

es1

762

490

1 69

6 16

21

803

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1 88

2 43

31

784

417

1 78

7 65

82

131

563

2 17

1 89

82

092

899

1 80

8 30

31

892

849

2 10

5 44

42

048

018

in

BG

N5

139

5 21

223

519

421

46

062

5 84

65

846

- -

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-

in fo

reig

n cu

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cy1

757

351

1 69

0 95

01

802

837

1 88

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91

784

203

1 78

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22

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1 80

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31

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2 10

5 44

42

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018

o/w

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281

799

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11

270

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61

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71

344

702

1 34

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41

337

855

993

219

1 00

8 82

71

194

720

1 20

0 42

0

S

hare

s and

oth

er e

quity

160

956

163

884

163

284

165

462

163

314

194

963

227

538

238

336

237

853

237

712

237

839

175

014

181

356

in

BG

N -

- -

- -

- -

- -

- -

- -

in

fore

ign

curr

ency

160

956

163

884

163

284

165

462

163

314

194

963

227

538

238

336

237

853

237

712

237

839

175

014

181

356

o/w

EU

R10

0 08

110

3 97

710

4 09

410

4 13

210

1 19

213

3 84

516

5 70

618

8 88

418

8 38

118

8 41

018

8 41

096

538

94 9

46

Les

s: fo

reig

n lia

bilit

ies

8 30

3 95

48

155

914

8 24

3 54

28

079

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7 89

9 03

58

053

137

7 84

6 82

47

614

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7 31

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7 17

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252

025

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0

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575

7 62

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97

712

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781

7 60

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17

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7 15

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06

869

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6 79

9 27

26

725

213

6 79

7 74

76

540

627

in

BG

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7 60

375

3 46

270

6 93

274

7 40

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6 09

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0 24

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9 22

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0 59

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4 39

5

in fo

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946

972

6 87

0 64

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005

572

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56

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6 81

3 20

56

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6 22

9 08

26

178

645

6 12

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6 10

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55

846

232

o/w

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301

814

6 25

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66

362

516

6 32

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86

205

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6 24

5 03

16

054

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5 59

4 41

65

546

149

5 43

7 94

25

396

527

5 48

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35

234

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os27

4 50

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7 07

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319

5 62

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5 62

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5 62

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4 45

719

5 65

819

5 65

819

5 65

819

5 58

219

5 58

3

in B

GN

- -

- -

- -

- -

- -

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-

in fo

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n cu

rren

cy27

4 50

827

7 07

827

6 34

319

5 62

019

5 62

019

5 62

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5 62

020

4 45

719

5 65

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5 65

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5 58

219

5 58

3

o

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274

508

277

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276

343

195

620

195

620

195

620

195

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204

457

195

658

195

658

195

658

195

582

195

583

Sec

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254

871

254

727

254

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254

666

254

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254

546

254

546

254

453

254

457

254

462

259

014

258

696

256

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in

BG

N39

730

39 5

8639

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39 5

2539

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39 4

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39 3

1239

316

39 3

2143

873

43 5

5541

599

in

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ign

curr

ency

215

141

215

141

215

141

215

141

215

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215

141

215

141

215

141

215

141

215

141

215

141

215

141

215

141

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R21

5 14

121

5 14

121

5 14

121

5 14

121

5 14

121

5 14

121

5 14

121

5 14

121

5 14

121

5 14

121

5 14

121

5 14

121

5 14

1 R

ESER

VES

IN T

HE

BN

B**

11 8

41 4

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13 2

65 6

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1 05

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71

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11 11

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192

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12 5

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618

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983

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645

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196

11 7

67 1

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in

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8 65

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594

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9

32


3.4.

AN

ALY

TIC

AL

REP

ORT

ING

OF

OTH

ER M

FIs

(con

tinue

d)

(BG

N’0

00)

(con

tinue

d)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

CLA

IMS

ON

GEN

ERA

L G

OV

ERN

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T8

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144

8 46

2 55

87

882

171

8 49

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748

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in

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366

122

534

124

669

31 9

69 -

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n fo

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UR

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44 9

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8 06

743

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54 6

7011

656

386

11 5

63 9

7011

745

692

11 9

28 8

90

F

unds

con

tribu

ted

by o

wne

rs3

907

665

3 91

1 96

43

911

964

3 91

1 96

43

911

964

3 91

1 96

43

911

964

3 94

1 96

44

052

534

4 05

2 53

44

052

534

4 05

2 53

44

052

534

Res

erve

s5

228

407

5 25

4 41

65

254

586

5 29

6 28

25

292

253

5 32

7 78

45

482

959

5 52

7 05

75

504

628

5 48

0 18

45

509

078

5 53

7 02

25

579

971

Fin

anci

al re

sult

1 70

6 88

01

799

689

1 87

4 61

41

993

697

2 01

4 80

82

198

676

2 12

7 15

62

246

728

1 99

7 50

82

123

668

2 00

2 35

82

156

136

2 29

6 38

5

* In

clud

ing

debt

secu

ritie

s iss

ued

and

MM

Fs sh

ares

/uni

ts h

eld

by n

on-r

esid

ents

. **

Thi

s ind

icat

or is

com

pile

d fo

r the

pur

pose

s of m

onet

ary

stat

istic

s. It

diffe

rs m

etho

dolo

gica

lly fr

om th

e re

quire

men

ts fo

r the

ban

ks’ m

inim

um re

quire

d re

serv

es c

alcu

late

d un

der O

rdin

ance

No

21 o

n th

e M

inim

um R

equi

red

Res

erve

s m

aint

aine

d w

ith th

e B

ulga

rian

Nat

iona

l Ban

k by

Ban

ks.

Not

e: P

relim

inar

y da

ta.

Sour

ce: o

ther

MFI

s.

36


3.5.

FO

REI

GN

ASS

ETS

AN

D L

IAB

ILIT

IES

OF

THE

BN

B

(BG

N’0

00)

(con

tinue

d)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

Exch

ange

rate

BG

N/U

SD 1

1.78

338

1.74

394

1.74

581

1.77

528

1.84

879

1.79

007

1.79

105

1.79

632

1.71

790

1.72

198

1.75

348

1.76

169

1.75

995

BG

N/E

UR

11.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

3

FO

RE

IGN

ASS

ET

S O

F T

HE

BN

B38

430

023

39 0

96 3

4939

408

472

39 7

28 6

4940

483

775

39 7

06 5

0038

303

149

38 6

55 1

2741

808

307

42 3

39 9

2042

568

250

43 9

25 2

0445

219

733

Int

erna

tiona

l res

erve

s38

399

871

39 0

66 1

9739

378

320

39 6

98 4

9740

453

623

39 6

74 8

1838

271

467

38 6

23 4

4541

776

625

42 3

08 2

3842

536

568

43 8

93 5

2245

188

051

C

ash

in fo

reig

n cu

rren

cy25

1 78

928

7 72

025

9 56

024

7 10

622

9 76

221

7 33

520

6 42

120

0 26

519

3 93

518

7 15

318

1 32

917

0 05

526

4 70

6

o

/w E

UR

250

414

268

193

257

616

245

422

228

575

216

151

205

475

198

896

192

821

185

651

180

035

169

158

263

077

S

DR

hol

ding

s1

521

177

1 50

1 81

71

498

783

1 51

6 62

91

551

498

1 51

8 30

71

512

167

1 51

7 50

91

480

165

1 48

8 56

91

504

416

1 50

7 10

61

499

743

M

onet

ary

gold

2 48

6 35

92

550

306

2 52

6 45

62

633

619

2 52

2 42

32

469

916

2 57

9 30

12

863

202

2 74

6 89

92

801

705

2 75

3 62

82

997

682

3 03

9 95

0

M

onet

ary

gold

in B

NB

trea

sure

988

823

1 01

4 01

41

004

230

1 04

6 26

91

001

624

980

610

1 02

3 37

71

135

338

1 08

9 22

11

110

235

1 09

1 11

41

187

643

1 20

4 29

1

M

onet

ary

gold

dep

osite

d w

ith n

on-r

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ents

1 49

7 53

61

536

292

1 52

2 22

61

587

350

1 52

0 79

91

489

306

1 55

5 92

41

727

864

1 65

7 67

81

691

470

1 66

2 51

41

810

039

1 83

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9

Cla

ims o

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side

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anks

24 2

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7524

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24 0

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660

003

25 5

41 6

1725

266

886

24 8

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56 7

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822

533

25 8

60 7

5627

671

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30 3

88 7

28

R

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ve p

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on in

the

IMF

84 8

1983

740

83 5

7184

566

86 5

1084

659

84 3

1724

3 47

823

7 48

623

8 83

424

1 38

324

1 81

524

0 63

3

D

epos

its9

544

362

9 74

7 40

910

171

859

9 96

2 04

89

900

652

9 14

5 30

89

937

472

8 87

8 19

39

567

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9 06

3 78

08

916

153

9 50

9 38

711

596

674

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vern

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230

796

5 32

5 46

54

559

027

1 38

7 98

36

196

869

1 45

0 42

826

8 99

16

203

719

7 45

4 23

426

7 52

47

013

538

4 87

5 58

818

4 06

8

in

BG

N -

- -

- -

- -

- -

- -

- -

in fo

reig

n cu

rren

cy23

0 79

65

325

465

4 55

9 02

71

387

983

6 19

6 86

91

450

428

268

991

6 20

3 71

97

454

234

267

524

7 01

3 53

84

875

588

184

068

o/w

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R22

8 32

95

323

176

4 55

6 18

91

384

979

6 19

4 58

91

447

051

267

679

6 20

2 26

57

452

167

262

999

7 01

0 42

24

874

142

181

364

D

epos

its w

ith a

gree

d m

atur

ity9

313

566

4 42

1 94

45

612

832

8 57

4 06

53

703

783

7 69

4 88

09

668

481

2 67

4 47

42

113

219

8 79

6 25

61

902

615

4 63

3 79

911

412

606

in B

GN

- -

- -

- -

- -

- -

- -

-

in

fore

ign

curr

ency

9 31

3 56

64

421

944

5 61

2 83

28

574

065

3 70

3 78

37

694

880

9 66

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12

674

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2 11

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98

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1 90

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54

633

799

11 4

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06

o

/w E

UR

9 14

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24

256

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5 42

9 52

28

387

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3 50

9 29

07

504

238

9 47

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22

483

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1 92

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610

971

1 71

1 48

64

441

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11 2

20 7

71

Dep

osits

rede

emab

le a

t not

ice

- -

- -

- -

- -

- -

- -

-

in

BG

N -

- -

- -

- -

- -

- -

- -

in fo

reig

n cu

rren

cy -

- -

- -

- -

- -

- -

- -

o/w

EU

R -

- -

- -

- -

- -

- -

- -

Rep

os -

- -

- -

- -

- -

- -

- -

in

BG

N -

- -

- -

- -

- -

- -

- -

in

fore

ign

curr

ency

- -

- -

- -

- -

- -

- -

-

o

/w E

UR

- -

- -

- -

- -

- -

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-

S

ecur

ities

oth

er th

an sh

ares

14 6

24 7

9414

307

361

13 7

62 6

3514

613

389

15 5

54 4

5516

036

919

14 8

33 7

9614

585

623

15 9

51 7

9216

519

919

16 7

03 2

2017

920

275

18 5

51 4

21

in B

GN

- -

- -

- -

- -

- -

- -

-

in fo

reig

n cu

rren

cy14

624

794

14 3

07 3

6113

762

635

14 6

13 3

8915

554

455

16 0

36 9

1914

833

796

14 5

85 6

2315

951

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16 5

19 9

1916

703

220

17 9

20 2

7518

551

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o/w

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R14

624

794

14 3

07 3

6113

762

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14 6

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8915

554

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16 0

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1914

833

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14 5

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2315

951

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16 5

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703

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17 9

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551

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C

laim

s on

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dent

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8 10

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609

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8 55

6 75

88

190

981

8 17

9 91

97

729

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S

ecur

ities

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729

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6 62

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830

728

9 08

4 84

49

433

616

9 62

6 65

89

447

393

8 91

3 44

4

in

BG

N -

- -

- -

- -

- -

- -

- -

i

n fo

reig

n cu

rren

cy8

106

350

8 60

9 44

98

556

758

8 19

0 98

18

179

919

7 72

9 54

06

629

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084

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3 61

69

626

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444

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106

350

8 60

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98

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C

laim

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767

555

1 96

4 20

92

503

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2 43

7 96

02

413

327

2 45

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22

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881

2 49

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493

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599

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uriti

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42

599

126

2 08

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11

071

108

in

BG

N -

- -

- -

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in

fore

ign

curr

ency

1 76

7 55

51

964

209

2 50

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562

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o

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1 76

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Acc

rued

inte

rest

rece

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le12

666

14 1

8615

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18 0

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264

12 5

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11 8

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10 9

8810

372

in B

GN

- -

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in

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curr

ency

12 6

6614

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15 0

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20 1

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13 5

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428

11 5

6114

598

17 0

4013

595

11 4

9818

158

11 2

709

981

10 4

069

712

37


3.5.

FO

REI

GN

ASS

ETS

AN

D L

IAB

ILIT

IES

OF

THE

BN

B(c

ontin

ued)

(B

GN

’000

)

(con

tinue

d)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

Oth

er fo

reig

n as

sets

30 1

5230

152

30 1

5230

152

30 1

5231

682

31 6

8231

682

31 6

8231

682

31 6

8231

682

31 6

82

Cla

ims o

n no

n-re

side

nt b

anks

30 11

630

116

30 11

630

116

30 11

631

646

31 6

4631

646

31 6

4631

646

31 6

4631

646

31 6

46

S

ecur

ities

oth

er th

an sh

ares

- -

- -

- -

- -

- -

- -

-

in B

GN

- -

- -

- -

- -

- -

- -

-

in fo

reig

n cu

rren

cy -

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- -

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Sha

res a

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116

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630

116

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630

116

31 6

4631

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31 6

4631

646

31 6

4631

646

31 6

4631

646

in

BG

N -

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- -

in

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ency

30 11

630

116

30 11

630

116

30 11

631

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31 6

4631

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31 6

4631

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31 6

4631

646

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46

o

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6 82

06

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6 82

06

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6 82

06

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6 82

06

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06

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06

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0

Cla

ims o

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over

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ts -

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Sec

uriti

es o

ther

than

shar

es -

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in

BG

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in

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o

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UR

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S

hare

s and

oth

er e

quity

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in B

GN

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in fo

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R -

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C

laim

s on

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r non

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iden

ts36

3636

3636

3636

3636

3636

3636

Dep

osits

- -

- -

- -

- -

- -

- -

-

in B

GN

- -

- -

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-

in fo

reig

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cy -

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Sec

uriti

es o

ther

than

shar

es -

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in

BG

N -

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in

fore

ign

curr

ency

- -

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- -

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o

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UR

- -

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S

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quity

3636

3636

3636

3636

3636

3636

36

in B

GN

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in fo

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3636

3636

3636

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EU

R36

3636

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3636

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3636

FOR

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N L

IAB

ILIT

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OF

TH

E B

NB

1 57

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21

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203

1 63

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01

686

836

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21

615

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ks1

519

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1 50

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31

498

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Ove

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in

BG

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in

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ency

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o

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UR

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its w

ith a

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d m

atur

ity -

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in

BG

N -

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in

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D

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its re

deem

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otic

e -

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in

BG

N -

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in

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ign

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ency

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o

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UR

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Lia

bilit

ies t

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38


3.5.

FO

REI

GN

ASS

ETS

AN

D L

IAB

ILIT

IES

OF

THE

BN

B(c

ontin

ued)

(B

GN

’000

)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

Loa

ns -

- -

- -

- -

- -

- -

- -

in

BG

N -

- -

- -

- -

- -

- -

- -

in

fore

ign

curr

ency

- -

- -

- -

- -

- -

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-

o

/w E

UR

- -

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-

SD

R h

oldi

ngs

1 51

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91

500

078

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01

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5

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in

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856

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419

408

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i

n fo

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Dep

osits

with

agr

eed

mat

urity

- -

- -

- -

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i

n B

GN

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- -

- -

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i

n fo

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n cu

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cy -

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o

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UR

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Dep

osits

rede

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le a

t not

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i

n B

GN

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i

n fo

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n cu

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cy -

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o

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s to

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r non

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ts4

44

44

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osits

44

44

44

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rnig

ht4

44

44

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in

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44

44

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ency

- -

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D

epos

its w

ith a

gree

d m

atur

ity -

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in

BG

N -

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in

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ency

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o/w

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epos

its re

deem

able

at n

otic

e -

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in

BG

N -

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A

ccru

ed in

tere

st p

ayab

le89

187

676

998

771

416

949

127

413

019

262

125

188

in

BG

N -

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- -

- -

- -

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in

fore

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curr

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891

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769

987

714

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491

274

130

192

6212

518

8

o

/w E

UR

700

812

644

796

650

4229

820

7 -

- -

- -

Sour

ce: B

NB

.

39


3.6.

LO

AN

S TO

NO

N-F

INA

NC

IAL

CO

RPO

RAT

ION

S, H

OU

SEH

OLD

S A

ND

NO

N-P

RO

FIT

INST

ITU

TIO

NS

SERV

ING

HO

USE

HO

LDS

(B

GN

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)

(con

tinue

d)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

Exch

ange

rate

BG

N/U

SD 1

1.78

338

1.74

394

1.74

581

1.77

528

1.84

879

1.79

007

1.79

105

1.79

632

1.71

790

1.72

198

1.75

348

1.76

169

1.75

995

BG

N/E

UR

11.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

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31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

3

L

OA

NS

TO N

ON

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AN

CIA

L C

OR

POR

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NS

30 6

87 1

5630

661

407

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5430

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9330

473

749

30 1

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314

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766

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89

396

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238

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19

106

514

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78

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240

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4

in B

GN

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741

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951

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in fo

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639

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24

544

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568

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398

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208

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559

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23

908

317

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768

083

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63

728

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338

154

21 3

16 3

7721

352

181

21 3

96 9

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582

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652

627

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636

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627

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438

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835

in

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o

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7

40


3.6.

LO

AN

S TO

NO

N-F

INA

NC

IAL

CO

RPO

RAT

ION

S, H

OU

SEH

OLD

S A

ND

NO

N-P

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FIT

INST

ITU

TIO

NS

SERV

ING

HO

USE

HO

LDS

(con

tinue

d)

(BG

N’0

00)

* Th

is in

dica

tor i

nclu

des t

he to

tal b

alan

ce sh

eet a

mou

nt o

f res

truct

ured

or n

on-p

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ver 9

0 da

ys (i

nclu

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non

-per

form

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expo

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s, exposuresclassifiedaslossandallrestructuredexposures

with

in th

e m

eani

ng o

f therepeatedOrdinanceNo9oftheBNBontheEvaluationandClassificationofRiskExposureso

fBanksandtheA

llocationofSpecificProvisionsforCreditR

iskof3April2008

). N

ote:

Pre

limin

ary

data

.

Sour

ce: o

ther

MFI

s.

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

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6V.

2016

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016

VII.2

016

Loa

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6 91

8 31

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295

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13

801

438

3 85

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907

125

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124

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162

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01

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1 67

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41

669

370

in

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0 20

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8 25

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3 57

284

4 89

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in fo

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1 88

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6 59

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o

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877

117

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271

867

138

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591

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737

243

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731

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L

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21 0

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17 9

8612

905

9 64

19

176

6 29

65

882

5 75

47

633

in

BG

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182

15 5

0318

456

20 5

6420

970

17 3

4712

364

9 23

68

765

5 99

25

607

5 47

97

381

in

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curr

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283

327

276

533

778

639

541

405

411

304

275

275

252

o/w

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R28

332

727

653

377

863

954

140

541

130

427

527

525

2

L

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200

309

200

291

200

773

196

398

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118

208

981

199

619

198

645

208

668

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878

240

437

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297

147

in

BG

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4 81

315

5 61

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6 67

915

1 62

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316

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in fo

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Loa

ns w

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in B

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200

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207

277

207

295

197

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195

195

195

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105

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157

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83 0

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o

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41


3.7.

MEM

OR

AN

DA

TO

TH

E A

NA

LYTI

CA

L R

EPO

RTIN

G O

F TH

E B

NB

(B

GN

’000

)

(con

tinue

d)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

Exch

ange

rate

BG

N/U

SD 1

1.78

338

1.74

394

1.74

581

1.77

528

1.84

879

1.79

007

1.79

105

1.79

632

1.71

790

1.72

198

1.75

348

1.76

169

1.75

995

BG

N/E

UR

11.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

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31.

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31.

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31.

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72

in

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in fo

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n cu

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666

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6212

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8

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in fo

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530

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in B

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in fo

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o

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-14

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42


3.7.

MEM

OR

AN

DA

TO

TH

E A

NA

LYTI

CA

L R

EPO

RTIN

G O

F TH

E B

NB

(con

tinue

d)

(BG

N’0

00)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

o

/w A

ccru

ed in

tere

st o

n de

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ts re

deem

able

at n

otic

e -

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in B

GN

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-

in

fore

ign

curr

ency

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- -

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o/w

EU

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- -

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Pro

visi

ons

- -

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- D

epre

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149

493

150

693

151

878

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663

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809

Der

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with

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valu

e -

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in

BG

N -

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in

fore

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curr

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o

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UR

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Sour

ce: B

NB

.

43


3.8.

MEM

OR

AN

DA

TO

TH

E A

NA

LYTI

CA

L R

EPO

RTIN

G O

F O

THER

MFI

s

(BG

N’0

00)

Not

e: P

relim

inar

y da

ta.

Sour

ces:

oth

er M

FIs.

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

Exch

ange

rate

BG

N/U

SD 1

1.78

338

1.74

394

1.74

581

1.77

528

1.84

879

1.79

007

1.79

105

1.79

632

1.71

790

1.72

198

1.75

348

1.76

169

1.75

995

BG

N/E

UR

11.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

31.

9558

3

A

SSE

TS,

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ccru

ed in

tere

st –

tota

l1

399

758

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421

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262

437

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169

309

1 21

9 65

91

248

937

1 25

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11

206

622

in B

GN

374

731

386

624

392

513

402

297

416

077

411

154

371

609

374

342

372

170

385

534

394

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n cu

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027

1 05

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46


4.1.

MO

NTH

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in

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47


(con

tinue

d)

1.4.

2. M

ON

THLY

SEC

TOR

AL

SURV

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OF

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48


(con

tinue

d)

1.4.

2. M

ON

THLY

SEC

TOR

AL

SURV

EY O

F O

THER

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s AS

OF

JULY

201

6(c

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GN

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)

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tor

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resid

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l go

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e-ho

lds a

nd

NPIS

Hs

Euro

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eaNo

n-

euro

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IAs

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nd

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5. S

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12 15

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51


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52


1.6. SUPERVISORY STATISTICS*

1.6.1. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF THE BANKING SYSTEM AS OF 30 JUNE 2016(BGN’000)

Balance sheet value

ASSETSCash, cash balances at central banks and other demand deposits 16 410 674

Cash on hand 1 552 056Cash balances at central banks 11 779 432Other demand deposits 3 079 186

Financial assets held for trading 1 806 172Derivatives 159 587Equity instruments 114 752Debt securities 1 531 833Loans and advances 0

Financial assets designated at fair value through profit or loss 237 213Equity instruments 2 255Debt securities 234 958Loans and advances 0

Available-for-sale financial assets 8 454 158Equity instruments 221 803Debt securities 8 232 163Loans and advances 192

Loans and receivables 55 318 002Debt securities 185 218Loans and advances 55 132 784

Held-to-maturity investments 2 139 540Debt securities 2 139 540Loans and advances 0

Derivatives – hedge accounting 0Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Investments in subsidaries, joint ventures and associates 363 681Tangible assets 1 735 686

Property, plant and equipment 1 125 747Investment property 609 939

Intangible assets 172 241Goodwill 0Other intangible assets 172 241

Tax assets 41 631Current tax assets 23 499Deferred tax assets 18 132

Other assets 1 492 867Non-current assets and disposal groups classified as held for sale 478 415TOTAL ASSETS 88 650 280

LIABILITIESFinancial liabilities held for trading 133 666

Derivatives 133 666Short positions 0Deposits 0Debt securities issued 0Otherfinancialliabilities 0

Financial liabilities designated at fair value through profit or loss 0Deposits 0Debt securities issued 0Otherfinancialliabilities 0

(continued)

* The Balance Sheet Statement and Statement of Profit or Loss tables are presented in line with reporting templates under Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014. Additional information on major principles of their preparation is available on the BNB website in Banking Supervision>Reports Requirements and Public Disclosure>Reporting Requirements.

53


1.6.1. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF THE BANKING SYSTEM AS OF 30 JUNE 2016(continued) (BGN’000)

Balance sheet value

Financial liabilities measured at amortised cost 75 711 240Deposits 75 161 040Debt securities issued 344 205Otherfinancialliabilities 205 995

Derivatives – hedge accounting 113 949Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Provisions 122 557Pensionsandotherpost-employmentdefinedbenefitobligations 35 902Otherlong-termemployeebenefits 0Restructuring 10 522Pending legal issues and tax litigation 42 106Commitments and guarantees given 11 943Other provisions 22 084

Tax liabilities 51 640Current tax liabilities 24 112Deferred tax liabilities 27 528

Share capital repayable on demand 0Other liabilities 717 518Liabilities included in disposal groups classified as held for sale 0TOTAL LIABILITIES 76 850 570

EQUITYCapital 3 916 583

Paid-up capital 3 916 583Unpaid capital which has been called up 0

Share premium 290 393Equity instruments issued other than capital 189Equitycomponentofcompoundfinancialinstruments 0Other equity instruments issued 189

Other equity 0Accumulated other comprehensive income 151 230Itemsthatwillnotbereclassifiedtoprofitorloss 106 301

Tangible assets 110 958Intangible assets 0Actuarial gains or (-) losses on defined benefit pension plans -4 657Non-current assets and disposal groups classified as held for sale 0Share of other recognised income and expense of investments in subsidaries, joint ventures and associates 0

Itemsthatmaybereclassifiedtoprofitorloss 44 929Hedge of net investments in foreign operations [effective portion] 0Foreign currency translation 17Hedging derivatives. Cash flow hedges [effective portion] -45 867Available-for-sale financial assets 90 779Non-current assets and disposal groups classified as held for sale 0Share of other recognised income and expense of investments in subsidaries, joint ventures and associates 0

Retained earnings 3 365 467Revaluation reserves 442Other reserves 3 301 931

Reserves or accumulated losses of investments in subsidaries, joint ventures and associates 0Other 3 301 931

(-) Treasury shares 0Profit or loss attributable to owners of the parent 773 475(-) Interim dividends 0Minority interest [Non-controlling interests] 0

Accumulated other comprehensive income 0Other items 0

TOTAL EQUITY 11 799 710TOTAL EQUITY AND TOTAL LIABILITIES 88 650 280

Source: BNB.

54


1.6.2. STATEMENT OF PROFIT OR LOSS OF THE BANKING SYSTEM AS OF 30 JUNE 2016(BGN’000)

Value

Interest income 1 676 203Financial assets held for trading 12 615Financialassetsdesignatedatfairvaluethroughprofitorloss 3 880Available-for-salefinancialassets 91 608Loans and receivables 1 539 320Held-to-maturity investments 25 574Derivatives – hedge accounting, interest rate risk 2 488Other assets 718

(Interest expenses) 263 854(Financial liabilities held for trading) 163(Financialliabilitiesdesignatedatfairvaluethroughprofitorloss) 0(Financial liabilities measured at amortised cost) 244 593(Derivatives – hedge accounting, interest rate risk) 10 018(Other liabilities) 9 080

(Expenses on share capital repayable on demand) 0Dividend income 3 963

Financial assets held for trading 102Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 3 861

Fee and commission income 512 850(Fee and commission expenses) 66 269Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 202 047Available-for-salefinancialassets 185 866Loans and receivables 13 904Held-to-maturity investments 2 276Financial liabilities measured at amortised cost 0Other 1Gains or (-) losses on financial assets and liabilities held for trading, net 47 468Gains or (-) losses on financial assets and liabilities designated at fair value through profit or loss, net 1 139Gains or (-) losses from hedge accounting, net -265Exchange differences [gain or (-) loss], net 43 495Gains or (-) losses on derecognition of non-financial assets, net 1 916Other operating income 71 938(Other operating expenses) 159 144TOTAL OPERATING INCOME, NET 2 071 487

(Administrative expenses) 796 385(Staff expenses) 370 457(Other administrative expenses) 425 928

(Depreciation) 85 635(Property, plant and equipment) 59 691(Investment properties) 2 180(Other intangible assets) 23 764

(Provisions or (-) reversal of provisions) 4 954(Commitments and guarantees given) 3 065(Other provisions) 1 889

(Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss) 326 171(Financial assets measured at cost) 0(Available-for-salefinancialassets) 470Loans and receivables 325 701(Held-to-maturity investments) 0

(continued)

55


1.6.2. STATEMENT OF PROFIT OR LOSS OF THE BANKING SYSTEM AS OF 30 JUNE 2016(continued) (BGN’000)

Value

(Impairment or (-) reversal of impairment of investments in subsidaries, joint ventures and associates) 0(Impairment or (-) reversal of impairment on non-financial assets) 2 394

(Property, plant and equipment) 0(Investment properties) 0(Goodwill) 0(Other intangible assets) 0(Other) 2 394

Negative goodwill recognised in profit or loss 76Share of the profit or (-) loss of investments in subsidaries, joint ventures and associates 6 124Profit or (-) loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations 1PROFIT OR (-) LOSS BEFORE TAX FROM CONTINUING OPERATIONS 862 149(Tax expense or (-) income related to profit or loss from continuing operations) 88 674PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS 773 475Profit or (-) loss after tax from discontinued operations 0

Profitor(-)lossbeforetaxfromdiscontinuedoperations 0(Tax expense or (-) income related to discontinued operations) 0

PROFIT OR (-) LOSS FOR THE YEAR 773 475Attributable to minority interest [non-controlling interests] 0Attributable to owners of the parent 773 475

Source: BNB.

56


1.7. BANK GROUPS*(as of 30 June 2016)

BAE code Bank

Group I UNCR9660 UNICREDIT BULBANKSTSA9300 DSK BANK FINV9150 FIRST INVESTMENT BANK

UBBS9200 UNITED BULGARIAN BANKBPBI9920 EUROBANK BULGARIA

Group II RZBB9155 RAIFFEISENBANK, BULGARIA TTBB9400 SOCIÉTÉ GÉNÉRALE EXPRESSBANKCECB9790 CENTRAL COOPERATIVE BANKPIRB9170 PIRAEUS BANK BULGARIABUIB9888 CIBANKBUIN9561 ALLIANZ BANK BULGARIAIORT9120 INVESTBANK

NASB9620 BULGARIAN DEVELOPMENT BANKPRCB9230 PROCREDIT BANK, BULGARIA

SOMB9130 MUNICIPAL BANKIABG9470 INTERNATIONAL ASSET BANKBGUS9160 BULGARIAN-AMERICAN CREDIT BANKDEMI9240 D COMMERCE BANKTBIB9310 TBI BANK

CREX9260 TOKUDA BANKTEXI9545 TEXIM BANKBINV9480 VICTORIA COMMERCIAL BANK

Group III CITI9250 CITIBANK EUROPE, BULGARIA BRANCHBNPA9440 BNP PARIBAS S.A., SOFIA BRANCHINGB9145 ING BANK N.V., SOFIA BRANCHTCZB9350 T.C. ZIRAAT BANK, SOFIA BRANCHISBK9370 IŞBANKAG, SOFIA BRANCH

*Banksareclassifiedonlyforstatisticalpurposes.Thegroupclassificationdoesnotimplybanks’financialperformanceevaluationanditshouldnotbeinterpretedasaratingsystem.The position of the banks in individual groups depends on the amount of their assets and changes at the end of each reporting period.

Group I:thefivelargestbanks. Group II: the rest of the banks. Group III: foreign bank branches in Bulgaria.

Source: BNB.

57


1.8. CAPITAL ADEQUACY OF THE BANKING SYSTEM* AS OF 30 JUNE 2016(per cent)

Items Banking system

Total capital adequacy ratio 21.21Tier one capital adequacy ratio 22.72*Additional information related to the capital adequacy of the banking system is published on the BNB website: Bank Supervision>Credit Institutions>Financial Supervision

Reports – data.

Source: BNB.

1.9. LIQUIDITY OF BANKS AS OF 30 JUNE 2016(under Ordinance No. 11 of the BNB)

(BGN’000)

Items Total Assets in pawn/Assets past due 30 or more days

At sight up to

7 days

From 8 days to 1 month

From 1 to 3 months

From 3 to 6 months

From 6 to 12 months

Over 1 year

Group ILIQUID ASSETS 15 425 722 823 145

ASSETS,TOTAL–inflow 44 612 808 3 903 238 14 679 554 2 310 808 2 889 794 2 561 093 3 806 174 22 268 623

LIABILITIES,TOTAL–outflow 43 324 508 6 651 721 2 406 271 2 786 345 3 233 801 5 041 450 23 204 920

Coefficientofliquidassets(%) 35.61

Coefficientofliquiditybymaturityintervals(%) 220.69 422.92 376.62 307.64 195.49 113.92

Group IILIQUID ASSETS 11 121 459 1 719 634





Group IIILIQUID ASSETS 1 249 380 772

ASSETS,TOTAL–inflow 2 317 301 3 993 1 459 456 61 495 125 006 187 791 288 422 199 124

LIABILITIES,TOTAL–outflow 2 269 879 832 723 49 349 89 908 124 502 195 899 977 498



BANKING SYSTEM, TOTALLIQUID ASSETS 27 796 561 2 543 551





Source: BNB.

58


1.10. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) AND STATEMENT OF PROFIT OR LOSS OF BANKS BY GROUP

1.10.1. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP I BANKS AS OF 30 JUNE 2016(BGN’000)

Balance sheet value

ASSETS

Cash, cash balances at central banks and other demand deposits 8 464 594Cash on hand 852 128Cash balances at central banks 6 647 545Other demand deposits 964 921

Financial assets held for trading 1 251 971Derivatives 126 219Equity instruments 4 291Debt securities 1 121 461Loans and advances 0

Financial assets designated at fair value through profit or loss 0Equity instruments 0Debt securities 0Loans and advances 0


Loans and receivables 33 504 705Debt securities 185 218Loans and advances 33 319 487

Held-to-maturity investments 27 497Debt securities 27 497Loans and advances 0

Derivatives – hedge accounting 0Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Investments in subsidaries, joint ventures and associates 133 974Tangible assets 930 612

Property, plant and equipment 659 897Investment property 270 715



Other assets 1 234 015Non-current assets and disposal groups classified as held for sale 91 193TOTAL ASSETS 51 100 013




Financial liabilities measured at amortised cost 43 148 068Deposits 42 865 833Debt securities issued 195 568

(continued)

59


1.10.1. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP I BANKS AS OF 30 JUNE 2016 (continued) (BGN’000)

Balance sheet value

Otherfinancialliabilities 86 667Derivatives – hedge accounting 106 461Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Provisions 86 519Pensionsandotherpost-employmentdefinedbenefitobligations 27 388Otherlong-termemployeebenefits 0Restructuring 10 510Pending legal issues and tax litigation 40 121Commitments and guarantees given 1 561Other provisions 6 939







Tangible assets 95 499Intangible assets 0Actuarial gains or (-) losses on defined benefit pension plans -5 175Non-current assets and disposal groups classified as held for sale 0Share of other recognised income and expense of investments in subsidaries, joint ventures and associates 0

Itemsthatmaybereclassifiedtoprofitorloss 20 094Hedge of net investments in foreign operations [effective portion] 0Foreign currency translation 0Hedging derivatives. Cash flow hedges [effective portion] -45 867Available-for-sale financial assets 65 961Non-current assets and disposal groups classified as held for sale 0Share of other recognised income and expense of investments in subsidaries, joint ventures and associates 0

Retained earnings 2 705 952Revaluation reserves 0Other reserves 2 430 212

Reserves or accumulated losses of investments in subsidaries, joint ventures and associates 0Other 2 430 212




Source: BNB.

60


1.10.2. STATEMENT OF PROFIT OR LOSS OF GROUP I BANKS AS OF 30 JUNE 2016(BGN’000)

Value

Interest income 1 047 680Financial assets held for trading 9 639Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 67 539Loans and receivables 967 689Held-to-maturity investments 261Derivatives – hedge accounting, interest rate risk 2 488Other assets 64

(Interest expenses) 132 973(Financial liabilities held for trading) 163(Financialliabilitiesdesignatedatfairvaluethroughprofitorloss) 0(Financial liabilities measured at amortised cost) 118 117(Derivatives – hedge accounting, interest rate risk) 9 457(Other liabilities) 5 236


Financial assets held for trading 0Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 2 954

Fee and commission income 317 661(Fee and commission expenses) 36 122Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 129 524Available-for-salefinancialassets 115 729Loans and receivables 13 794Held-to-maturity investments 0Financial liabilities measured at amortised cost 0Other 1Gains or (-) losses on financial assets and liabilities held for trading, net 15 618Gains or (-) losses on financial assets and liabilities designated at fair value through profit or loss, net 0Gains or (-) losses from hedge accounting, net -422Exchange differences [gain or (-) loss], net 33 108Gains or (-) losses on derecognition of non-financial assets, net 1 830Other operating income 53 787(Other operating expenses) 98 555TOTAL OPERATING INCOME, NET 1 334 090


(Depreciation) 54 216(Property, plant and equipment) 38 091(Investment properties) 789(Other intangible assets) 15 336

(Provisions or (-) reversal of provisions) 1 453(Commitments and guarantees given) 366(Other provisions) 1 087


(Impairment or (-) reversal of impairment of investments in subsidaries, joint ventures and associates) 0

(continued)

61


1.10.2. STATEMENT OF PROFIT OR LOSS OF GROUP I BANKS AS OF 30 JUNE 2016(continued) (BGN’000)

Value

(Impairment or (-) reversal of impairment on non-financial assets) 167(Property, plant and equipment) 0(Investment properties) 0(Goodwill) 0(Other intangible assets) 0(Other) 167

Negative goodwill recognised in profit or loss 76Share of the profit or (-) loss of investments in subsidaries, joint ventures and associates 178Profit or (-) loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations 8PROFIT OR (-) LOSS BEFORE TAX FROM CONTINUING OPERATIONS 607 760(Tax expense or (-) income related to profit or loss from continuing operations) 61 925PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS 545 835Profit or (-) loss after tax from discontinued operations 0Profitor(-)lossbeforetaxfromdiscontinuedoperations 0(Tax expense or (-) income related to discontinued operations) 0


Source: BNB.

62


1.10.3. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP II BANKS AS OF 30 JUNE 2016(BGN’000)

Balance sheet value

ASSETSCash, cash balances at central banks and other demand deposits 7 016 877

Cash on hand 695 056Cash balances at central banks 4 726 218Other demand deposits 1 595 603

Financial assets held for trading 504 864Derivatives 23 058Equity instruments 110 461Debt securities 371 345Loans and advances 0

Financial assets designated at fair value through profit or loss 237 213Equity instruments 2 255Debt securities 234 958Loans and advances 0


Loans and receivables 20 745 400Debt securities 0Loans and advances 20 745 400

Held-to-maturity investments 2 112 043Debt securities 2 112 043Loans and advances 0

Derivatives – hedge accounting 0Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Investments in subsidaries, joint ventures and associates 229 707Tangible assets 801 821

Property, plant and equipment 462 597Investment property 339 224



Other assets 248 519Non-current assets and disposal groups classified as held for sale 386 278TOTAL ASSETS 35 201 838




Financial liabilities measured at amortised cost 30 288 174Deposits 30 044 097Debt securities issued 148 637Otherfinancialliabilities 95 440

Derivatives – hedge accounting 7 488

(continued)

63


1.10.3. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP II BANKS AS OF 30 JUNE 2016(continued) (BGN’000)

Balance sheet value

Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Provisions 34 906Pensionsandotherpost-employmentdefinedbenefitobligations 8 298Otherlong-termemployeebenefits 0Restructuring 0Pending legal issues and tax litigation 1 985Commitments and guarantees given 9 728Other provisions 14 895







Tangible assets 15 459Intangible assets 0Actuarial gains or (-) losses on defined benefit pension plans 468Non-current assets and disposal groups classified as held for sale 0Share of other recognised income and expense of investments in subsidaries, joint ventures and associates 0

Itemsthatmaybereclassifiedtoprofitorloss 23 671Hedge of net investments in foreign operations [effective portion] 0Foreign currency translation 17Hedging derivatives. Cash flow hedges [effective portion] 0Available-for-sale financial assets 23 654Non-current assets and disposal groups classified as held for sale 0Share of other recognised income and expense of investments in subsidaries, joint ventures and associates 0

Retained earnings 649 430Revaluation reserves 442Other reserves 843 726

Reserves or accumulated losses of investments in subsidaries, joint ventures and associates 0Other 843 726




Source: BNB.

64


1.10.4. STATEMENT OF PROFIT OR LOSS OF GROUP II BANKS AS OF 30 JUNE 2016(BGN’000)

Value

Interest income 614 092Financial assets held for trading 2 224Financialassetsdesignatedatfairvaluethroughprofitorloss 3 880Available-for-salefinancialassets 22 519Loans and receivables 559 502Held-to-maturity investments 25 313Derivatives – hedge accounting, interest rate risk 0Other assets 654

(Interest expenses) 128 183(Financial liabilities held for trading) 0(Financialliabilitiesdesignatedatfairvaluethroughprofitorloss) 0(Financial liabilities measured at amortised cost) 124 245(Derivatives – hedge accounting, interest rate risk) 561(Other liabilities) 3 377


Financial assets held for trading 102Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 907

Fee and commission income 186 725(Fee and commission expenses) 28 667Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 72 301Available-for-salefinancialassets 69 915Loans and receivables 110Held-to-maturity investments 2 276Financial liabilities measured at amortised cost 0Other 0Gains or (-) losses on financial assets and liabilities held for trading, net 26 192Gains or (-) losses on financial assets and liabilities designated at fair value through profit or loss, net 1 139Gains or (-) losses from hedge accounting, net 157Exchange differences [gain or (-) loss], net 7 387Gains or (-) losses on derecognition of non-financial assets, net 74Other operating income 14 508(Other operating expenses) 60 110TOTAL OPERATING INCOME, NET 706 624


(Depreciation) 30 657(Property, plant and equipment) 21 097(Investment properties) 1 391(Other intangible assets) 8 169

(Provisions or (-) reversal of provisions) 3 181(Commitments and guarantees given) 2 704(Other provisions) 477


(continued)

65


1.10.4. STATEMENT OF PROFIT OR LOSS OF GROUP II BANKS AS OF 30 JUNE 2016(continued) (BGN’000)

Value

(Impairment or (-) reversal of impairment of investments in subsidaries, joint ventures and associates) 0(Impairment or (-) reversal of impairment on non-financial assets) 2 227

(Property, plant and equipment) 0(Investment properties) 0(Goodwill) 0(Other intangible assets) 0(Other) 2 227

Negative goodwill recognised in profit or loss 0Share of the profit or (-) loss of investments in subsidaries, joint ventures and associates 5 946Profit or (-) loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations -7PROFIT OR (-) LOSS BEFORE TAX FROM CONTINUING OPERATIONS 251 908(Tax expense or (-) income related to profit or loss from continuing operations) 26 050PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS 225 858Profit or (-) loss after tax from discontinued operations 0Profitor(-)lossbeforetaxfromdiscontinuedoperations 0(Tax expense or (-) income related to discontinued operations) 0


Source: BNB.

66


1.10.5. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP III BANKS AS OF 30 JUNE 2016(BGN’000)

Balance sheet value

ASSETSCash, cash balances at central banks and other demand deposits 929 203

Cash on hand 4 872Cash balances at central banks 405 669Other demand deposits 518 662

Financial assets held for trading 49 337Derivatives 10 310Equity instruments 0Debt securities 39 027Loans and advances 0

Financial assets designated at fair value through profit or loss 0Equity instruments 0Debt securities 0Loans and advances 0

Available-for-sale financial assets 284 372Equity instruments 368Debt securities 284 004Loans and advances 0

Loans and receivables 1 067 897Debt securities 0Loans and advances 1 067 897

Held-to-maturity investments 0Debt securities 0Loans and advances 0

Derivatives – hedge accounting 0Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Investments in subsidaries, joint ventures and associates 0Tangible assets 3 253

Property, plant and equipment 3 253Investment property 0


Tax assets 981Current tax assets 17Deferred tax assets 964

Other assets 10 333Non-current assets and disposal groups classified as held for sale 944TOTAL ASSETS 2 348 429




Financial liabilities measured at amortised cost 2 274 998Deposits 2 251 110Debt securities issued 0Otherfinancialliabilities 23 888

Derivatives – hedge accounting 0

(continued)

67


1.10.5. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP III BANKS AS OF 30 JUNE 2016(continued) (BGN’000)

Balance sheet value

Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Provisions 1 132Pensionsandotherpost-employmentdefinedbenefitobligations 216Otherlong-termemployeebenefits 0Restructuring 12Pending legal issues and tax litigation 0Commitments and guarantees given 654Other provisions 250

Tax liabilities 665Current tax liabilities 652Deferred tax liabilities 13


EQUITYCapital 0

Paid-up capital 0Unpaid capital which has been called up 0

Share premium 0Equity instruments issued other than capital 189Equitycomponentofcompoundfinancialinstruments 0Other equity instruments issued 189

Other equity 0Accumulated other comprehensive income 1 214Itemsthatwillnotbereclassifiedtoprofitorloss 50

Tangible assets 0Intangible assets 0Actuarial gains or (-) losses on defined benefit pension plans 50Non-current assets and disposal groups classified as held for sale 0Share of other recognised income and expense of investments in subsidaries, joint ventures and associates 0

Itemsthatmaybereclassifiedtoprofitorloss 1 164Hedge of net investments in foreign operations [effective portion] 0Foreign currency translation 0Hedging derivatives. Cash flow hedges [effective portion] 0Available-for-sale financial assets 1 164Non-current assets and disposal groups classified as held for sale 0Share of other recognised income and expense of investments in subsidaries, joint ventures and associates 0

Retained earnings 10 085Revaluation reserves 0Other reserves 27 993

Reserves or accumulated losses of investments in subsidaries, joint ventures and associates 0Other 27 993



TOTAL EQUITY 41 263TOTAL EQUITY AND TOTAL LIABILITIES 2 348 429

Source: BNB.

68


1.10.6. STATEMENT OF PROFIT OR LOSS OF GROUP III BANKS AS OF 30 JUNE 2016(BGN’000)

Value

Interest income 14 431Financial assets held for trading 752Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 1 550Loans and receivables 12 129Held-to-maturity investments 0Derivatives – hedge accounting, interest rate risk 0Other assets 0

(Interest expenses) 2 698(Financial liabilities held for trading) 0(Financialliabilitiesdesignatedatfairvaluethroughprofitorloss) 0(Financial liabilities measured at amortised cost) 2 231(Derivatives – hedge accounting, interest rate risk) 0(Other liabilities) 467

(Expenses on share capital repayable on demand) 0Dividend income 0

Financial assets held for trading 0Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 0

Fee and commission income 8 464(Fee and commission expenses) 1 480Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 222Available-for-salefinancialassets 222Loans and receivables 0Held-to-maturity investments 0Financial liabilities measured at amortised cost 0Other 0Gains or (-) losses on financial assets and liabilities held for trading, net 5 658Gains or (-) losses on financial assets and liabilities designated at fair value through profit or loss, net 0Gains or (-) losses from hedge accounting, net 0Exchange differences [gain or (-) loss], net 3 000Gains or (-) losses on derecognition of non-financial assets, net 12Other operating income 3 643(Other operating expenses) 479TOTAL OPERATING INCOME, NET 30 773


(Depreciation) 762(Property, plant and equipment) 503(Investment properties) 0(Other intangible assets) 259

(Provisions or (-) reversal of provisions) 320(Commitments and guarantees given) -5(Other provisions) 325

(Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss) 444(Financial assets measured at cost) 0(Available-for-salefinancialassets) 284Loans and receivables 160(Held-to-maturity investments) 0

(continued)

69


1.10.6. STATEMENT OF PROFIT OR LOSS OF GROUP III BANKS AS OF 30 JUNE 2016(continued) (BGN’000)

Value

(Impairment or (-) reversal of impairment of investments in subsidaries, joint ventures and associates) 0(Impairment or (-) reversal of impairment on non-financial assets) 0

(Property, plant and equipment) 0(Investment properties) 0(Goodwill) 0(Other intangible assets) 0(Other) 0

Negative goodwill recognised in profit or loss 0Share of the profit or (-) loss of investments in subsidaries, joint ventures and associates 0Profit or (-) loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations 0PROFIT OR (-) LOSS BEFORE TAX FROM CONTINUING OPERATIONS 2 481(Tax expense or (-) income related to profit or loss from continuing operations) 699PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS 1 782Profit or (-) loss after tax from discontinued operations 0Profitor(-)lossbeforetaxfromdiscontinuedoperations 0(Tax expense or (-) income related to discontinued operations) 0


Source: BNB.

70


1.12. FOREIGN EXCHANGE MARKET (EUR)

July 2016BNB with banks BNBwithfinalcustomers

Interbank transactions

Bankswithfinalcustomers

bought sold bought sold bought sold

1 467 060 000 635 500 000 42 506 851 394 308 038 130 578 886 183 172 5684 479 250 000 451 500 000 24 857 820 595 182 134 674 108 248 260 78 401 5485 456 000 000 393 500 000 1 401 227 100 910 2 105 969 108 816 175 91 771 0356 442 100 000 541 500 000 57 793 48 140 421 5 666 725 104 783 957 73 753 2627 419 850 000 415 500 000 5 461 781 324 847 397 489 103 407 827 106 180 0038 403 000 000 439 500 000 27 438 968 180 15 880 757 111 079 996 122 060 37711 554 500 000 395 500 000 93 386 702 119 535 432 146 162 423 82 158 65912 412 000 000 431 500 000 728 494 500 336 308 958 100 742 153 80 591 97713 430 600 000 465 500 000 986 527 1 115 779 34 827 948 107 649 897 124 695 81514 490 500 000 417 500 000 426 382 405 424 445 779 199 713 021 71 039 88615 559 500 000 415 600 000 1 827 047 766 662 7 365 393 96 443 035 109 328 87318 448 000 000 445 500 000 1 797 910 2 109 821 23 474 984 101 055 971 103 539 99419 462 500 000 502 500 000 25 431 214 891 15 299 049 109 557 126 82 103 51820 583 250 000 515 250 000 2 531 705 221 335 333 939 114 190 636 122 882 43521 468 500 000 445 250 000 44 465 282 676 205 133 92 901 331 76 228 65122 703 650 000 501 000 000 160 540 234 921 266 933 90 571 019 98 965 85325 464 600 000 503 500 000 105 903 250 873 413 403 96 200 936 101 632 70826 483 453 388 455 250 000 122 518 630 728 540 236 401 84 529 779 95 912 52627 475 250 000 483 500 000 128 755 465 541 572 787 105 708 098 87 088 04228 450 000 000 664 000 000 338 375 525 644 23 998 142 115 040 438 129 672 99429 768 480 000 705 000 000 1 766 607 280 711 3 251 957 197 280 157 135 514 173

Monthly, total 10 422 043 388 10 223 350 000 165 328 722 59 786 207 136 029 890 2 424 661 121 2 156 694 897Daily, average 496 287 780 486 826 190 7 872 796 2 846 962 6 477 614 115 460 053 102 699 757

Source: BNB.

1.11. INTERBANK MONEY MARKET*

July 2016

Volumes (BGN’000) Interest ratesExcess reserves**

(BGN’000)Deposits Repo agreementsPurchases of governmentsecurities

Total volume On extended deposits

On repo agreements Daily, average

1 20 500 18 938 0 39 438 0.01 -0.16 -0.07 5 498 5744 17 000 36 173 15 113 68 286 0.01 -0.09 -0.06 5 719 7905 17 000 18 938 31 553 67 491 0.01 -0.16 -0.08 5 421 9476 19 000 28 719 18 859 66 578 0.01 -0.11 -0.06 5 403 4897 21 000 18 938 1 998 41 936 0.01 -0.16 -0.07 5 872 2768 20 500 8 528 2 997 32 025 0.01 0.00 0.01 5 101 26511 57 000 58 912 0 115 912 -0.03 -0.04 -0.04 5 211 73012 17 000 8 352 11 020 36 372 0.01 0.00 0.01 5 122 47513 17 000 8 352 1 940 27 292 0.01 0.00 0.01 5 235 77414 37 000 28 697 0 65 697 -0.01 -0.04 -0.02 4 590 44115 20 500 8 352 2 041 30 893 0.01 0.00 0.01 4 640 49018 57 000 48 538 0 105 538 -0.03 -0.04 -0.04 4 670 80419 47 000 8 352 0 55 352 -0.09 0.00 -0.08 4 703 25720 69 000 18 128 10 680 97 808 -0.10 0.00 -0.08 4 976 77921 47 000 38 824 7 148 92 972 -0.09 -0.11 -0.10 4 941 49522 54 500 18 552 3 061 76 113 -0.08 -0.16 -0.10 5 235 84825 67 000 68 908 588 136 496 -0.03 -0.08 -0.05 5 332 07826 17 000 18 552 9 076 44 628 0.01 -0.16 -0.08 5 351 17127 47 000 48 735 2 429 98 164 -0.09 -0.09 -0.09 5 407 67728 17 000 18 552 0 35 552 0.01 -0.16 -0.08 5 514 90429 40 000 49 266 2 029 91 295 0.03 -0.11 -0.05 5 982 882

Monthly, average 34 571 27 586 5 740 67 897 -0.02 -0.08 -0.05 5 250 529

* Includingtransactionsofbanksandnon-bankfinancialinstitutions,whichareprimarydealersofgovernmentsecuritiesandwhichhavecurrentaccountswiththeBNB.** The period of excess reserves’ statistical reporting (a calendar month) does not coincide with the period of minimum required reserves’ maintenance under BNB Ordi-

nance No. 21. Data on holidays are also used in calculating the daily average amount of excess reserves for the respective month. Note: The average daily interest rate is the average-weighted rate of the operations effected during the day.

Source: BNB.

71


1.14. BASE INTEREST RATE

Effective as ofBase interest rate

Simple annual Effective annual

1.I.2015 0.01 0.011.II.2015 0.01 0.01

1.III.2015 0.01 0.011.IV.2015 0.01 0.011.V.2015 0.01 0.01

1.VI.2015 0.02 0.021.VII.2015 0.02 0.02

1.VIII.2015 0.01 0.011.IX.2015 0.01 0.011.X.2015 0.01 0.01

1.XI.2015 0.01 0.011.XII.2015 0.01 0.01

1.I.2016 0.01 0.011.II.2016 0.00 0.00

1.III.2016 0.00 0.001.IV.2016 0.00 0.001.V.2016 0.00 0.00

1.VI.2016 0.00 0.001.VII.2016 0.00 0.00

1.VIII.2016 0.00 0.001.IX.2016 0.00 0.00

Source: BNB.

1.13. CASH BOUGHT AND SOLD AT THE BNB CASH CENTRE* (EUR’000)

Foreign exchange bought Foreign exchange sold

2015 I 3.7 1 755.3II 1.8 2 368.5

III 2.8 2 140.5IV 1.9 2 422.8V 5.7 3 219.9

VI 6.3 2 234.6VII 4.4 760.0

VIII 12.8 1 865.5IX 12.0 4 850.4X 19.6 5 336.6

XI 4.1 8 123.2XII 2.5 6 120.7

2016 I 4.9 4 878.0II 2.0 3 194.9

III 4.0 2 712.5IV 1.7 3 047.5V 4.5 2 188.1

VI 4.2 4 821.2VII 1.7 1 475.1

VIII 5.7 4 034.2

incl. daily1 0.1 0.12 0.5 24.63 - 55.74 - 200.15 - 52.68 0.0 0.29 - 11.4

10 - 38.711 0.0 38.112 0.1 4.015 - 125.816 0.0 209.917 - 450.818 - 339.519 - 265.722 0.1 197.323 - 457.224 2.4 202.125 - 225.626 - 207.529 1.0 527.130 1.5 307.931 0.1 92.6

* Transactions in euro with natural persons.

Source: BNB.

72


1.15. INTEREST RATES1 ON NEW BUSINESS ON LOANS, OTHER THAN OVERDRAFT, BY PERIOD OF INITIAL RATE FIXATION

Non-financialcorporations Households2

Loans up to EUR 1 million Loans over EUR 1 million Consumer loans Housing loans Other loans

Total

of which:

Total

of which:

Total

of which:Annual

percentage rate of charge

Total

of which:Annual

percentage rate of charge

Total

of which:

with a term of initialfixationof up to 1 year




with a term of initialfixationof

up to 1 year

2015 VII 5.56 5.56 7.23 7.23 10.61 10.89 11.63 5.64 5.64 6.21 6.92 6.96VIII 5.83 5.83 4.81 4.81 10.87 11.18 11.90 5.61 5.61 6.13 6.23 6.23

IX 5.85 5.83 5.74 5.74 10.72 11.02 11.76 5.72 5.73 6.19 6.58 6.55X 5.15 5.14 7.06 7.15 10.51 10.77 11.49 5.60 5.61 6.08 6.35 6.35

XI 5.19 5.19 5.65 5.64 10.76 11.02 11.77 5.46 5.46 5.89 5.67 5.67XII 5.33 5.32 5.30 5.30 11.53 11.83 12.47 5.44 5.45 5.91 6.71 6.71

2016 I 4.74 4.73 6.21 6.21 10.72 11.00 11.78 5.29 5.29 5.85 5.59 5.59II 4.92 4.90 3.74 3.74 10.32 10.61 11.33 5.36 5.37 5.89 6.15 6.14

III 4.67 4.69 4.54 4.54 9.88 10.16 10.87 5.15 5.15 5.65 5.36 5.36IV 4.91 4.95 5.51 5.51 9.93 10.23 10.88 5.11 5.09 5.57 4.64 4.63V 4.98 5.00 3.60 3.60 10.00 10.24 10.96 5.03 5.03 5.47 3.86 3.85

VI 4.70 4.72 4.18 4.18 9.51R 9.72R 10.42R 4.97 4.97 5.40 3.74R 3.72R

VII 4.52 4.52 4.76 4.76 9.92 10.18 10.90 4.86 4.86 5.34 3.14 3.121 Interest rates refer to lev instruments.2 The Household sector includes also the NPISH sector. Data on consumer and housing loans refer only to the Household sector.Note: Preliminary data. Source: BNB.

1.16. VOLUMES1 ON NEW BUSINESS ON LOANS, OTHER THAN OVERDRAFT, BY PERIOD OF INITIAL RATE FIXATION

(BGN million)


Loans up to EUR 1 million Loans over EUR 1 million Consumer loans Housing loans Other loans

Total

of which:

Total

of which:

Total

of which:

Total

of which:

Total

of which:

with a term of initial fixationofupto

1 year


1 year


1 year


1 year


1 year

2015 VII 167.3 165.3 649.0 649.0 249.5 220.7 120.8 117.6 20.4 19.7VIII 165.6 164.5 232.7 232.7 217.5 193.3 120.1 118.0 24.7 24.6

IX 145.9 143.6 126.9 126.9 223.6 198.6 120.1 116.7 22.4 21.3X 157.1 156.4 554.6 504.6 246.3 220.8 116.0 113.6 21.2 21.2

XI 224.9 222.6 214.4 207.2 217.2 195.9 124.3 121.5 49.7 49.7XII 210.3 209.5 603.4 603.4 208.2 190.4 152.1 147.3 21.4 21.3

2016 I 105.5 105.0 420.6 420.6 167.5 150.4 117.3 115.2 11.6 11.6II 139.4 138.0 105.3 105.3 244.3 216.6 113.1 109.6 12.7 12.6

III 185.4 179.9 209.5 209.5 307.7 270.0 136.9 133.7 27.3 26.6IV 180.8 173.4 506.8 499.8 288.6 253.9 144.8 140.6 34.5 33.6V 193.1 188.2 237.9 237.9 257.5 230.4 145.0 141.5 43.4 42.8

VI 263.9 258.0 655.2 655.2 326.7R 291.1R 186.5 182.9 72.6R 71.6R

VII 214.4 213.4 497.0 497.0 278.8 249.0 169.0 165.7 81.8 81.41 Volumes refer to lev instruments.2 The Household sector includes also the NPISH sector. Data on consumer and housing loans refer only to the Household sector.Note: Preliminary data. Source: BNB.

73


17. I

NT

ER

EST

RAT

ES1 O

N B

AL

AN

CE

S O

N L

OA

NS

(per

cen

t)Lo

ans o

ther

than

ove

rdra

ftOv

erdr

aft3


Hou

seho

lds2

Non-financial

corp

orat

ions

Hous

ehol

ds2

up to

1 y

ear

from

1 to

5 y

ears

over

5 y

ears

Con

sum

er lo

ans

Hou

sing

loan

sO

ther

loan

s

up to

1 y

ear

from

1 to

5 y

ears

over

5 y

ears

Total

of w

hich

:ov

er 5

yea

rsTo

talof

whi

ch:

from

1 to

5 y

ears

2015

VII

6.53

5.94

6.36

21.6

111

.99

9.72

6.87

6.87

7.82

8.01

5.32

14.5

7V

III

6.70

5.90

6.29

21.7

211

.95

9.64

6.78

6.78

7.67

7.91

5.30

14.4

8IX

6.78

5.83

6.24

22.3

311

.96

9.61

6.71

6.71

7.58

7.85

5.18

14.4

3X

6.65

5.73

6.13

22.2

611

.98

9.56

6.64

6.64

7.50

7.77

5.11

14.4

1X

I6.

485.

676.

0522

.07

11.9

89.

516.

566.

567.

277.

245.

0414

.35

XII

5.65

5.52

5.88

23.7

212

.05

9.46

6.48

6.48

7.25

7.18

4.98

14.3

5

2016

I5.

015.

375.

7424

.52

11.9

59.

336.

346.

357.

177.

034.

9414

.21

II4.

995.

265.

6625

.02

11.9

29.

266.

276.

277.

096.

934.

8214

.22

III

4.61

5.20

5.56

25.4

411

.74

9.14

6.19

6.19

6.96

6.73

4.73

14.1

3IV

4.76

5.03

5.39

26.0

411

.66

9.07

6.05

6.05

6.77

6.42

4.55

14.2

1V

4.60

5.02

5.29

25.9

411

.62

9.01

5.99

6.00

6.52

6.00

4.53

14.1

1V

I4.

174.

895.

2225

.27

11.5

6R8.

935.

935.

936.

17R

5.45

R4.

4814

.03

VII

4.15

4.80

5.09

25.6

711

.49

8.80

5.83

5.83

5.91

5.13

4.33

14.0

41 I

nter

est r

ates

refe

r to

lev

inst

rum

ents

.2 Th

e H

ouse

hold

sect

or in

clud

es a

lso

the

NPI

SH se

ctor

. Dat

a on

con

sum

er a

nd h

ousi

ng lo

ans r

efer

onl

y to

the

Hou

seho

ld se

ctor

.3 I

nter

est r

ates

on

over

draf

ts o

n ne

w b

usin

ess a

nd o

n ba

lanc

es c

oinc

ide.

Not

e: P

relim

inar

y da

ta.

Sour

ce: B

NB

.

1.18

. VO

LU

ME

S1 O

N B

AL

AN

CE

S O

N L

OA

NS

(BG

N m

illio

n)Lo

ans o

ther

than

ove

rdra

ftOv

erdr

aft3


Hou

seho

lds2

Non-financial

corp

orat

ions

Hous

ehol

ds2

up to

1 y

ear

from

1 to

5 y

ears

over

5 y

ears

Con

sum

er lo

ans

Hou

sing

loan

sO

ther

loan

s

up to

1 y

ear

from

1 to

5 y

ears

over

5 y

ears

Total

of w

hich

:ov

er 5

yea

rsTo

talof

whi

ch:

from

1 to

5 y

ears

2015

VII

500.

52

008.

52

811.

638

.21

065.

94

012.

03

718.

13

692.

336

8.8

154.

84

234.

71

268.

7V

III

513.

52

021.

22

870.

138

.51

075.

24

034.

33

773.

83

747.

037

8.2

155.

64

273.

11

268.

8IX

520.

52

028.

42

932.

038

.21

082.

94

050.

93

830.

33

801.

438

6.9

156.

74

504.

61

282.

1X

552.

82

081.

52

966.

640

.11

092.

54

077.

13

881.

63

852.

238

0.9

151.

64

481.

51

265.

8X

I56

2.2

2 12

6.7

2 96

7.6

41.1

1 09

6.3

4 09

0.6

3 93

6.5

3 90

7.1

403.

317

3.6

4 63

1.8

1 27

0.9

XII

555.

82

130.

23

142.

744

.51

095.

84

081.

94

006.

13

976.

737

9.9

163.

44

518.

31

251.

5

2016

I53

2.7

2 09

9.6

3 12

4.1

42.5

1 08

7.4

4 07

1.8

4 04

2.5

4 01

2.8

363.

815

4.9

4 43

9.5

1 22

0.4

II51

6.4

2 08

7.0

3 15

9.5

42.2

1 09

4.9

4 08

6.7

4 08

7.2

4 05

7.1

357.

015

1.0

4 48

8.9

1 21

6.7

III

506.

32

040.

03

257.

742

.71

120.

34

131.

24

155.

04

124.

836

8.9

161.

04

557.

81

227.

1IV

456.

12

106.

93

349.

944

.41

142.

34

169.

14

225.

64

194.

637

9.8

172.

44

521.

41

200.

5V

454.

92

081.

03

430.

345

.81

154.

94

191.

84

299.

44

268.

239

8.6

191.

54

521.

61

223.

4V

I57

3.0

2 13

2.1

3 68

3.7

48.6

1180

.0R

4 24

4.0

4 39

3.9

4 36

2.6

435.

3R22

6.4R

4 52

3.0

1 23

1.5

VII

627.

72

173.

13

751.

849

.71

196.

64

273.

74

477.

84

446.

346

4.1

252.

14

625.

81

215.

11 V

olum

es re

fer t

o le

v in

stru

men

ts.

2 The

Hou

seho

ld se

ctor

incl

udes

als

o th

e N

PISH

sect

or. D

ata

on c

onsu

mer

and

hou

sing

loan

s ref

er o

nly

to th

e H

ouse

hold

sect

or.

3 Vol

umes

on

over

draf

ts o

n ne

w b

usin

ess a

nd o

n ba

lanc

es c

oinc

ide.

Not

e: P

relim

inar

y da

ta.

Sour

ce: B

NB

.

74


1.19. INTEREST RATES1 ON NEW BUSINESS ON DEPOSITS WITH AGREED MATURITY (per cent)


Totalof which:

Totalof which:

up to 1 year up to 1 year

2015 VII 0.65 0.66 1.55 1.24

VIII 0.69 0.72 1.47 1.21

IX 0.65 0.67 1.51 1.23

X 0.68 0.66 1.41 1.10

XI 0.81 0.81 1.42 1.07

XII 0.50 0.53 1.48 1.16

2016 I 0.26 0.58 1.51 0.97II 0.53 0.53 1.38 0.78

III 0.48 0.49 1.13 0.64

IV 0.41 0.49 1.17 0.62

V 0.29 0.37 0.97 0.59

VI 0.35 0.39 0.83 0.59

VII 0.41 0.45 0.84 0.551 Interest rates refer to lev instruments.2 The Household sector includes also the NPISH sector. Note: Preliminary data.

Source: BNB.

1.20. VOLUMES1 ON NEW BUSINESS ON DEPOSITS WITH AGREED MATURITY(BGN million)


Totalof which:

Totalof which:

up to 1 year up to 1 year

2015 VII 383.2 364.3 691.8 480.7

VIII 299.8 273.3 539.1 406.7

IX 281.3 257.9 616.2 447.6

X 251.0 222.7 599.2 431.7

XI 272.0 242.1 640.1 456.7

XII 371.2 317.8 902.9 636.8

2016 I 587.4 187.5 834.7 462.5II 182.2 164.6 700.4 388.8

III 223.0 206.1 596.8 391.3

IV 226.4 186.8 587.3 355.8

V 212.4 142.5 520.3 338.9

VI 158.8 140.7 553.8 400.0

VII 175.7 154.8 533.8 361.9

1 Volumes refer to lev instruments.2 The Household sector includes also the NPISH sector.Note: Preliminary data.

Source: BNB.

75


1.21. INTEREST RATES1 ON BALANCES ON DEPOSITS(per cent)


Overnight deposits3Deposits with agreed maturity


up to 2 years over 2 years up to 2 years over 2 years

2015 VII 0.15 1.42 2.24 0.28 2.10 5.14

VIII 0.15 1.37 2.27 0.27 2.03 5.05

IX 0.14 1.24 2.32 0.27 1.95 4.96

X 0.13 1.17 2.25 0.27 1.82 4.83

XI 0.12 1.15 2.32 0.26 1.72 4.74

XII 0.12 1.04 2.03 0.24 1.57 4.52

2016 I 0.09 0.84 2.10 0.23 1.46 4.34II 0.09 0.80 2.12 0.22 1.38 4.21

III 0.08 0.72 2.06 0.22 1.31 4.14

IV 0.08 0.70 2.05 0.18 1.26 4.08

V 0.07 0.66 1.71 0.15 1.21 4.02

VI 0.06 0.65 2.22 0.15 1.15 3.97

VII 0.06 0.64 2.10 0.14 1.10 3.881 Interest rates refer to lev instruments.2 The Household sector includes also the NPISH sector.3 Interest rates and volumes on overnight deposits on new business and on balances coincide.Note: Preliminary data.

Source: BNB.

1.22. VOLUMES1 ON BALANCES ON DEPOSITS(BGN million)




up to 2 years over 2 years up to 2 years over 2 years

2015 VII 7 761.0 1 782.9 158.1 5 459.0 10 133.1 901.1

VIII 8 036.9 1 746.1 155.2 5 462.4 10 225.1 909.6

IX 8 162.1 1 715.4 148.1 5 537.2 10 267.2 921.5

X 8 340.4 1 755.4 155.5 5 722.7 10 347.4 935.6

XI 8 667.0 1 719.6 152.6 5 807.6 10 435.5 942.8

XII 9 378.3 1 816.2 173.7 6 185.2 10 518.2 990.0

2016 I 8 460.7 2 178.2 167.4 6 344.4 10 577.8 1 007.3II 8 632.6 2 158.3 163.8 6 335.3 10 582.2 1 026.3

III 8 289.4 2 172.9 157.3 6 427.5 10 567.1 1 039.0

IV 8 355.8 2 185.7 159.5 6 780.7 10 570.1 1 058.3

V 8 571.3 2 106.8 216.5 6 660.3 10 571.2 1 066.3

VI 8 714.0 2 089.7 167.3 6 843.7 10 581.0 1 077.2

VII 8 936.2 2 069.1 175.9 7 075.5 10 563.3 1 090.1

1 Volumes refer to lev instruments.2 The Household sector includes also the NPISH sector.3 Interest rates and volumes on overnight deposits on new business and on balances coincide.Note: Preliminary data.

Source: BNB.

76


1.23. GOVERNMENT SECURITIES YIELD AND LONG-TERM INTEREST RATE FOR CONVERGENCE ASSESSMENT PURPOSES(per cent)

Yield on BGN-denominated interest-bearing government securities on the secondary market1

Long-term interest rate53 years2 5 years 7 years3 10 years4

2015 VII 1.36 2.09 - 2.30 2.36

VIII 0.92 0.85 - 1.88 2.36

IX 0.48 0.63 0.36 1.63 2.36

X 0.45 - 0.34 1.52 2.36

XI 0.51 1.00 - 1.82 2.99

XII 0.31 0.46 - 1.79 2.43

2016 I 0.26 0.67 0.05 0.90 2.44II 0.27 1.26 0.01 1.13 2.67

III - 0.65 0.01 1.38 2.66

IV 0.27 0.99 - 2.03 2.44

V - - - 1.96 2.37

VI 0.23 0.55 0.06 1.65 2.40

VII 0.11 0.86 - 1.30 2.391 The average-weighted effective yield achieved on the secondary market during the reporting period. The yield is calculated using the ISMA formula at ACT/365 day count

convention. Government securities are grouped according to their original maturity.2 Government securities with a maturity of three years also include issues of three years and six months.3 Government securities with a maturity of seven years also include issues of seven years and three months.4 Government securities with a maturity of ten years also include issues of ten years and six months.5 LTIR – Long-term Interest Rate for convergence assessment purposes is determined on the basis of the secondary market yield to maturity of a long-term bond (benchmark)

issued by the Ministry of Finance (Central Government sector) and denominated in national currency. The ISMA formula at ACT/365 day count convention is used.

Source: BNB.

1.24. INTERBANK MARKET INDICES1

BIR2 LEONIASOFIBOR

1 month 3 months 6 months 12 months

2015 VII 0.02 0.01 0.31 0.52 1.00 1.76

VIII 0.01 0.01 0.30 0.51 0.95 1.70

IX 0.01 0.01 0.30 0.52 0.94 1.69

X 0.01 0.01 0.31 0.51 0.91 1.64

XI 0.01 0.01 0.30 0.49 0.88 1.55

XII 0.01 0.01 0.30 0.47 0.86 1.43

2016 I 0.01 -0.10 0.15 0.28 0.62 1.18II 0.00 -0.08 0.08 0.19 0.48 0.96

III 0.00 0.00 0.04 0.15 0.39 0.85

IV 0.00 -0.21 0.00 0.13 0.32 0.75

V 0.00 -0.39 0.01 0.14 0.33 0.77

VI 0.00 -0.38 0.01 0.13 0.34 0.78

VII 0.00 -0.01 0.02 0.13 0.34 0.771 Monthly values are calculated as a simple average of daily values.2 Since 1 February 2005, according to a Resolution of the BNB Governing Council, the BIR equals the simple average of the daily values of LEONIA (LEv OverNight Index

Average, a reference index of the conducted and settled transactions in overnight deposits in levs) for the business days of the previous calendar month (base period).

Source: BNB.

77


1 Calculated on an annual basis.2 Calculated according to the formula:

Sources: BNB, Reuters.

1.25. INTEREST DIFFERENTIAL BETWEEN BASE INTEREST RATE AND MONTHLY EURO LIBOR

(per cent)

DateBase interest rate Interest rate

(EUR) (If)

Interest differential

(ID)2effective annual value

(I)1

1.I.2015 0.01 0.01 0.002.II.2015 0.01 0.00 0.01

2.III.2015 0.01 -0.01 0.021.IV.2015 0.01 -0.02 0.031.V.2015 0.01 -0.06 0.07

1.VI.2015 0.02 -0.07 0.091.VII.2015 0.02 -0.08 0.10

3.VIII.2015 0.01 -0.09 0.101.IX.2015 0.01 -0.11 0.121.X.2015 0.01 -0.12 0.13

1.XI.2015 0.01 -0.14 0.151.XII.2015 0.01 -0.17 0.18

1.I.2016 0.01 -0.20 0.211.II.2016 0.00 -0.23 0.23

1.III.2016 0.00 -0.28 0.281.IV.2016 0.00 -0.33 0.333.V.2016 0.00 -0.35 0.35

1.VI.2016 0.00 -0.36 0.361.VII.2016 0.00 -0.36 0.36

1.VIII.2016 0.00 -0.37 0.371.IX.2016 0.00 -0.37 0.37

78


26. Q

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1.70

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2016

104.

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1.38

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5010

5.50

106.

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103.

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0.50

101.

5010

0.00

100.

7510

1.50

102.

5093

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VII.

2016

104.

2010

4.45

105.

1310

7.26

103.

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3.35

101.

2510

1.63

100.

3510

0.85

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1610

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104.

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5.92

107.

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103.

5010

0.50

101.

5010

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7510

1.50

102.

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VII.

2016

104.

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4.20

105.

5110

7.57

102.

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3.25

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1.50

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II.20

1610

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6.17

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3.25

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* St

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apan

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Oth

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30.6

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9IM

PORT

S, T

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IF)

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3.9

2 26

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6 72

4.5

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Incl

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witz

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UK

), M

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, Ice

land

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urce

s: D

ata

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cus

tom

s dec

lara

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and

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SI in

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n. D

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NSI

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r 201

5 –

prel

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ary

data

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d by

the

NSI

, inc

ludi

ng In

trast

at sy

stem

dat

a an

d cu

stom

s dec

lara

tions

dat

a as

of 2

3 Fe

brua

ry 2

016.

Fo

r 201

6 –

prel

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ary

data

pro

vide

d by

the

NSI

, inc

ludi

ng In

trast

at sy

stem

dat

a as

of 2

Aug

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016

and

cust

oms d

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ly 2

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86


3. G

RO

SS E

XT

ER

NA

L D

EB

T1

(EU

R m

illio

n)

By

inst

itutio

nal s

ecto

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16V

IV

IIV

III

IXX

XI

XII

III

III

IVV

VI

I. G

ener

al g

over

nmen

t 26

069.

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012.

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886.

45

747.

25

639.

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55

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05

491.

46

728.

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3

Sh

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erm

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Long

-term

6

069.

76

012.

65

886.

45

747.

25

639.

95

678.

55

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490.

05

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3

Bon

ds a

nd n

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25

694.

05

694.

05

694.

05

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781.

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389

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519

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81.5

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81.5

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II. M

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auth

oriti

es0.

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00.

00.

00.

00.

00.

00.

00.

00.

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III.

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ks 5

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4 20

2.3

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7.8

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4.6

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3.9

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3 94

6.7

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115

7.2

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116

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Long

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1

097.

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61

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71

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398

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IV. O

ther

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ors 6

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32.9

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Trad

e cr

edits

1 29

9.3

1 29

9.3

1 29

9.3

1 29

9.3

1 29

9.3

1 29

9.3

1 29

9.3

1 29

9.3

1 29

9.3

1 29

9.3

1 29

9.3

1 29

9.3

1 29

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O

ther

deb

t lia

bilit

ies

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Long

-term

6

929.

97

017.

96

994.

56

911.

47

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129.

66

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2

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ds a

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1 02

9.7

1 02

9.6

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2.6

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2.5

1 17

2.4

1 15

8.1

1 11

8.0

1 11

4.4

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2.7

1 10

9.4

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1.2

1 10

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ans

5 90

0.3

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8.3

5 96

1.9

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7.6

5 94

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V. D

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rcom

pany

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13 6

21.9

12 6

49.5

12 6

96.1

12 7

30.1

12 7

18.2

12 7

93.2

12 6

52.4

12 6

44.9

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04.3

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84.2

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86.6

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39.2

12 8

13.7

GR

OSS

EX

TE

RN

AL

DE

BT

(I+I

I+II

I+IV

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25.6

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90.9

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43.9

33 7

41.2

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89.5

35 3

61.5

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7.8

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94.6

Mem

o ite

ms

Long

-term

ext

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l deb

t 727

718

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647

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Rev

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4 06

0.9

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3 19

5.2

3 20

6.5

3 22

0.8

3 21

2.7

3 19

3.4

3 18

3.8

3 36

6.4

3 35

1.3

3 33

7.9

3 39

7.1

3 38

4.4

Trad

e cr

edits

8, 9

2 51

0.9

2 51

0.9

2 51

0.9

2 51

0.9

2 51

0.9

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0.9

2 51

0.9

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0.9

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0.9

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2 51

0.9

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0.9

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dits

on

dem

and

87

178.

37

133.

47

138.

77

116.

57

111.

87

106.

17

107.

27

106.

17

117.

87

110.

87

103.

07

103.

37

102.

9

incl

. int

erco

mpa

ny lo

ans

4 88

3.8

4 85

5.9

4 89

3.8

4 87

0.1

4 87

3.2

4 87

3.2

4 87

1.2

4 87

6.8

4 87

0.5

4 87

3.2

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8.8

4 87

1.1

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2.6

in

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anks

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6.4

113.

111

5.9

118.

411

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116.

611

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118.

712

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118.

111

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113.

011

2.6

Allo

catio

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f SD

R10

767.

877

6.9

767.

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5.4

774.

579

2.3

775.

477

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775.

375

5.9

760.

276

8.3

769.

71

Prel

imin

ary

data

. Eur

o eq

uiva

lent

is c

alcu

late

d us

ing

exch

ange

rate

s of r

espe

ctiv

e fo

reig

n cu

rren

cies

as o

f end

of p

erio

d.

2 D

ata

sour

ce: R

egist

er o

f Gov

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ent a

nd G

over

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t Gua

rant

eed

Deb

t of t

he M

inist

ry o

f Fin

ance

. Pre

limin

ary

data

for J

une

2016

as o

f 18

July

201

6. E

xclu

ding

deb

t lia

bilit

ies o

f pub

lic se

ctor

com

pani

es a

nd g

over

nmen

t gua

rant

eed

debt

.3

Incl

udin

g B

rady

bon

ds, E

urob

onds

, glo

bal b

onds

and

gov

ernm

ent s

ecur

ities

(den

omin

ated

in B

GN

and

fore

ign

curr

ency

) hel

d by

non

-res

iden

ts.

4 Inaccordancewiththeresidenceconcept,governmentsecuritiesissuedandheldbyresidentso

ninternationalfinancialm

arketsaresu

btractedfrom

debt.

5 D

ata

sour

ce: b

anks

(inc

ludi

ng d

ata

on p

rivat

e an

d st

ate-

owne

d ba

nks)

. Dep

osits

rela

ted

to c

ontin

gent

liab

ilitie

s are

exc

lude

d.

6 D

ata

on p

ublic

and

priv

ate

com

pani

es, i

nclu

ding

gov

ernm

ent g

uara

ntee

d lo

ans.

Inte

rcom

pany

loan

s are

exc

lude

d. D

ata

cove

r onl

y lo

ans r

egis

tere

d by

the

BN

B a

nd o

n w

hich

the

BN

B h

as re

ceiv

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form

atio

n.7

In c

ompl

ianc

e w

ith th

e re

quire

men

ts o

f the

Ext

erna

l Deb

t Sta

tistic

s, G

uide

for C

ompi

lers

and

Use

rs, I

MF,

200

3, p

arag

raph

s 3.1

4 an

d 7.

5, li

abili

ties r

elat

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dire

ct in

vest

men

t are

incl

uded

in th

e lo

ng-te

rm e

xter

nal d

ebt.

8 D

ata

are

incl

uded

in th

e G

ross

Ext

erna

l Deb

t am

ount

.9

Duetoquarterlyreportingoffi

rms,dataaresu

bjecttorevisions.

10InaccordancewiththefiftheditionoftheIM

FBalanceofP

aymentsM

anual,1993,theamountofS

DRallocatedinAugustandSeptember2009isreflectedonlyinreserveassets.

Sour

ce: B

NB

.

87


4. G

RO

SS E

XT

ER

NA

L D

EB

T D

ISB

UR

SEM

EN

TS1

(EU

R m

illio

n)

By

inst

itutio

nal s

ecto

r20

1520

16

VI

II

quar

ter

VII

VII

IIX

III

quar

ter

XX

IX

IIIV

qu

arte

r To

tal

III

III

I qu

arte

rIV

VV

III

qu

arte

r

I. G

ener

al g

over

nmen

t 247

.179

.012

.80.

03.

015

.80.

80.

019

.820

.62

177.

85.

116

.71

269.

41

291.

151

.321

.561

.013

3.9

S

hort

-term

0.0

0.0

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88


2.5. GROSS EXTERNAL DEBT SERVICE1

(EUR million)

By institutional sectorJune 2015 II quarter 2015 July 2015 August 2015

Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total

I. General government 2 118.0 7.1 125.1 387.4 19.1 406.5 56.6 26.1 82.7 123.7 1.4 125.1 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long-term 118.0 7.1 125.1 387.4 19.1 406.5 56.6 26.1 82.7 123.7 1.4 125.1 Bonds and notes 3.4 0.0 3.4 6.9 0.0 6.9 0.6 41.9 42.5 0.0 0.2 0.2 Bonds and notes held by residents 3 80.1 0.0 80.1 317.6 0.0 317.6 51.4 -16.6 34.7 119.9 0.0 119.9 Loans 34.5 7.1 41.6 62.9 19.1 82.0 4.6 0.8 5.4 3.8 1.2 5.0 Transferable loans held by residents 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

II. Monetary authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

III. Banks 4 20.5 0.9 21.4 1 032.9 2.0 1 035.0 15.9 0.5 16.4 51.9 4.0 56.0 Short-term 2.3 0.0 2.3 891.8 0.0 891.8 0.5 0.0 0.5 36.1 3.6 39.7 Loans 2.3 0.0 2.3 918.5 0.0 918.6 0.0 0.0 0.0 28.0 3.6 31.6 Currency and deposits 0.0 0.0 0.0 -37.5 0.0 -37.5 0.0 0.0 0.0 0.0 0.0 0.0 Other debt liabilities 0.0 0.0 0.0 10.8 0.0 10.8 0.4 0.0 0.4 8.1 0.0 8.1

Long-term 18.2 0.9 19.1 141.2 2.0 143.2 15.4 0.5 15.9 15.8 0.4 16.3 Bonds and notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Loans 18.2 0.9 19.1 141.2 2.0 143.2 15.4 0.5 15.9 15.8 0.4 16.3

IV. Other sectors 5 251.7 32.3 284.0 456.7 48.5 505.2 73.7 3.6 77.3 85.7 13.8 99.5 Short-term 24.5 0.2 24.7 39.2 0.4 39.6 7.6 0.4 8.0 41.8 7.2 49.0 Bonds and notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Money market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Loans 24.5 0.2 24.7 39.2 0.4 39.6 7.5 0.4 7.9 41.8 7.2 49.0 Other debt liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


V. Direct investment: intercompany lending 107.9 13.5 121.4 238.4 23.6 262.0 243.8 6.6 250.5 40.8 2.7 43.5

GROSS EXTERNAL DEBT (I+II+III+IV+V) 498.1 53.8 551.9 2 115.4 93.3 2 208.7 390.0 36.8 426.8 302.2 21.9 324.1

Memo itemsLong-term external debt 6 471.3 53.6 524.9 1 184.4 92.9 1 277.3 382.0 36.4 418.4 224.3 11.2 235.4Short-term external debt 26.8 0.2 27.0 931.0 0.4 931.4 8.0 0.4 8.4 77.9 10.8 88.7

Public sector 137.8 8.9 146.7 423.6 23.3 446.9 59.2 26.1 85.3 126.8 1.4 128.2Private sector 360.3 44.9 405.2 1 691.7 70.0 1 761.7 330.8 10.7 341.5 175.4 20.5 195.9

Revolving credits 7 458.6 4.7 463.3 1 439.0 8.2 1 447.2 369.1 2.5 371.6 382.8 2.0 384.8Trade credits 7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

(continued)

89



(continued) (EUR million)

By institutional sectorSeptember 2015 III quarter 2015 October 2015 November 2015


I. General government 2 123.2 42.5 165.7 303.4 70.0 373.4 111.0 0.7 111.7 46.5 11.1 57.5 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long-term 123.2 42.5 165.7 303.4 70.0 373.4 111.0 0.7 111.7 46.5 11.1 57.5 Bonds and notes 0.0 51.9 51.9 0.6 94.0 94.6 0.0 0.0 0.0 0.0 0.0 0.0 Bonds and notes held by residents 3 109.2 -16.2 93.0 280.5 -32.9 247.6 98.9 0.0 98.9 29.2 0.0 29.2 Loans 13.9 6.9 20.8 22.4 8.9 31.2 12.1 0.7 12.8 17.3 11.1 28.4 Transferable loans held by residents 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


III. Banks 4 15.1 1.0 16.1 83.0 5.5 88.5 124.1 0.6 124.7 37.7 0.4 38.1 Short-term 0.4 0.0 0.4 36.9 3.6 40.6 106.7 0.0 106.7 0.0 0.0 0.0 Loans 0.4 0.0 0.4 28.4 3.6 32.0 41.3 0.0 41.3 0.0 0.0 0.0 Currency and deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other debt liabilities 0.0 0.0 0.0 8.5 0.0 8.5 65.5 0.0 65.5 0.0 0.0 0.0





GROSS EXTERNAL DEBT (I+II+III+IV+V) 392.7 58.6 451.4 1 084.9 117.4 1 202.3 329.1 3.5 332.6 197.8 21.6 219.3

Memo itemsLong-term external debt 6 377.1 58.5 435.7 983.4 106.1 1 089.5 220.2 3.5 223.7 196.2 21.4 217.6Short-term external debt 15.6 0.1 15.7 101.6 11.3 112.8 108.9 0.0 108.9 1.6 0.2 1.7

Public sector 139.8 43.7 183.5 325.7 71.2 396.9 118.9 0.8 119.6 50.9 11.5 62.4Private sector 252.9 15.0 267.9 759.2 46.2 805.4 210.3 2.7 213.0 146.9 10.1 157.0

Revolving credits 7 370.3 1.6 371.9 1 122.1 6.1 1 128.2 1.7 0.8 2.5 391.8 2.1 393.9Trade credits 7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

(continued)

90




By institutional sectorDecember 2015 IV quarter 2015 Total 2015 January 2016


I. General government 2 125.5 10.8 136.3 283.0 22.5 305.5 2 705.6 161.1 2 866.7 95.7 2.7 98.4 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 984.0 2.9 986.9 0.0 0.0 0.0 Long-term 125.5 10.8 136.3 283.0 22.5 305.5 1 721.6 158.2 1 879.8 95.7 2.7 98.4 Bonds and notes 0.0 0.0 0.0 0.0 0.0 0.0 939.6 155.4 1 094.9 2.0 2.5 4.6 Bonds and notes held by residents 3 96.8 0.0 96.8 224.8 0.0 224.8 616.9 -56.9 560.0 93.6 0.0 93.6 Loans 28.7 10.8 39.5 58.1 22.5 80.7 165.1 59.7 224.9 0.1 0.2 0.3 Transferable loans held by residents 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


III. Banks 4 12.7 0.8 13.5 174.5 1.8 176.3 1 757.3 12.2 1 769.5 11.7 0.3 12.0 Short-term 1.3 0.0 1.3 108.0 0.0 108.0 1 463.1 3.7 1 466.8 1.0 0.0 1.0 Loans 0.0 0.0 0.0 41.3 0.0 41.3 1 348.0 3.7 1 351.6 0.0 0.0 0.0 Currency and deposits 0.0 0.0 0.0 0.0 0.0 0.0 6.5 0.0 6.5 0.0 0.0 0.0 Other debt liabilities 1.3 0.0 1.3 66.7 0.0 66.7 108.6 0.0 108.6 1.0 0.0 1.0


IV. Other sectors 5 265.7 9.8 275.4 315.4 17.3 332.7 1 372.3 135.0 1 507.3 104.3 1.8 106.1 Short-term 10.4 0.1 10.5 14.1 0.2 14.4 181.3 16.7 197.9 1.4 0.1 1.5 Bonds and notes 0.0 0.0 0.0 0.3 0.0 0.3 0.3 0.0 0.3 0.0 0.0 0.0 Money market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Loans 10.4 0.1 10.5 13.9 0.2 14.1 181.0 16.7 197.6 1.4 0.1 1.5 Other debt liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Long-term 255.3 9.7 264.9 301.2 17.1 318.3 1 191.0 118.3 1 309.4 102.9 1.7 104.6 Bonds and notes 14.3 0.0 14.3 14.3 0.0 14.3 15.7 0.0 15.7 40.1 0.0 40.1 Loans 241.0 9.7 250.6 286.9 17.1 304.0 1 175.3 118.3 1 293.7 62.8 1.7 64.5

V. Direct investment: intercompany lending 275.5 9.2 284.7 433.4 13.9 447.3 1 980.2 88.9 2 069.2 50.6 2.8 53.4

GROSS EXTERNAL DEBT (I+II+III+IV+V) 679.3 30.5 709.8 1 206.2 55.5 1 261.8 7 815.5 397.2 8 212.7 262.4 7.5 269.9

Memo itemsLong-term external debt 6 667.7 30.4 698.1 1 084.1 55.3 1 139.4 5 187.1 373.9 5 561.0 260.0 7.4 267.4Short-term external debt 11.6 0.1 11.7 122.1 0.3 122.4 2 628.4 23.3 2 651.7 2.4 0.1 2.5

Public sector 137.2 11.1 148.2 306.9 23.3 330.2 2 816.9 169.4 2 986.3 99.3 2.7 102.0Private sector 542.2 19.4 561.6 899.3 32.2 931.5 4 998.6 227.8 5 226.4 163.1 4.8 167.9

Revolving credits 7 368.8 5.5 374.3 762.3 8.3 770.6 4 412.7 30.0 4 442.8 271.0 1.8 272.8Trade credits 7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

(continued)

91




By institutional sectorFebruary 2016 March 2016 I quarter 2016 April 2016


I. General government 2 26.7 1.6 28.3 29.4 44.3 73.7 151.9 48.6 200.4 61.9 1.1 63.0 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long-term 26.7 1.6 28.3 29.4 44.3 73.7 151.9 48.6 200.4 61.9 1.1 63.0 Bonds and notes 0.0 0.4 0.4 0.0 79.9 79.9 2.0 82.8 84.8 9.5 0.5 10.0 Bonds and notes held by residents 3 19.7 0.0 19.7 4.9 -42.2 -37.4 118.2 -42.2 75.9 39.7 0.0 39.7 Loans 7.0 1.2 8.2 24.5 6.7 31.2 31.6 8.0 39.7 12.7 0.6 13.3 Transferable loans held by residents 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


III. Banks 4 114.7 0.1 114.9 97.7 1.5 99.2 224.1 2.0 226.1 32.4 0.5 32.9 Short-term 55.0 0.0 55.0 56.5 0.0 56.5 112.5 0.0 112.5 1.2 0.0 1.2 Loans 55.0 0.0 55.0 56.5 0.0 56.5 111.6 0.0 111.6 0.4 0.0 0.4 Currency and deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other debt liabilities 0.0 0.0 0.0 0.0 0.0 0.0 1.0 0.0 1.0 0.8 0.0 0.8





GROSS EXTERNAL DEBT (I+II+III+IV+V) 289.5 19.5 309.1 403.4 57.2 460.6 955.2 84.3 1 039.5 309.0 9.5 318.5

Memo itemsLong-term external debt 6 196.6 13.3 209.9 328.2 56.8 384.9 784.8 77.5 862.3 306.8 8.5 315.3Short-term external debt 92.9 6.2 99.1 75.2 0.4 75.6 170.4 6.8 177.2 2.2 1.0 3.2

Public sector 29.8 1.6 31.4 45.7 45.3 91.1 174.8 49.6 224.4 68.7 1.2 69.9Private sector 259.7 17.9 277.7 357.6 11.9 369.5 780.4 34.6 815.1 240.3 8.3 248.6

Revolving credits 7 212.4 1.4 213.8 234.8 1.6 236.3 718.2 4.7 723.0 30.3 0.1 30.5Trade credits 7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

(continued)

92


1 Actual disbursements. Preliminary data. Data are recalculated in euro based on monthly average exchange rates of respective foreign currencies.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data for June 2016 as of 18 July 2016. Excluding data on debt

liabilities of public sector companies and government guaranteed debt.3 In accordance with the residence concept, external debt payments are reduced with payments on securities held by residents and are increased with the securities (issued by

residentsintheinternationalfinancialmarkets)whichchangedownersfromnon-residentstoresidents.4 Data source: banks. Deposits related to contingent liabilities are not included.5 Including principal and interest payments (excluding intercompany loans) declared at the BNB and on which the BNB has received information, as well as payments on

government guaranteed debt.6 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct

investment are included in the long-term external debt service.7 Data not included in the Gross External Debt Service table.

Source: BNB.



By institutional sectorMay 2016 June 2016 II quarter 2015

Principal Interest Total Principal Interest Total Principal Interest Total

I. General government 2 66.6 10.3 76.9 132.3 6.6 138.9 260.7 18.0 278.7 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long-term 66.6 10.3 76.9 132.3 6.6 138.9 260.7 18.0 278.7 Bonds and notes 0.0 0.0 0.0 10.3 0.0 10.3 19.8 0.5 20.3 Bonds and notes held by residents 3 44.0 0.0 44.0 90.4 0.0 90.4 174.1 0.0 174.1 Loans 22.5 10.3 32.9 31.5 6.6 38.1 66.8 17.5 84.3 Transferable loans held by residents 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

II. Monetary authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

III. Banks 4 37.6 0.3 37.8 33.3 0.5 33.8 103.4 1.2 104.6 Short-term 0.0 0.0 0.0 5.3 0.0 5.3 6.5 0.0 6.5 Loans 0.0 0.0 0.0 5.3 0.0 5.3 5.7 0.0 5.7 Currency and deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other debt liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.0 0.8

Long-term 37.6 0.3 37.8 28.0 0.5 28.5 96.9 1.2 98.1 Bonds and notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Loans 37.6 0.3 37.8 28.0 0.5 28.5 96.9 1.2 98.1

IV. Other sectors 5 169.0 10.0 179.0 283.0 10.9 293.9 630.8 24.7 655.5 Short-term 88.0 0.0 88.0 49.7 0.2 49.9 138.7 1.2 139.9 Bonds and notes 7.0 0.0 7.0 10.8 0.0 10.8 17.8 0.0 17.8 Money market instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Loans 80.9 0.0 81.0 39.0 0.2 39.2 120.9 1.2 122.1 Other debt liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Long-term 81.0 10.0 91.0 233.3 10.7 244.0 492.1 23.5 515.5 Bonds and notes 8.2 0.0 8.2 0.0 0.0 0.0 21.5 0.0 21.5 Loans 72.9 10.0 82.8 233.3 10.7 244.0 470.6 23.5 494.1

V. Direct investment: intercompany lending 56.9 9.2 66.1 286.3 7.1 293.5 379.1 20.5 399.6

GROSS EXTERNAL DEBT (I+II+III+IV+V) 330.0 29.8 359.8 735.0 25.1 760.1 1 374.0 64.4 1 438.4

Memo itemsLong-term external debt 6 242.1 29.8 271.8 679.9 24.9 704.8 1 228.8 63.2 1 292.0Short-term external debt 88.0 0.0 88.0 55.0 0.2 55.2 145.2 1.2 146.4

Public sector 76.8 12.6 89.4 165.7 6.9 172.6 311.2 20.7 331.9Private sector 253.2 17.2 270.4 569.3 18.2 587.5 1 062.8 43.7 1 106.5

Revolving credits 7 328.7 1.1 329.8 420.4 2.1 422.4 779.4 3.3 782.7Trade credits 7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

93


2.6. EXTERNAL DEBT INDICATORS*(per cent)

2015 2016ІII VI IX XII ІII IV V VI

Gross external debt/GDP 89.26 80.60 77.84 77.20 76.50 77.76 77.23 76.74Short-term debt/Gross external debt 21.95 22.13 23.01 23.12 21.66 21.42 21.59 21.80Short-term debt/GDP 19.59 17.84 17.91 17.85 16.57 16.65 16.67 16.73BNB international reserves/Short-term debt 219.17 244.03 254.52 257.34 283.49 285.64 286.83 295.01Gross external debt service/GDP 8.02 13.02 15.74 18.60 2.29 2.99 3.78 5.45Gross external debt service/Exports of goods and non-factor services 54.66 41.56 31.14 28.00 16.23 15.86 15.96 18.40

* When calculating the indicators, which include the GDP, the following data are used: GDP for 2015 – EUR 44,162 million (NSI data as of 8 March 2016) and EUR 45,474 million for 2016 (BNB projection).

Note: Dataonflowscovertheperiodbetweenthestartoftheyearandtheendofthereportingmonth,whilethoseonamounts(balances)areasoftheendofthereportingmonth.

Sources: BNB, MF, banks and local natural persons and legal entities.

94


2.7. BULGARIA’S INTERNATIONAL INVESTMENT POSITION 1

(EUR million)

(continued)

III.2015 VI.2015 IX.2015 XII.2015 III.2016

International investment position, net 2 -30 484.4 -27 840.0 -27 333.7 -26 822.2 -25 952.8Direct investment, net -37 383.6 -35 082.9 -35 943.7 -35 848.3 -36 226.8Portfolio investment, net 736.9 -230.5 100.6 542.1 -662.5Financial derivatives, net -45.3 -20.1 -44.6 -30.5 -86.3Other investment, net -12 755.9 -11 730.8 -11 579.7 -11 770.9 -10 337.2Reserve assets 18 963.4 19 224.3 20 133.8 20 285.4 21 360.0

Assets 38 193.2 37 207.4 37 848.9 37 903.0 39 944.3Direct investment 4 148.0 4 175.5 3 926.0 4 053.2 4 031.3

Equity and reinvestment of earnings 3 1 383.5 1 417.0 1 405.7 1 405.4 1 425.3Debt instruments 4, 5 2 764.6 2 758.4 2 520.3 2 647.8 2 606.0

Portfolio investment 6 5 999.2 4 763.3 4 663.3 4 997.3 5 001.6Equity and investment fund shares 1 268.0 1 230.7 1 201.4 1 389.2 1 317.1

Equity securities 517.5 484.1 468.2 527.5 506.9Investment fund shares 750.4 746.6 733.2 861.8 810.2

Debt securities 4 731.2 3 532.6 3 461.9 3 608.0 3 684.6Short-term 318.6 79.2 96.4 91.4 239.8Long-term 4 412.6 3 453.4 3 365.5 3 516.6 3 444.8

Financial derivatives (other than reserves) and employee stock options, net 65.5 49.9 38.6 46.8 35.2Other investment 9 017.0 8 994.4 9 087.1 8 520.4 9 516.1

Other equity 86.7 73.3 73.3 73.3 73.3Currency and deposits 7 5 945.7 5 847.2 6 014.5 5 578.3 6 615.9

Central bank 0.0 0.0 0.0 0.0 0.0Other MFIs 4 085.6 3 878.3 4 039.6 3 569.7 4 575.7General government 138.1 159.1 139.1 100.5 11.1Other sectors 1 722.0 1 809.8 1 835.8 1 908.1 2 029.2

Financial corporations other than MFIs 125.1 143.5 120.4 86.9 115.5Non-financialcorporations,householdsandnon-profitinstitutionsservinghouseholds 1 596.9 1 666.3 1 715.3 1 821.2 1 913.6

Loans 4 1 240.1 1 275.4 1 359.3 1 384.4 1 298.0Central bank 0.0 0.0 0.0 0.0 0.0Other MFIs 425.6 468.3 544.6 543.5 531.7General government 149.5 144.1 144.1 147.8 141.9Other sectors 665.0 663.0 670.6 693.1 624.5

Financial corporations other than MFIs 77.7 77.5 79.0 86.2 86.3Non-financialcorporations,householdsandnon-profitinstitutionsservinghouseholds 587.3 585.5 591.6 606.9 538.1

Trade credits and advances 1 212.7 1 364.3 1 219.0 1 176.4 1 194.4Other accounts receivable 531.8 434.2 421.1 308.0 334.4

Reserve assets 8 18 963.4 19 224.3 20 133.8 20 285.4 21 360.0Monetary gold 1 416.8 1 358.3 1 292.0 1 263.3 1 405.3Special drawing rights 784.2 768.8 766.4 776.4 756.9Reserve position in the IMF 43.7 42.9 42.7 43.3 121.4Other reserve assets 16 718.7 17 054.4 18 032.7 18 202.5 19 076.4

Liabilities 68 677.6 65 047.3 65 182.5 64 725.2 65 897.1Direct investment 41 531.7 39 258.3 39 869.7 39 901.5 40 258.2

Equity and reinvestment of earnings 26 511.0 26 690.9 27 653.9 27 819.1 28 051.7Debt instruments 9, 10 15 020.7 12 567.5 12 215.8 12 082.4 12 206.4

Portfolio investment 11 5 262.3 4 993.8 4 562.8 4 455.2 5 664.1Equity and investment fund shares 177.5 185.8 181.0 210.1 186.8

Equity securities 163.1 166.4 164.2 192.7 169.1Investment fund shares 14.5 19.4 16.9 17.4 17.7

Debt securities 5 084.8 4 808.1 4 381.7 4 245.1 5 477.3Short-term 0.0 42.1 6.7 0.0 0.0Long-term 5 084.8 4 766.0 4 375.0 4 245.1 5 477.3

Financial derivatives (other than reserves) and employee stock options, net 110.8 70.0 83.3 77.3 121.5Other investment 21 772.9 20 725.2 20 666.8 20 291.3 19 853.3

Currency and deposits 6 5 269.0 4 243.2 4 305.4 4 133.2 3 793.3Central bank 12.4 8.7 69.1 50.3 28.3Other MFIs 5 256.6 4 234.5 4 236.3 4 082.9 3 765.0General government 0.0 0.0 0.0 0.0 0.0Other sectors 0.0 0.0 0.0 0.0 0.0

Financial corporations other than MFIs 0.0 0.0 0.0 0.0 0.0

95


2.7. BULGARIA’S INTERNATIONAL INVESTMENT POSITION(continued) (EUR million)

III.2015 VI.2015 IX.2015 XII.2015 III.2016Non-financialcorporations,householdsandnon-profitinstitutionsservinghouseholds 0.0 0.0 0.0 0.0 0.0

Loans 13 832.3 13 871.5 13 848.0 13 730.2 13 666.9Central bank 0.0 0.0 0.0 0.0 0.0Other MFIs 12 0.0 0.0 0.0 0.0 0.0General government 13 2 543.5 2 526.2 2 514.0 2 437.3 2 425.3Other sectors 14 11 288.8 11 345.3 11 334.0 11 293.0 11 241.6

Financial corporations other than MFIs 1 844.1 1 901.8 1 889.8 1 871.2 1 854.7Non-financialcorporations,householdsandnon-profitinstitutionsservinghouseholds 9 444.7 9 443.5 9 444.2 9 421.7 9 386.9

Trade credits and advances 10 1 635.9 1 568.0 1 479.0 1 403.8 1 374.7Other accounts receivable 252.4 274.5 269.0 248.6 262.4Special drawing rights (SDRs) 15 783.3 767.9 765.5 775.5 756.0

1 Preliminary data as of 30 June 2016. The data are compiled in accordance with the Sixth Edition of IMF’s Balance of Payments and International Investment Position Manual. The methodological notes on the compilation of the IIP data are published on the BNB’s website: www.bnb.bg.

2 The euro equivalent is calculated using end of period exchange rates of the respective foreign currencies.3 Data based on the asset/liability principle. Data provided by companies with international interest and companies investing abroad, banks, the Central Depository, notaries,

the NSI, the Privatization Agency, etc. Data include only reinvested earnings of banks.4 Data based on the reports submitted to the BNB by banks and companies which extended loans to non-residents. Due to quarterly reporting, data are subject to revision.5 Bulgaria’s external claims on trade credits (advances paid and claims on suppliers) are included. Due to quarterly reporting, data are subject to revisions. 6Securitiesissuedbynon-residentsandheldbyresidentsareincluded.Sources:banks,non-bankfinancialintermediariesandotherfinancialinstitutions.7OthersectorsdataprovidedbyBISandbalancesheetdataofotherfinancialinstitutions.DatauptoSeptember2015,publishedinJanuary2016,areincluded.8 Including monetary and non-monetary gold at market prices. Source: Issue Department of the BNB.9 Data based on the reports submitted to the BNB by banks and companies which received loans from non-residents. Due to quarterly reporting, data are subject to revision.10 Including data on trade credits and advances-liabilities (received advances and payables to suppliers), reported to the BNB. Due to quarterly reporting, data are subject to revi-

sions. 11 Source: Central Depository AD.12 Data provided by monthly reports of banks.13 Source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Excluding liabilities of companies in the public sector and government guaran-

teed debt.14 Public and private companies data, including government guaranteed loans. Excluding intercompany loans. Data comprise declared credits for which the BNB has been informed.

Due to quarterly reporting, data are subject to revisions.15 Including liabilities to the IMF.

Source: BNB.

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049

.6-1

057

.6-6

81.5

-681

.5-6

81.1

-487

.2-4

90.6

-489

.8-4

86.8

-1 4

35.0

outflows(-)(P

rincipal)

-1 1

73.7

-1 1

73.7

-785

.1-7

85.1

-791

.2-3

94.7

-394

.7-3

94.7

-182

.2-1

85.1

-185

.1-1

83.4

-1 1

25.6

outflows(-)(Interest)

-284

.6-2

79.1

-257

.6-2

64.5

-266

.4-2

86.8

-286

.8-2

86.4

-305

.1-3

05.6

-304

.7-3

03.4

-309

.5inflows(+)(P

rincipal)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

inflows(+)(Interest)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2. A

ggre

gate

shor

t and

long

pos

ition

s in

forw

ards

and

futu

res

in

fore

ign

curr

enci

es v

is-à

-vis

the

dom

estic

cur

renc

y

(i

nclu

ding

the

forw

ard

leg

of c

urre

ncy

swap

s)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a) S

hort

posi

tions

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b

) Lon

g po

sitio

ns (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

03.

Oth

er0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0outflowsrelatedtorepos(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

inflowsrelatedtoreverserepos(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

tr

ade

cred

it (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

trad

e cr

edit

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

acc

ount

s pay

able

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

acc

ount

s rec

eiva

ble

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

MAT

UR

ITY

BR

EA

KD

OW

N

(RE

SID

UA

L M

ATU

RIT

Y) (

n ≤

1 m

onth

)

1. F

orei

gn c

urre

ncy

loan

s; se

curi

ties a

nd d

epos

its-3

.7-4

81.6

-15.

6-2

6.7

-449

.8-5

.9-3

.7-3

32.3

-15.

5-3

2.7

-38.

0-4

6.2

-3.6

outflows(-)(P

rincipal)

-1.3

-411

.4-1

2.0

-16.

2-4

28.2

-0.1

-1.3

-236

.1-1

2.0

-22.

4-3

2.5

-0.1

-1.3


-2.3

-70.

2-3

.6-1

0.5

-21.

6-5

.8-2

.4-9

6.1

-3.5

-10.

3-5

.5-4

6.1

-2.3

inflows(+)(P

rincipal)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2. A

ggre

gate

shor

t and

long

pos

ition

s in

forw

ards

and

futu

res

in

fore

ign

curr

enci

es v

is-à

-vis

the

dom

estic

cur

renc

y

(i

nclu

ding

the

forw

ard

leg

of c

urre

ncy

swap

s)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a) S

hort

posi

tions

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b

) Lon

g po

sitio

ns (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

03.

Oth

er0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

tr

ade

cred

it (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

trad

e cr

edit

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

acc

ount

s pay

able

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

acc

ount

s rec

eiva

ble

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

98


8.2.

Par

t II.

PRED

ETER

MIN

ED S

HO

RT-T

ERM

NET

DR

AIN

S O

N F

OR

EIG

N C

UR

REN

CY

ASS

ETS

(NO

MIN

AL

VALU

E) IN

TH

E FO

LLO

WIN

G 1

2 M

ON

THS

(con

tinue

d)

(EU

R m

illio

n)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

MAT

UR

ITY

BR

EA

KD

OW

N

(RE

SID

UA

L M

ATU

RIT

Y) (

1 <

n ≤

3 m

onth

s)

1. F

orei

gn c

urre

ncy

loan

s; se

curi

ties a

nd d

epos

its-4

97.2

-42.

8-4

69.8

-455

.6-9

.5-3

36.1

-347

.9-4

8.3

-70.

8-8

4.2

-129

.1-8

2.8

-94.

2outflows(-)(P

rincipal)

-423

.4-2

8.2

-444

.4-4

28.3

-1.4

-237

.5-2

48.1

-34.

4-5

4.9

-32.

5-2

4.2

-24.

1-3

4.7


-73.

8-1

4.6

-25.

4-2

7.3

-8.1

-98.

6-9

9.8

-13.

9-1

5.9

-51.

7-1

04.9

-58.

7-5

9.5

inflows(+)(P

rincipal)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2. A

ggre

gate

shor

t and

long

pos

ition

s in

forw

ards

and

futu

res

in

fore

ign

curr

enci

es v

is-à

-vis

the

dom

estic

cur

renc

y

(i

nclu

ding

the

forw

ard

leg

of c

urre

ncy

swap

s)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a) S

hort

posi

tions

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b

) Lon

g po

sitio

ns (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

03.

Oth

er0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

tr

ade

cred

it (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

trad

e cr

edit

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

acc

ount

s pay

able

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

acc

ount

s rec

eiva

ble

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

MAT

UR

ITY

BR

EA

KD

OW

N

(RE

SID

UA

L M

ATU

RIT

Y) (

3 <

n ≤

12 m

onth

s)

1. F

orei

gn c

urre

ncy

loan

s; s

ecur

ities

and

dep

osits

-957

.4-9

28.4

-557

.3-5

67.2

-598

.3-3

39.6

-329

.9-3

00.6

-400

.9-3

73.7

-322

.7-3

57.8

-1 3

37.2

outflows(-)(Principal)

-749

.0-7

34.2

-328

.7-3

40.6

-361

.6-1

57.1

-145

.2-1

24.2

-115

.3-1

30.1

-128

.5-1

59.2

-1 0

89.5


-208

.4-1

94.3

-228

.6-2

26.7

-236

.7-1

82.5

-184

.7-1

76.4

-285

.6-2

43.6

-194

.2-1

98.7

-247

.7inflows(+)(Principal)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2. A

ggre

gate

sho

rt a

nd lo

ng p

ositi

ons

in fo

rwar

ds a

nd fu

ture

s

in fo

reig

n cu

rren

cies

vis

-à-v

is th

e do

mes

tic c

urre

ncy

(inc

ludi

ng th

e fo

rwar

d le

g of

cur

renc

y sw

aps)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a

) Sho

rt po

sitio

ns (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b) L

ong

posi

tions

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

3. O

ther

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

outflowsrelatedtorepos(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

tr

ade

cred

it (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

trad

e cr

edit

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

acc

ount

s pa

yabl

e (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

oth

er a

ccou

nts

rece

ivab

le (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

Sour

ce: B

NB

.

99


8.3.

Par

t III

. CO

NTI

NG

ENT

SHO

RT-T

ERM

NET

DR

AIN

S O

N F

OR

EIG

N C

UR

REN

CY

ASS

ETS

(NO

MIN

AL

VALU

E) IN

TH

E FO

LLO

WIN

G 1

2 M

ON

THS

(E

UR

mill

ion)

(con

tinue

d)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

TOTA

L

1. C

ontin

gent

liab

ilitie

s in

fore

ign

curr

ency

-66.

1-6

6.5

-66.

9-6

7.7

-67.

8-6

7.9

-67.

9-6

3.6

-47.

1-6

5.9

-66.

4-6

7.8

-69.

5

(a)

Col

late

ral g

uara

ntee

s on

debt

falli

ng d

ue w

ithin

1 y

ear

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(

b) O

ther

con

tinge

nt li

abili

ties

-66.

1-6

6.5

-66.

9-6

7.7

-67.

8-6

7.9

-67.

9-6

3.6

-47.

1-6

5.9

-66.

4-6

7.8

-69.

52.

For

eign

cur

renc

y se

curi

ties i

ssue

d w

ith e

mbe

dded

opt

ions

(put

tabl

e bo

nds)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

3.1.

Und

raw

n, u

ncon

ditio

nal c

redi

t lin

es p

rovi

ded

by:

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) o

ther

nat

iona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

in

tern

atio

nal o

rgan

isat

ions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

nat

iona

l mon

etar

y au

thor

ities

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

B

IS (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

IMF

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

inte

rnat

iona

l org

anis

atio

ns (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(b)banksandotherfinancialinstitutionsheadquarteredinthe

re

porti

ng c

ount

ry (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(c)banksandotherfinancialinstitutionsheadquarteredoutside

th

e re

porti

ng c

ount

ry (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

03.

2. U

ndra

wn,

unc

ondi

tiona

l cre

dit l

ines

pro

vide

d to

:0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(a

) oth

er n

atio

nal m

onet

ary

auth

oriti

es; B

IS; I

MF;

and

oth

er

inte

rnat

iona

l org

anis

atio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

oth

er n

atio

nal m

onet

ary

auth

oriti

es (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

BIS

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

IM

F (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

oth

er in

tern

atio

nal o

rgan

isat

ions

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b)banksandotherfinancialinstitutionsheadquarteredinthe

re

porti

ng c

ount

ry (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


th

e re

porti

ng c

ount

ry (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

04.

Agg

rega

te sh

ort a

nd lo

ng p

ositi

ons o

f opt

ions

in fo

reig

n

c

urre

ncie

s vis

-à-v

is th

e do

mes

tic c

urre

ncy

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(i) B

ough

t put

s10.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(i

i) W

ritte

n ca

lls2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(i) B

ough

t cal

ls0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(i

i) W

ritte

n pu

ts0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

PRO

ME

MO

RIA

: In-

the-

mon

ey o

ptio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(1

) At c

urre

nt e

xcha

nge

rate

s0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(2)+

5%(depreciationof5%)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(3)-5%

(appreciationof5%)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

100


8.3.

Par

t III

. CO

NTI

NG

ENT

SHO

RT-T

ERM

NET

DR

AIN

S O

N F

OR

EIG

N C

UR

REN

CY

ASS

ETS

(NO

MIN

AL

VALU

E) IN

TH

E FO

LLO

WIN

G 1

2 M

ON

THS

(con

tinue

d)

(EU

R m

illio

n)

(con

tinue

d)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

(4)+

10%(depreciationof10%

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(5)-10%(appreciationof10%

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(6

) Oth

er0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

MAT

UR

ITY

BR

EA

KD

OW

N (R

ESI

DU

AL

MAT

UR

ITY,

W

HE

RE

APP

LIC

AB

LE

) (n

≤ 1

mon

th)

1. C

ontin

gent

liab

ilitie

s in

fore

ign

curr

ency

-7.0

-14.

1-1

.6-1

.7-2

.4-2

.5-7

.3-1

2.5

-1.8

-7.3

-2.4

-2.5

-7.4

(a) C

olla

tera

l gua

rant

ees o

n de

bt fa

lling

due

with

in 1

yea

r0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(b

) Oth

er c

ontin

gent

liab

ilitie

s-7

.0-1

4.1

-1.6

-1.7

-2.4

-2.5

-7.3

-12.

5-1

.8-7

.3-2

.4-2

.5-7

.42.

For

eign

cur

renc

y se

curi

ties i

ssue

d w

ith e

mbe

dded

opt

ions

(p

utta

ble

bond

s)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

03.

1. U

ndra

wn,

unc

ondi

tiona

l cre

dit l

ines

pro

vide

d by

:0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(a

) oth

er n

atio

nal m

onet

ary

auth

oriti

es; B

IS; I

MF;

and

oth

er

inte

rnat

iona

l org

anis

atio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

oth

er n

atio

nal m

onet

ary

auth

oriti

es (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

BIS

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

IM

F (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

oth

er in

tern

atio

nal o

rgan

isat

ions

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0


re

porti

ng c

ount

ry (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


th

e re

porti

ng c

ount

ry (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

03.

2. U

ndra

wn,

unc

ondi

tiona

l cre

dit l

ines

pro

vide

d to

:0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(a

) oth

er n

atio

nal m

onet

ary

auth

oriti

es; B

IS; I

MF;

and

oth

er

inte

rnat

iona

l org

anis

atio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

oth

er n

atio

nal m

onet

ary

auth

oriti

es (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

BIS

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

IM

F (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

oth

er in

tern

atio

nal o

rgan

isat

ions

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0


re

porti

ng c

ount

ry (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


th

e re

porti

ng c

ount

ry (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

04.

Agg

rega

te sh

ort a

nd lo

ng p

ositi

ons o

f opt

ions

in fo

reig

n

c

urre

ncie

s vis

-à-v

is th

e do

mes

tic c

urre

ncy

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(i) B

ough

t put

s0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(i

i) W

ritte

n ca

lls0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(b

) Lon

g po

sitio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(i

) Bou

ght c

alls

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(ii)

Writ

ten

puts

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

101


8.3.

Par

t III

. CO

NTI

NG

ENT

SHO

RT-T

ERM

NET

DR

AIN

S O

N F

OR

EIG

N C

UR

REN

CY

ASS

ETS

(NO

MIN

AL

VALU

E) IN

TH

E FO

LLO

WIN

G 1

2 M

ON

THS

(con

tinue

d)

(EU

R m

illio

n)

(con

tinue

d)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

PRO

ME

MO

RIA

: In-

the-

mon

ey o

ptio

ns

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(1) A

t cur

rent

exc

hang

e ra

tes

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(2)+


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(3)-5%

(appreciationof5%)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(4)+


)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(6

) Oth

er0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

MAT

UR

ITY

BR

EA

KD

OW

N (R

ESI

DU

AL

MAT

UR

ITY,

W

HE

RE

APP

LIC

AB

LE

) (1

< n

≤ 3

mon

ths)

1. C

ontin

gent

liab

ilitie

s in

fore

ign

curr

ency

-15.

9-3

.6-4

.3-4

.9-9

.8-2

1.7

-17.

1-9

.1-9

.7-4

.9-2

4.5

-21.

9-1

7.0

(a) C

olla

tera

l gua

rant

ees o

n de

bt fa

lling

due

with

in 1

yea

r0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(b

) Oth

er c

ontin

gent

liab

ilitie

s-1

5.9

-3.6

-4.3

-4.9

-9.8

-21.

7-1

7.1

-9.1

-9.7

-4.9

-24.

5-2

1.9

-17.

02.

For

eign

cur

renc

y se

curi

ties i

ssue

d w

ith e

mbe

dded

opt

ions

(put

tabl

e bo

nds)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

3.1.

Und

raw

n, u

ncon

ditio

nal c

redi

t lin

es p

rovi

ded

by:

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) o

ther

nat

iona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

in

tern

atio

nal o

rgan

isat

ions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

nat

iona

l mon

etar

y au

thor

ities

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

B

IS (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

IMF

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

inte

rnat

iona

l org

anis

atio

ns (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


re

porti

ng c

ount

ry (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


th

e re

porti

ng c

ount

ry (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

03.

2. U

ndra

wn,

unc

ondi

tiona

l cre

dit l

ines

pro

vide

d to

:0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(a

) oth

er n

atio

nal m

onet

ary

auth

oriti

es; B

IS; I

MF;

and

oth

er

inte

rnat

iona

l org

anis

atio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

oth

er n

atio

nal m

onet

ary

auth

oriti

es (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

BIS

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

IM

F (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

oth

er in

tern

atio

nal o

rgan

isat

ions

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0


re

porti

ng c

ount

ry (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


th

e re

porti

ng c

ount

ry (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

102


(con

tinue

d)

2.8.

3. P

art I

II. C

ON

TIN

GEN

T SH

ORT

-TER

M N

ET D

RA

INS

ON

FO

REI

GN

CU

RR

ENC

Y A

SSET

S (N

OM

INA

L VA

LUE)

IN T

HE

FOLL

OW

ING

12

MO

NTH

S(c

ontin

ued)

(E

UR

mill

ion)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

4. A

ggre

gate

shor

t and

long

pos

ition

s of o

ptio

ns in

fore

ign

cur

renc

ies v

is-à

-vis

the

dom

estic

cur

renc

y0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(a

) Sho

rt po

sitio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(i

) Bou

ght p

uts

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(ii)

Writ

ten

calls

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(i) B

ough

t cal

ls0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(i

i) W

ritte

n pu

ts0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

PRO

ME

MO

RIA

: In-

the-

mon

ey o

ptio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(1

) At c

urre

nt e

xcha

nge

rate

s0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(2)+


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(3)-5%

(appreciationof5%)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(4)+


)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(6

) Oth

er0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

MAT

UR

ITY

BR

EA

KD

OW

N (R

ESI

DU

AL

MAT

UR

ITY,

W

HE

RE

APP

LIC

AB

LE

) (3

< n

≤ 12

mon

ths)

1. C

ontin

gent

liab

ilitie

s in

fore

ign

curr

ency

-43.

2-4

8.9

-60.

9-6

1.1

-55.

6-4

3.7

-43.

4-4

2.0

-35.

6-5

3.7

-39.

5-4

3.5

-45.

2(a

) Col

late

ral g

uara

ntee

s on

debt

falli

ng d

ue w

ithin

1 y

ear

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) O

ther

con

tinge

nt li

abili

ties

-43.

2-4

8.9

-60.

9-6

1.1

-55.

6-4

3.7

-43.

4-4

2.0

-35.

6-5

3.7

-39.

5-4

3.5

-45.

22.

For

eign

cur

renc

y se

curi

ties i

ssue

d w

ith e

mbe

dded

opt

ions

(put

tabl

e bo

nds)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

3.1.

Und

raw

n, u

ncon

ditio

nal c

redi

t lin

es p

rovi

ded

by:

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) o

ther

nat

iona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

in

tern

atio

nal o

rgan

isat

ions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

nat

iona

l mon

etar

y au

thor

ities

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

B

IS (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

IMF

(+)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

inte

rnat

iona

l org

anis

atio

ns (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


re

porti

ng c

ount

ry (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


th

e re

porti

ng c

ount

ry (+

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

103


8.3.

Par

t III

. CO

NTI

NG

ENT

SHO

RT-T

ERM

NET

DR

AIN

S O

N F

OR

EIG

N C

UR

REN

CY

ASS

ETS

(NO

MIN

AL

VALU

E) IN

TH

E FO

LLO

WIN

G 1

2 M

ON

THS

(con

tinue

d)

(EU

R m

illio

n)

1 Putoption–anoptionthatgivestheholdertherightbutnottheobligationtosellcurrenciesorotherfinancialinstrumentsattheexercisepricewithinasp

ecifiedperiodordate.

2 Calloption–anoptionthatgivestheholdertherightbutnottheobligationtopurchasetheunderlyinginstrumentattheexercisepriceonorbeforeaspecifieddate.

Sour

ce: B

NB

.

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

3.2.

Und

raw

n, u

ncon

ditio

nal c

redi

t lin

es p

rovi

ded

to:

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) o

ther

nat

iona

l mon

etar

y au

thor

ities

; BIS

; IM

F;

and

othe

r int

erna

tiona

l org

anis

atio

ns

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

nat

iona

l mon

etar

y au

thor

ities

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

B

IS (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

IMF

(-)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

o

ther

inte

rnat

iona

l org

anis

atio

ns (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


re

porti

ng c

ount

ry (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


th

e re

porti

ng c

ount

ry (-

)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

04.

Agg

rega

te sh

ort a

nd lo

ng p

ositi

ons o

f opt

ions

in fo

reig

n

c

urre

ncie

s vis

-à-v

is th

e do

mes

tic c

urre

ncy

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(i) B

ough

t put

s0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(i

i) W

ritte

n ca

lls0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(b

) Lon

g po

sitio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(i

) Bou

ght c

alls

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(ii)

Writ

ten

puts

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

PRO

ME

MO

RIA

: In-

the-

mon

ey o

ptio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(1

) At c

urre

nt e

xcha

nge

rate

s0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(2)+


0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(3)-5%

(appreciationof5%)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(a) S

hort

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b) L

ong

posi

tion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(4)+


)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.


)0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0(6

) Oth

er0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(a

) Sho

rt po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

(b

) Lon

g po

sitio

n0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

104


8.4.

Par

t IV.

MEM

O IT

EMS

(EU

R m

illio

n)

VII.2

015

VIII.

2015

IX.2

015

X.20

15XI

.201

5XI

I.201

5I.2

016

II.20

16III

.201

6IV

.201

6V.

2016

VI.2

016

VII.2

016

1) T

o be

rep

orte

d w

ith st

anda

rd p

erio

dici

ty a

nd ti

mel

ines

s:

(a) s

hort-

term

dom

estic

cur

renc

y de

bt in

dexe

d to

the

exch

ange

rate

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(b)fi

nancialinstrumentsdenom

inatedinforeigncurrencyand

s

ettle

d by

oth

er m

eans

(e.g

. in

dom

estic

cur

renc

y)

67.8

67.0

67.1

67.6

69.1

67.9

51.0

51.0

49.9

50.0

50.4

50.5

50.5

- no

n-de

liver

able

forw

ards

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

• sho

rt po

sitio

ns0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

• l

ong

posi

tions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

- ot

her i

nstru

men

ts 1

67.8

67.0

67.1

67.6

69.1

67.9

51.0

51.0

49.9

50.0

50.4

50.5

50.5

(c) p

ledg

ed a

sset

s0.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0

-

incl

uded

in re

serv

e as

sets

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

- in

clud

ed in

oth

er fo

reig

n cu

rren

cy a

sset

s0.

00.

00.

00.

00.

00.

00.

00.

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105


2.9. CENTRAL EXCHANGE RATES OF SOME CONVERTIBLE CURRENCIES (BGN)

August 2016 EUR USD (100) JPY GBP CHF (10) TRY

1 1.95583 1.75191 1.71144 2.31350 1.80978 5.851572 1.95583 1.74737 1.71986 2.31981 1.80928 5.836213 1.95583 1.74628 1.72746 2.33087 1.80344 5.796434 1.95583 1.75631 1.73605 2.31177 1.80527 5.809865 1.95583 1.75316 1.73497 2.30613 1.80228 5.843368 1.95583 1.76408 1.72183 2.30220 1.79714 5.912079 1.95583 1.76551 1.72670 2.29023 1.79450 5.92406

10 1.95583 1.74878 1.72945 2.28642 1.79056 5.9213711 1.95583 1.75364 1.73006 2.27322 1.80111 5.9177912 1.95583 1.75285 1.71911 2.27290 1.79632 5.9271215 1.95583 1.74940 1.73128 2.25646 1.79549 5.9255016 1.95583 1.73159 1.73481 2.24653 1.80277 5.9186917 1.95583 1.73451 1.72274 2.25742 1.80045 5.9113518 1.95583 1.72761 1.72168 2.27229 1.80211 5.8901719 1.95583 1.72685 1.72274 2.26011 1.80228 5.8800722 1.95583 1.72990 1.71971 2.26789 1.79665 5.8793723 1.95583 1.72487 1.72350 2.27435 1.79500 5.8827324 1.95583 1.73574 1.73159 2.29746 1.79582 5.8751325 1.95583 1.73236 1.72396 2.28565 1.79352 5.8876826 1.95583 1.73236 1.72578 2.28886 1.78892 5.8981629 1.95583 1.75097 1.71204 2.28816 1.78827 5.9181530 1.95583 1.75128 1.71159 2.29638 1.78598 5.9308931 1.95583 1.75694 1.70057 2.30624 1.78501 5.93918

Monthly, average 1.95583 1.74453 1.72343 2.28717 1.79748 5.89030

Source: BNB.

2.10. BGN/USD EXCHANGE RATE(BGN)

Monthly average At end of period

2015 2016 2015 2016

January 1.68954 1.80105 1.73006 1.79105February 1.72329 1.76337 1.74006 1.79632March 1.81132 1.75930 1.81785 1.71790April 1.81020 1.72536 1.74394 1.72198May 1.75519 1.72951 1.78289 1.75348June 1.74435 1.74195 1.74799 1.76169July 1.77881 1.76706 1.78338 1.75995August 1.75629 1.74453 1.74394 1.75694September 1.74243 1.74581October 1.74112 1.77528November 1.82201 1.84879December 1.79835 1.79007

Source: BNB.

106


3 Fiscal Sector

3.2. EXECUTION OF THE REPUBLICAN BUDGET1 (BGN million)

2015 2016

III VI IX XII III IV V VI VII

I. Revenue and grants 4 708.1 9 536.4 14 323.0 18 922.0 5 310.7 7 322.9 8 989.9 10 618.1 12 368.0

1. Tax revenue 4 119.8 8 494.1 12 909.1 17 151.5 4 679.5 6 490.8 7 973.1 9 458.6 11 035.6

2. Non-tax revenue and grants 588.2 1 042.3 1 413.9 1 770.5 631.2 832.1 1 016.8 1 159.5 1 332.4

II. Expenditure and transfers 4 610.2 9 082.8 13 563.8 20 041.9 4 668.3 6 120.8 7 568.1 9 147.5 10 720.2

1. Current expenses 2 047.6 3 921.9 5 992.5 8 678.5 1 997.0 2 656.2 3 312.8 4 086.9 4 858.8

2. Transfers 2 562.6 5 160.9 7 571.3 11 363.5 2 671.4 3 464.6 4 255.3 5 060.6 5 861.4

III. Contribution to the EU budget 301.9 505.3 624.5 946.4 253.9 294.7 356.6 397.4 467.0

IV.Deficit(-)/surplus(+)1.Primarydeficit/surplus2 48.9 237.0 733.2 -1 411.4 688.4 1 217.0 1 394.4 1 412.7 1 682.3

2.Internaldeficit/surplus3 -70.2 115.5 492.7 -1 652.8 555.0 1 075.0 1 253.0 1 271.4 1 458.0

3.Cashdeficit/surplus -204.1 -51.8 134.7 -2 066.4 388.5 907.4 1 065.2 1 073.2 1 180.8

V.Cashdeficit/surplusfinancing 204.1 51.8 -134.7 2 066.4 -388.5 -907.4 -1 065.2 -1 073.2 -1 180.8

1.Domesticandforeignfinancing(net) 434.8 335.5 137.9 2 430.2 -201.9 -734.2 -869.3 -853.2 -939.1

- foreign financing, net 1 553.5 1 478.0 1 444.5 1 460.5 3 786.7 3 762.3 3 714.4 3 652.1 3 675.5 - domestic financing, net -1 118.7 -1 142.5 -1 306.6 969.6 -3 988.6 -4 496.6 -4 583.7 -4 505.2 -4 614.6 2. Privatisation (+), acquisition of shares (-),

requited funds, net -230.7 -283.6 -272.6 -363.8 -186.6 -173.2 -196.0 -220.0 -241.7 - revenue from privatisation 0.0 1.8 1.9 2.0 0.1 0.1 0.1 0.2 0.2

1 On a cash basis. End of period data. 2Includingtheinternaldeficit/surplusandinterestexpensesoninternalloans.3Includingthecashdeficit/surplusandinterestexpensesonexternalloans.

Source: MF – republican budget data.

3.1. CONSOLIDATED STATE BUDGET*(BGN million)

2015 2016

III VI IX XII III IV V VI VII

1. Revenue and grants 7 796.5 16 303.1 24 149.4 32 205.1 9 097.1 12 169.6 14 852.1 17 709.5 20 549.1

2. Expenditure -7 237.5 -14 907.7 -22 903.5 -33 731.6 -6 979.6 -9 524.0 -11 722.0 -14 240.9 -16 802.7

3. Transfers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

4. Contribution to the EU budget -301.9 -505.3 -624.5 -946.4 -253.9 -294.7 -356.6 -397.4 -467.0

5.Deficit/surplus 257.1 890.0 621.5 -2 472.9 1 863.6 2 350.9 2 773.6 3 071.2 3 279.3

6. Financing -257.1 -890.0 -621.5 2 472.9 -1 863.6 -2 350.9 -2 773.6 -3 071.2 -3 279.36.1.Domesticandforeignfinancing(net) -25.5 -598.8 -337.9 2 960.5 -1 691.6 -2 196.1 -2 593.6 -2 876.7 -3 080.8 - foreign financing, net 1 548.4 1 498.8 1 464.9 1 485.8 3 800.8 3 775.7 3 725.5 3 661.9 3 718.1 - domestic financing, net -1 573.9 -2 097.7 -1 802.8 1 474.7 -5 492.4 -5 971.8 -6 319.1 -6 538.7 -6 798.9 6.2. Privatisation (+), acquisition of shares (-),

requited funds, net -231.6 -291.1 -283.6 -487.6 -172.0 -154.8 -180.1 -194.4 -198.5 - revenue from privatisation 2.7 11.7 16.3 4.2 0.6 0.9 1.0 1.1 1.1

* On a cash basis. End of period data.

Source: MF–consolidatedfiscalprogramme.

107

9/2016 FISCALSECTOR

3.3. GOVERNMENT DEBT1

(EUR million)

2015 2016VII VIII IX X XI XII I II III IV V VI VII

Domestic government debt 4 262.5 4 261.7 3 836.2 3 964.4 4 040.7 3 723.9 3 710.4 3 704.9 3 490.2 3 490.3 3 541.9 3 542.0 3 541.9External government debt 7 893.4 7 891.9 7 879.5 7 868.8 7 903.7 7 889.7 7 889.2 7 893.4 9 861.1 9 851.5 9 828.7 9 804.5 9 818.8І.Bonds 5 543.0 5 543.0 5 543.0 5 543.0 5 593.0 5 593.0 5 593.0 5 593.0 7 587.0 7 587.0 7 587.0 7 587.0 7 587.01.1. EUR-denominated bonds issued in interna-

tional capital markets, maturing in 2017 950.0 950.0 950.0 950.0 950.0 950.0 950.0 950.0 950.0 950.0 950.0 950.0 950.01.2. EUR-denominated bonds issued in interna-

tional capital markets, maturing in 2024 1 493.0 1 493.0 1 493.0 1 493.0 1 493.0 1 493.0 1 493.0 1 493.0 1 493.0 1 493.0 1 493.0 1 493.0 1 493.01.3. EUR-denominated bonds issued in interna-

tional capital markets, maturing in 2022 1 250.0 1 250.0 1 250.0 1 250.0 1 250.0 1 250.0 1 250.0 1 250.0 1 250.0 1 250.0 1 250.0 1 250.0 1 250.01.4. EUR-denominated bonds issued in inter-

national capital markets under the GMTN programme, maturing in 2027 1 000.0 1 000.0 1 000.0 1 000.0 1 000.0 1 000.0 1 000.0 1 000.0 1 000.0 1 000.0 1 000.0 1 000.0 1 000.0

1.5. EUR-denominated bonds issued in inter-national capital markets under the GMTN programme, maturing in 2035 850.0 850.0 850.0 850.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0

1.6. EUR-denominated bonds issued in interna-tional capital markets, maturing in 2023 - - - - - - - - 1 144.0 1 144.0 1 144.0 1 144.0 1 144.0

1.7. EUR-denominated bonds issued in interna-tional capital markets, maturing in 2028 - - - - - - - - 850.0 850.0 850.0 850.0 850.0

ІІ.Loans 2 350.4 2 348.9 2 336.5 2 325.8 2 310.7 2 296.7 2 296.2 2 300.4 2 274.1 2 264.5 2 241.7 2 217.5 2 231.8Government debt, total 12 155.9 12 153.6 11 715.7 11 833.1 11 944.4 11 613.5 11 599.6 11 598.3 13 351.3 13 341.8 13 370.5 13 346.5 13 360.7Government debt, total/GDP2 (%) 27.5 27.5 26.5 26.8 27.0 26.3 25.5 25.5 29.4 29.3 29.4 29.3 29.4

1 Debt reported at nominal value. Debt in euro is recalculated at the BNB central exchange rate for the respective foreign currencies by the end of respective periods. Last month’s data are preliminary.

2 Calculations are based on GDP data: EUR 44,162 million for 2015 (NSI data as of 8 March 2016), and EUR 45,474 million for 2016 (BNB projection).

Sources: MF Government Debt Management Bulletin and NSI.

108


3.4. GENERAL GOVERNMENT SECTOR DEBT (MAASTRICHT DEBT)1

(BGN million)

ESA 2010 code

2015 2016

I quarter ІI quarter ІІI quarter ІV quarter I quarter

General government (S.13) 24 359.5 24 222.0 23 199.1 23 027.4 26 473.2Currency and deposits AF.2 – – – – –Debt securities AF.3 18 252.9 18 358.7 17 327.5 17 179.1 20 892.2 Short-term debt securities AF.31 2 055.2 2 055.2 773.3 0.3 0.0 Long-term debt securities AF.32 16 197.7 16 303.6 16 554.2 17 178.9 20 892.2Loans AF.4 6 106.6 5 863.3 5 871.6 5 848.3 5 581.0 Short-term AF.41 342.3 170.7 194.6 251.4 29.2 Long-term AF.42 5 764.3 5 692.6 5 677.0 5 596.9 5 551.8

Central government (S.1311) 24 116.3 23 952.9 22 922.5 22 749.2 26 184.9Currency and deposits AF.2 – – – – –Debt securities AF.3 18 799.1 18 906.9 17 874.5 17 752.3 21 439.2 Short-term debt securities AF.31 2 065.0 2 065.0 782.6 0.3 0.0 Long-term debt securities AF.32 16 734.2 16 842.0 17 091.8 17 752.0 21 439.2Loans AF.4 5 317.2 5 045.9 5 048.0 4 996.8 4 745.7 Short-term AF.41 282.6 95.7 123.0 140.0 0.9 Long-term AF.42 5 034.6 4 950.3 4 925.0 4 856.8 4 744.8

Local government (S.1313) 1 056.1 1 125.0 1 153.5 1 207.5 1 135.1Currency and deposits AF.2 – – – – –Debt securities AF.3 84.0 92.7 100.2 95.4 94.1 Short-term debt securities AF.31 0.0 0.0 0.5 0.0 0.0 Long-term debt securities AF.32 84.0 92.7 99.7 95.4 94.1Loans AF.4 972.1 1 032.3 1 053.3 1 112.1 1 041.0 Short-term AF.41 59.7 75.1 71.5 111.3 94.1 Long-term AF.42 912.4 957.3 981.8 1 000.8 947.0

Social security funds (S.1314) 6.1 4.1 4.1 2.1 2.1Currency and deposits AF.2 – – – – –Debt securities AF.3 0.0 0.0 0.0 0.0 0.0 Short-term debt securities AF.31 0.0 0.0 0.0 0.0 0.0 Long-term debt securities AF.32 0.0 0.0 0.0 0.0 0.0Loans AF.4 6.1 4.1 4.1 2.1 2.1 Short-term AF.41 0.0 0.0 0.0 0.0 0.0 Long-term AF.42 6.1 4.1 4.1 2.1 2.1

General government debt (S.13)/GDP2 (%) 28.2 28.0 26.9 26.7 29.8

1 Consolidated general government data (S.13). The table has been prepared following the ESA 2010 methodology in accordance with Council Regulation (EC) No. 1222/2004 of 28 June 2004.

2 Calculations are based on GDP data: BGN 86,373 million for 2015 (NSI data as of 8 March 2016) and BGN 88,939 million for 2016 (BNB projection).

Source: MF.

109

9/2016 REALSECTOR

4 Real Sector4.1. GDP BY FINAL EXPENDITURE*

(BGN million, at current prices)

2015 2016

I quarter II quarter III quarter IV quarter Total I quarter II quarter

Final consumption 15 074 16 670 16 116 18 828 66 688 15 286 16 467 Individual 13 490 14 919 14 551 16 837 59 797 13 837 14 847 Households 11 798 12 905 12 776 14 714 52 193 12 045 12 883Non-profitinstitutionsservinghouseholds 98 101 144 91 434 106 103 Government 1 595 1 913 1 631 2 032 7 170 1 686 1 861 Collective 1 584 1 751 1 565 1 990 6 890 1 449 1 620

Gross fixed capital formation 3 005 4 771 5 023 5 497 18 296 3 018 4 727Inventory change -52 -7 -93 290 138 144 382Balance (exports – imports) -494 216 2 444 -915 1 251 67 340 Exports of goods and services 12 655 14 383 16 617 13 753 57 408 12 555 14 368 Imports of goods and services 13 149 14 167 14 173 14 668 56 156 12 489 14 028Statistical discrepancy 0 0 0 0 0 0 0

Gross domestic product 17 534 21 649 23 490 23 699 86 373 18 514 21 916

* Non-adjusted data. Preliminary data as of 2 September 2016.

Source: NSI.4.2. GDP – PRODUCTION APPROACH*

(BGN million, at current prices)

2015 2016

I quarter

II quarter

III quarter

IV quarter Total I

quarterII

quarter

Agriculture,forestryandfishing 458 859 1 714 762 3 792 444 783

Mining and quarrying; manufacturing; production and distribution of electricity, heating and gaseous fuels; water supply; sewerage, waste management and remediation activities 3 781 4 621 4 369 4 173 16 944 4 038 4 655

Construction 620 806 1 076 935 3 436 627 876

Wholesale and retail trade, repair of motor vehicles and motocycles; transport, storage and communications; hostels and catering 2 441 4 026 4 248 4 797 15 512 2 734 3 952

Creation and dissemination of information and creative products; telecommunications 807 892 1 142 1 130 3 971 926 963

Financial and insurance activities 1 276 1 401 1 410 1 590 5 676 1 485 1 637

Real estate activities 1 942 2 077 1 828 1 925 7 772 1 954 2 197

Professionalandscientificactivities;administrativeandsupportserviceactivities 730 882 1 191 1 366 4 169 823 930

General government; education; healthcare and social work activities 2 551 2 591 2 456 3 087 10 685 2 513 2 471

Arts, entertainment and recreation activities; other services, activities of households as employers; undifferentiated goods- and services-producing activities of households for own use; activities of extraterritorial organisations and bodies 245 402 506 695 1 847 307 388

Gross value added at base prices, total 14 851 18 556 19 938 20 461 73 805 15 852 18 853

Adjustments 2 683 3 093 3 552 3 239 12 567 2 662 3 063

GROSS DOMESTIC PRODUCT 17 534 21 649 23 490 23 699 86 373 18 514 21 916

Physical volume index (%) (corresponding period of previous year = 100) 3.3 2.8 3.0 2.9 3.0 3.0 2.9

* Non-adjusted data. Preliminary data as of 2 September 2016.

Source: NSI.

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4.3. ECONOMIC ACTIVITY

4.3.1. EMPLOYED UNDER LABOUR CONTRACT*

Payroll number** Change on previous month(%)

Total for the economy Total for the economy

Public sector Private sector Agriculture, forestryandfishing Industry Services

2015 January 2 229 993 550 871 1 679 122 1.22 2.24 1.73 0.92February 2 233 554 551 479 1 682 075 0.16 1.17 0.15 0.12March 2 229 584 546 486 1 683 098 -0.18 5.35 -0.16 -0.45April 2 244 281 545 409 1 698 872 0.66 2.87 0.65 0.55May 2 281 838 547 087 1 734 751 1.67 2.51 0.21 2.35June 2 310 483 545 998 1 764 485 1.26 1.70 0.07 1.80July 2 322 495 544 110 1 778 385 0.52 -0.25 0.23 0.70August 2 303 813 541 986 1 761 827 -0.80 -0.93 -0.16 -1.10September 2 271 547 548 117 1 723 430 -1.40 0.02 0.11 -2.19October 2 244 309 543 377 1 700 932 -1.20 -3.73 -0.24 -1.53November 2 235 816 540 565 1 695 251 -0.38 -4.11 -0.19 -0.28December 2 220 733 538 819 1 681 914 -0.67 -3.77 -1.22 -0.25

2016 January 2 261 900 539 943 1 721 957 1.85 -1.82 1.40 2.25February 2 271 930 544 133 1 727 797 0.44 4.53 0.11 0.42March 2 280 103 545 734 1 734 369 0.36 9.51 -0.15 0.17April 2 306 165 548 435 1 757 730 1.14 4.97 0.25 1.37May 2 329 540 548 460 1 781 080 1.01 5.00 -0.13 1.35June 2 356 590 546 345 1 810 245 1.16 -1.23 0.24 1.73

* Preliminary data.** Payroll number as of the last working day of the month.

Source: NSI.

4.3.2. UNEMPLOYMENT

Unemployed registered at end of month (number)

Per cent of labour force (total)

Total

Youths up to 29 years inclusive Adults

2015 January 363 964 59 775 304 189 11.1February 361 176 59 168 302 008 11.0March 361 511 58 862 302 649 11.0April 350 318 54 924 295 394 10.7May 331 846 50 630 281 216 10.1June 315 701 47 781 267 920 9.6July 309 781 47 354 262 427 9.4August 306 821 46 840 259 981 9.3September 302 775 46 197 256 578 9.2October 312 915 48 739 264 176 9.5November 324 060 50 007 274 053 9.9December 328 921 49 886 279 035 10.0

2016 January 334 570 51 153 283 417 10.2February 329 610 47 599 282 011 10.0March 324 309 41 349 282 960 9.9April 305 162 37 549 267 613 9.3May 286 246 33 979 252 267 8.7June 274 276 32 510 241 766 8.4July 268 100 31 812 236 288 8.2

Source: Employment Agency.

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4.4. AVERAGE MONTHLY SALARY OF EMPLOYED UNDER LABOUR CONTRACT*(BGN)

Total for the economy

Sectors by type of ownership Economic sectors

Public sector Private sector Agriculture, forestry andfishery Industry Services

2015 January 856 896 842 667 771 908February 839 851 835 669 770 883March 882 901 875 705 817 923April 897 940 883 713 805 954May 873 914 859 685 808 916June 868 897 859 730 818 900July 879 926 865 760 814 918August 858 874 852 708 806 891September 885 933 870 784 829 919October 902 987 875 723 822 953November 905 938 894 750 836 948December 937 1023 908 770 855 986

2016 January 917 961 903 725 829 970February 904 905 904 734 831 949March 943 941 944 782 881 983April 962 999 950 760 873 1018May 942 972 932 736 871 988June 936 954 930 823 884 967

* Preliminary data.

Source: NSI.

4.5. CHANGE IN CONSUMER PRICES(per cent)

On previous month On corresponding month of previous year On December of previous year

Consumer Price Index

Harmonised Index of Consumer Prices





2015 January -0.4 -0.7 -1.0 -2.4 -0.4 -0.7February 0.2 0.1 -0.5 -1.7 -0.2 -0.6March 0.4 0.3 0.1 -1.1 0.2 -0.3April 0.7 0.5 0.5 -0.9 0.9 0.2May -0.2 0.0 0.9 -0.3 0.7 0.2June -0.9 -0.5 0.4 -0.6 -0.2 -0.3July -0.2 0.2 -0.2 -1.0 -0.3 -0.2August 0.0 0.1 0.0 -0.8 -0.3 -0.1September -0.1 -0.8 0.1 -1.0 -0.5 -0.9October 0.2 -0.2 -0.6 -1.2 -0.3 -1.0November -0.1 -0.3 -0.4 -0.9 -0.4 -1.3December 0.0 0.4 -0.4 -0.9 -0.4 -0.9

2016 January 0.0 -0.2 0.0 -0.4 0.0 -0.2February -0.3 -0.5 -0.5 -1.0 -0.3 -0.7March -0.7 -0.6 -1.5 -1.9 -1.0 -1.3April 0.0 -0.2 -2.2 -2.5 -1.0 -1.5May 0.0 0.0 -2.0 -2.5 -1.0 -1.5June -0.1 0.1 -1.3 -1.9 -1.1 -1.3July 1.0 1.0 -0.2 -1.1 -0.2 -0.4

Source: NSI.

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Methodological Notes

Overview and Institutional Sectors .............................................................................................................. 114

1 Financial Sector Monetary Statistics ........................................................................................................................................... 120 Sector Table ........................................................................................................................................................ 123 Interest Rate Statistics ..................................................................................................................................... 130

2 External Sector Balance of Payments ........................................................................................................................................ 133 Imports and Exports ......................................................................................................................................... 142 Gross External Debt ......................................................................................................................................... 144 International Investment Position of Bulgaria ............................................................................................ 146 International Reserves and Foreign Currency Liquidity Data Template of Bulgaria ........................ 150

3 Fiscal Sector ......................................................................................................................................... 152

4 Real Sector .............................................................................................................................................. 153

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Overview and Institutional Sectors BNB Monthly Bulletin includes data on the state and dynamics of the national economy. It focuses on

financialandexternalsectorssinceinformationonthesesectorsispreparedattheBNB.Dependingonavailability,specificity,compatibilityandcomparabilityofdata,tablesandchartsmay

contain information on separate periods (months, quarters, years), as well as cumulative data since early year.

CLASSIFICATION OF INSTITUTIONAL SECTORS IN BULGARIA IN ACCORDANCE WITH ESA 20101. IntroductionTheBNBpublishesaclassificationofinstitutionalsectorsinaccordancewiththeEuropeanSystem

of Accounts 2010 (ESA 2010)1,whichreplacestheclassificationofinstitutionalsectorsaccordingtotheEuropeanSystemofAccounts1995(ESA’95).Theneedofupdatingtheinstitutionalsectorclassifica-tion arises from the implementation of ESA 2010 that started in the European Union Member States. ESA 2010 is fully harmonized with the latest version of the globally applied System of National Accounts 2008 (SNA 2008)2.

Theclassificationofinstitutionalsectorsisabasicclassificationusedbymacroeconomicstatisticstocharacterizeeconomicactivities,waysoffinancing,typesofownersandlegalformsofindependenteco-nomicunits.Institutionalsectors(non-financialcorporations,generalgovernment,households,etc.), cre-atedbyusingthisclassification,compriseunitswithsufficientlysimilareconomicbehaviour.Structuringof the national economy on the institutional sector level is a major prerequisite in the description of pro-duction,primaryandsecondarydistributionofincome,investmentandfinancing.Thisstructuringofthenational economy allows for making effective macroeconomic analysis.

2. Defining National Economy 2.1. Economic Territory of Bulgaria The economic territory of Bulgaria covers the geographic territory of the country, within which the

Bulgaria’s government exercises effective administrative and economic control. It comprises the estab-lished free economic zones subject of customs control, as well as the national air-space and territorial waters. It also includes territorial enclaves (embassies, consulates, etc. located outside the state borders). The economic territory of Bulgaria does not include other states’ territorial enclaves located within the geographic territory of Bulgaria.

2.2 National EconomyA national economy is formed of the units with a centre of predominant economic interests in the eco-

nomic territory of the country. For each unit the centre of predominant economic interest is the economic territory where this unit performs a prevailing part of its economic activities (for not less than a year). Owners of land and buildings within the economic territory of the country have their centre of predominant economic interest there. Provided a unit performs its economic activities in several countries, it has a centre of economic interest in each of them.

2.3 Rest of the World The rest of the world institutional sector covers all units with a centre of predominant economic inter-

est outside the economic territory of Bulgaria, including subsidiaries and branches of resident companies related to construction abroad. Supranational and international organizations also fall in this sector.

3. Institutional Units – General CharacteristicsAn institutional unit is an economic entity characterized by decision-making autonomy in the exercise

of its principal function. It compiles or is able to compile a complete set of accounts. An institutional unit is autonomous in its decision-making, if it is entitled in its own right:

• toownnon-financialandfinancialassets,andtoeffecttransactionsoftheirexchangewithotherin-stitutional units;

• to make economic decisions and engage in economic activities for which it is accountable at law;

1 Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European System of National and Regional Ac-counts in the European Union (OJ L 174/2013), in effect from 1 September 2014.

2 United Nations, European Comission, OECD, IMF, World Bank: System of National Accounts 2008.

Overview

General principles

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9/2016 INSTITUTIONALSECTORS

• to incur liabilities on its own behalf, and to take on other obligations and commitments and to enter into contracts;

• to draw up a balance sheet, income statement and all other accounting documents required by law.

4. Basis for Determining the Institutional Sector of an Economic UnitAllocating an economic unit, which has the characteristics of an institutional unit, to an institutional sec-

tor is based on the following criteria:а)typeofproducerandcorebusinessoftheunit;b) control over the unit.

5. Institutional Sectors For macroeconomic analysis purposes, institutional units are grouped into institutional sectors and

subsectors based of the type of their economic behaviour. Each institutional unit belongs only to one insti-tutional sector or subsector.

5.1 Classification of Sectors Thetablebelowpresentstheclassificationofinstitutionalsectors.

Table 1. Institutional Sector StructureSectors and Subsectors

Non-financialcorporations S.11Financial corporations S.12Monetaryfinancialinstitutions(MFIs)

Central bank S.121Othermonetaryfinancialinstitutions (OMFI)

Deposit-taking corporations except the central bank

S.122

Money market funds (MMFs) S.123Financial corporations except MFIs and Insurance corporations and pension funds (IC & PF)

Non-MMF investment funds S.124OtherfinancialintermediariesexceptIC&PF S.125Financial auxiliaries S.126Captivefinancialinstitutionsandmoneylenders S.127

Insurance corporations and pension funds (IC & PF)

Insurance corporations (IC) S.128Pension funds (PF) S.129

General government S.13Central government (excluding social security funds) S.1311State government (excluding social security funds) S.1312Local government (excluding social security funds) S.1313Social security funds S.1314Households S.14Non-profitinstitutionsservinghouseholds S.15Rest of the world S.2Member States and institutions and bodies of the European Union S.21Member States of the European Union S.211Institutions and bodies of the European Union S.212Non-member countries and international organizations non-resident in the EU S.22

The main characteristics of institutional sectors and subsectors are as follows:

S.11 Non-financial CorporationsThenon-financialcorporationssectorconsistsofinstitutionalunitswhicharemarketproducers,and

whoseprincipaleconomicactivityistheproductionofgoodsandnon-financialservices.Thenon-finan-cialcorporationssectoralsoincludesnon-financialquasi-corporations,whicharenotionalinstitutionalunits and are separated parts of legally incorporated entities. They have all the characteristics of a sepa-rate institutional unit except independence of their decision-making.

The types of institutional units included in this sector are, as follows:• private and public corporations set up under the general and special legislation;

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• cooperatives and partnerships recognised as independent legal entities;• non-profitorganisationsservingnon-financialcorporations;• headofficesofnon-financialholdings,controllingandmanagingonacurrentbasistheirsubsidiar-

ies, where the preponderant type of activity of the group of corporations as a whole (measured on thebasisofvalueadded)istheproductionofgoodsandnon-financialservices;

• private and public quasi-corporations.

S.12 Financial CorporationsThefinancialcorporationssectorconsistsoftheinstitutionalunitsthatareindependentmarketpro-

ducers,whoseprincipalactivityistheproductionoffinancialservices.Thefinancialserviceswhichtheyproduceincludefinancialintermediationandauxiliaryfinancialservices.

Financialintermediationistheactivityinwhichaninstitutionalunitacquiresfinancialassetsandatthesametimeincursliabilitiesonitsownaccountbyengaginginfinancialtransactionsonthemarket.Theassetsandliabilitiesoffinancialintermediarieshavedifferentcharacteristics,includingthatfundsaretransformed or repackaged in relation to maturity, scale, risk, etc.inthefinancialintermediationprocess.

Auxiliaryfinancialactivitiesareactivities,whicharecloselyrelatedtofinancialintermediation,butdiffer from it.

Whatistypicaloffinancialintermediariesisthatusuallythefinancialinstrumentsbothontheassetsandontheliabilitiessidesoftheirbalancesheetsarenegotiableinfinancialmarkets.Thefinancialcor-porationssectoralsoincludestheheadofficesoffinancialholdingcompaniesandnon-profitinstitutionsservingthefinancialbusiness.

Thissectoralsoincludestheso-calledcaptivefinancialinstitutionsandmoneylenderswhentheyareindependent institutional units. These are resident holding companies that are not engaged in managing theirsubsidiaries(regardlessofwhichsectorthesesubsidiariesareclassifiedin),aswellasindividualcorporate lenders.

Thefinancialcorporationssectorcomprisesninesubsectors:centralbank(S.121);deposit-takingcor-porations except the central bank (S.122); Money Market Funds (MMFs) (S.123); investment funds oth-erthanMMFs(S.124);otherfinancialintermediariesexceptinsurancecorporationsandpensionfunds(S.125);financialauxiliaries(S.126);captivefinancialinstitutionsandmoneylenders(S.127);insurancecorporations (S.128); pension funds (S.129).

S.121–S.123 Monetary Financial Institutions (MFIs) Thisgroupofsubsectorsconsistsofthecentralbankandtheothermonetaryfinancialinstitutionscar-

rying out economic activity under the Law on Credit Institutions3, Article 2, paragraphs 1 and 2, which areengagedinfinancialintermediation,mostlybyreceivingdepositsandgrantingloans.Theseinstitu-tionsmayalsocarryoutotherfinancialactivities,suchastradeinsecuritiesfortheirownaccountorforaccount of their clients.

S.121 Central Bank Thecentralbanksubsectorconsistsofallfinancialcorporationswhoseprincipalfunctionistoissuecur-

rency, to maintain the internal and external stability of the national currency and to manage all or part of the international reserves of the country.

This subsector includes only the Bulgarian National Bank.

S.122 Deposit-taking Corporations Except the Central BankThedeposit-takingcorporationsexceptthecentralbanksubsectorincludesallfinancialcorporations

exceptthoseclassifiedinthecentralbanksubsector,whichareprincipallyengagedinfinancialinterme-diation and whose business is to receive deposits and/or close substitutes for deposits from institutional units other than MFIs, and, for their own account, to grant loans and/or to make investments in securities.

Morespecifically,thissubsectorincludesallBulgaria-residentbanksandbankbranchesofnon-residentbankswhichaccordingtotheEuropeanCentralBank’scriteriaaremonetaryfinancialinstitutions,exceptthe BNB. This subsector does not include money market funds.

3 Law on Credit Institutions (adopted by the 40th National Assembly on 13 July 2006, published in the Darjaven Vestnik, No. 59 of 21 July 2006, in effect from the day when the Treaty of the Republic of Bulgaria’s Accession to the European Union came into effect; amended, No. 105 of 2006; amended, Nos. 52, 59 and 109 of 2007; amended, No. 69 of 2008; amended, Nos. 23, 24, 44, 93 and 95 of 2009; amended, Nos. 94 and 101 of 2010; amended, Nos. 77 and 105 of 2011; amended, Nos. 38 and 44 of 2012; amended, No. 52 of 2013; amended, No. 70 of 2013; amended, No. 109 of 2013; amended, No. 22 of 2014; amended, Nos. 27, 35 and 53 of 2014; amended, Nos. 14, 22, 50 and 62 of 2015; amended, No. 94 of 2015; amended; Nos. 33, 59 and 62 of 2016).

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S.123 Money Market Funds (MMFs)The main economic activity of MMFs is to issue shares/units which by their economic and legal charac-

teristics are close substitutes of deposits, as well as debt securities. They invest the collected funds primarily inhighlyliquidlow-riskfinancialinstruments,suchasshort-termnegotiablesecurities,deposits,andshares/units of other MMFs.

S.124 Investment Funds Other Than MMFsThe investment funds other than MMFs subsector consists of open-ended or closed-ended investment

companies and funds. Their principal activity is to issue shares (units) that are not close substitutes of depos-its.Theyinvestfortheirownaccountprimarilyinlong-termfinancialinstrumentsandnon-financialassets(usually land and real estate).

S.125 Other Financial Intermediaries Except Insurance Corporations and Pension Funds Theotherfinancialintermediariesexceptinsurancecorporationsandpensionfundssubsectorincludes

institutionalunitsengagedinfinancialintermediation,whoseliabilitiesdifferfromdepositsorinvest-mentfundsshares/units,orarerelatedtoinsuranceandpensionschemes.Thesefinancialintermediariesinvestpredominantlyinlong-termfinancialassets.Themaintypesofunitsclassifiedwithinthissubsec-tor are as follows:

• investment funds and other similar investment companies, including Special Investment Purpose Joint Stock Companies (SIPJSCs), investing both in real estate and receivables;

• leasing and factoring companies; • entities predominantly engaged in lending, and pawnshops;• entitiesprovidingotherfinancialservices(activitiesoftheso-calledinvestmentintermediaries).

S.126 Financial Auxiliaries Thefinancialcorporationsengagedinauxiliaryfinancialactivitysubsectorconsistsofallresidentcor-

porationsandquasi-corporationswhichareengagedinactivitiescloselyrelatedtofinancialintermedia-tionbutwhicharenotfinancialintermediariesthemselves.Thissubsectorincludesfinancialheadofficeswhich are independent units. Their principal activity is to oversee and control the group of corporations, even to run the business on an ongoing basis. This subsector includes:

• loan brokers, securities brokers, investment advisers;• insurance brokers, insurance and pension consultants;• corporations which arrange transactions in derivative and hedging instruments (swaps, options, fu-

tures), without issuing them; • corporationsprovidinginfrastructureforfinancialmarkets;• supervisoryauthoritiesoffinancialintermediariesandfinancialmarketswhentheyareseparatein-

stitutional units;• managers (administrators) of investment companies, pension funds, contract funds, mutual funds; • BulgarianStockExchange–Sofia;• Bulgarian Deposit Insurance Fund (BDIF);• non-profitinstitutionsservingfinancialcorporations(AssociationofBanksinBulgaria(ABB),As-

sociation of Bulgarian Insurers); • entities technically executing payments between buyers and sellers (BORICA – Bankservice AD);• headofficesoffinancialholdingcompanieswhichcontrolandrunonanongoingbasistheirsubsidi-

aries.

S.127 Captive Financial Institutions and Money Lenders Thecaptivefinancialinstitutionsandmoneylenderssubsectorconsistsofallthosefinancialcorpora-

tionswhichareengagedneitherinfinancialintermediation,norinprovidingfinancialauxiliaryservices.Actuallythissubsectorincludesfinancialinstitutionsthatcarryouttheirbusinessinalimitedscope,forexample within a certain group of corporations. The subsector principally also includes units granting loansexclusivelywithownfundsoronlytooneclient,andincurthefullfinancialriskofdebtor’sdefault.At present the institutional units included in this subsector in Bulgaria are holding companies that hold controlling-levels of equity (shares or units) issued by their subsidiaries and whose principal activity is owning the group without performing any managerial functions or providing any other services to their subsidiaries.Holdingcompaniesfallwithinthissubsectoroffinancialcorporationsonlywhentheyareindependentinstitutionalunitsanddonotbelongtoanotherparent(financial)corporation.

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S.128 Insurance Corporations Theinsurancecorporationssubsectorconsistsofallfinancialcorporationswhichareprincipallyengaged

infinancialintermediationasaconsequenceofthepoolingofrisks.This subsector includes all insurance and reinsurance corporations whose principal activities are gen-

eral insurance and life insurance, as well as reinsurance.

S.129 Pension Funds Thepensionfundssubsectorincludescorporationsengagedinfinancialintermediationastheconse-

quence of the pooling of social risks and needs of the insured persons (so-called social insurance). Pen-sion funds as social security schemes provide to their clients income upon retirement and in certain cases benefitsfordeathanddisability.

The subsector consists of resident institutional units engaged in individual pension insurance on a vol-untary basis. The subsector does not include the National Social Security Institute which runs and per-forms compulsory pension insurance activities.

S.13 General Government The units of the general government sector produce services for the public in general or for certain

public segments (public services) related to the overall distribution of income and wealth; guarantee and perform the operation of the state administrative, social and economic system of the country. The activi-tiesofthegeneralgovernmentsectorarefinancedmainlybytaxesandothercompulsorypaymentsmadeby units belonging to other institutional sectors.

The general government sector includes all institutional units which produce other non-market output intended for individual and collective consumption.

The types of institutional units included in sector S.13 are the following:• unitsconductingandfinancingactivitiesofproducingnon-marketoutputintendedforindividualorcollectivefinalconsumption;

• corporations or quasi-corporations, controlled by the central government or municipalities, whose output is mainly non-market;

• non-profitinstitutionsservicingotherunitsclassifiedunderthissector,whichproduceothernon-marketoutputandarecontrolledandfinancedmainlybythegeneralgovernment;

• institutions which administer the social security funds set up by the state. According to ESA 2010 the general government sector includes the following subsectors: central

government (S.1311); federal government (S.1312); local government (S.1313); social security funds (S.1314). In Bulgaria the general government sector consists of subsectors S.1311, S.1313, and S.1314.

S.1311 Central Government The central government subsector includes all bodies and institutions of the legislative, executive and

judicial power of the state, and other agencies whose competence extends over the whole economic territory of Bulgaria, except for the administration of social security funds. This subsector includes a limited number ofnon-financialcorporationscontrolledbythecentralgovernmentwhoseoutputismainlynon-market,aswellasnon-profitinstitutionscontrolledandbasicallyfinancedbythecentralgovernment.

S.1313 Local Government The local government subsector includes municipality administrations whose competence extends to

only the respective part of the country’s economic territory, apart from local agencies of social security funds.Thesubsectorincludesalimitednumberofnon-financialcorporationswhicharecontrolledbymu-nicipalityadministrationsandwhoseoutputismainlynon-market,aswellasthosenon-profitinstitutionswhicharecontrolledandmainlyfinancedbymunicipalitiesandwhosecompetenceislimitedtotheeco-nomic territories of the local governments.

S.1314 Social Security Funds The social security funds subsector includes all central and local institutional units whose principal

activityistheperformanceonacurrentbasisofthestatesocialsecurityandwhichfulfileachofthefol-lowing two criteria:

а)bylaworbyaregulatoryactcertaingroupsofthepopulationareobligedtoparticipateinthescheme or to pay contributions; and

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b) the general government sector is responsible for the management of the state social security institu-tionsinrespectofthesettlementorapprovalofthecontributionsandbenefitsindependentfromthisroleas supervisory body or employer.

The subsector includes the National Social Security Institute and the National Health Insurance Fund.

S.14 Households The households sector consists of individuals or groups of individuals as consumers or non-corporate

producersofmarketgoodsandfinancialservices.Incaseswherehouseholds’economicactivitiesarecar-riedoutbycorporateunitsorquasi-corporations,thelatterareclassifiedunderthenon-financialorthefi-nancial corporate sector. The households sector also includes individuals or groups of individuals as pro-ducersofgoodsandnon-financialservicesforexclusivelyownfinaluse.

Householdsasconsumersmaybedefinedassmallgroupsofpersonswhosharethesamelivingac-commodation, who pool in part or all their income and wealth and who consume collectively certain types of goods and services, mainly housing and food.

The principal resources of these units are from the compensation of employees, property income, transfers from other sectors, receipts from the disposal of market products and imputed receipt from the outputofproductsforownfinalconsumption.

The households sector includes:• individuals or groups of individuals whose principal function is consumption;• persons living permanently in institutions who have little or no autonomy of action or decision in

economic matters,• individuals or groups of individuals whose principal function is consumption and that produce goodsandnon-financialservicesforexclusivelyownfinaluse.

S.15 Non-Profit Institutions Serving Households TheNon-ProfitInstitutionsServingHouseholds(NPISHs)sectorconsistsofnon-profitinstitutions

which are separate legal entities servicing households and which are private producers of other non-mar-ket output. Their principal resources (except for ad hoc sales) are voluntary contributions in cash or in kind from households in their capacity as consumers, from payments made by general government and from property income.

TheNPISHssectorincludesthefollowingmainkindsofnon-profitinstitutions:а)tradeunions,professionalorlearnedsocieties,consumers’associations,politicalparties,churches

orreligioussocieties(includingthosefinancedbutnotcontrolledbygeneralgovernment),andsocial,cul-tural, recreational and sports clubs; and

b)charities,reliefandaidorganisationsfinancedbyvoluntarycontributionsincashorinkindfromother institutional units.

S.2 Rest of the World The rest of the world sector is a grouping of all institutional units which are non-resident units of the

national economy. They are related, through economic links, with resident institutional units insofar as they are engaged in economic transactions and form respective asset and liability balance sheet items. The eco-nomiccharacteristicsoftherestoftheworldsectorarereflectedinaspecificsetofaccountsdrawnfromthesector’s perspective.

The rest of the world sector is subdivided into two subsectors: Member States and institutions and bod-ies of the European Union (S.21) and non-EU countries and international organisations non-resident of EU (S.22).

S.21 Member States and Institutions and Bodies of the European Union Member States and institutions and bodies of the European Union subsector includes euro area Mem-

ber States (S.2111), non-euro area Member States (S.2112). The European Central Bank is segregated fromtheinstitutionsandbodiesoftheEuropeanUnioninaspecificsubsector(S.2121).TheEuropeanin-stitutions and bodies, except the ECB subsector (S.2122) includes for instance the European Parliament, the Council of the European Union, the European Commission, the General Court of the European Union and the European Court of Auditors.

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1

Monetary Statistics4

S.21 Member States and Institutions and Bodies of the European Union S.211 Member States of the European Union S.2111 Euro Area Member States S.2112 Non-euro Area Member States S.212 Institutions and Bodies of the European Union S.2121 European Central Bank (ECB) S.2122 European Institutions and Bodies, except the ECBS.22 Non-EU Countries and International Organisations Non-resident of EU Non-EU countries and international organisations subsector includes international organisations such

as the United Nations, the World Bank and the International Monetary Fund.Therestoftheworldsectorcanbesubdividedintosubsectorsinaccordancewiththeclassificationof

residentsectors(Table1.InstitutionalSectorStructure)providedthatthemainclassificationbygroupofcountries is retained.

Financial Sector Theinformationpresentedinthissectionisfrommonetary,interestrateandotherfinancialstatistics.

I. GENERAL METHODOLOGICAL NOTES ON MONETARY AND BANKING STATISTICS

41. Methodological Concepts and Rules of Monetary Statistics OrganisationMonetary statistics is collected and compiled according to the international statistical standards and

meets,toagreatextent,therulesofinternationalfinancialstatistics.Themostimportantstandardsin-clude: European System of Accounts (ESA’95) and System of National Accounts (SNA’93);5

Regulation No. 2423/2001 of 22 November 2001 concerning the consolidated balance sheet of the monetaryfinancialinstitutionssector(ECB/2001/13); Money and Banking Statistics Sector Manual (Manual on MFI Balance Sheet Statistics, April

2012); Monetary and Financial Statistics Manual, IMF, 2000.Bulgaria is a subscriber to the Special Data Dissemination Standard (SDDS) developed by the IMF (see

the National Summary Data Page on the BNB website: Statistics Section, Data Dissemination Standards).

Main Rules: a) Accounting rules–theaccountingrulesfollowedbymonetaryfinancialinstitutionsarepresentedin

the International Accounting Standards (IAS).6

b) Reporting rules: Valuationofassetsandliabilities–allfinancialassetsandliabilitiesarereportedatmarketorclose

to market price. Financial instruments, however, as currency in circulation, deposits, capital and re-serves, cash and loans are reported at nominal value. Revaluation of foreign currency positions – exchange rates as of end of the period are applied. Reporting of loans and provisions – for the purposes of statistics loans are shown on a gross basis untiltheirwritingoff.AccruedprovisionsareclassifiedunderOther liabilities.Definitionofthereportingperiod–thereportingperiodfinishesonthelastcalendardayandifit

coincides with a holiday, on the last business day of the month.c) Economic territory and residency – the economic territory of the country consists of the geographic

territory administrated by the government; within this territory, persons, goods and capital circu-late freely. The economic territory includes the airspace, territorial waters, and continental shelf ly-ing in international waters over which the country has exclusive rights. Also it includes territorial enclaves, i.e. geographic territories situated in the rest of the world and used, under international

4 Last update as of 23 September 2015.5 European System of Accounts – an international framework of accounts for a systematic and detailed description of the country’s economy, its compo-

nents, as well as its relationships with other economies developed by Eurostat. ESA’95 is fully compatible with SNA’93 (a joint paper of the IMF, UN, OECD, the European Commission and the World Bank). ESA’95 focuses primarily on conditions and data necessary for the EU.

6 Unifiednationalaccountingstandardsharmonizedwiththeinternationalstandards,validuntilend-2002.AfterthattheInternationalAccountingStand-ards/International Financial Reporting Standards came into effect.

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treaties or agreements between states, by general government agencies of the country (embassies, consulates,militarybases,scientificbases,etc.), and any free zones.

Residentsofthecountryaredefinedasinstitutionalunitswhichhaveacenterofeconomicinterest7 within the economic territory of the country; their residence is on the same territory and they manage a significantoutputinwhichtheyparticipateorintendtoparticipate.

Branches of resident credit institutions abroad with a center of economic interest on the territory of another country are treated as non-residents. Branches of foreign credit institutions licensed to operate in the country are residents and are included in money-creating sector (see Sector Table).

Borderline cases of residency:1) Bulgarian diplomatic, consular, commercial and other representations, as well as their members and

staff, and all Bulgarian citizens working for them who are staying abroad by an appointment of the Bulgarian government, regular servicemen on long-term commission abroad and civil persons from the Ministry of Defence employed in missions, headquarters and bodies of international organiza-tions,aswellasthemembersoftheirfamiliesaredeemedresidents.Theforeignonesareclassifiedas residents of their native countries.

2)Thefollowingpersonsareclassifiedasresidentunits: Bulgarian citizens staying abroad for education purposes, irrespective of the length of their stay; Bulgarian citizens staying abroad for medical treatment, irrespective of the length of their stay.The concept of residency is consistent with the Bulgarian Currency Law, ESA’95, and IMF Balance

of Payments Manual, 6th edition.d) Sector distribution–ESA’95standardsofsectorclassificationofinstitutionalunitsarefollowed.

The main sectors by residency include: Resident Sector (S.1) and Rest of the World (S.2). The Resi-dentSectorisdividedintomonetaryfinancialsector,generalgovernmentsectorandnon-govern-mentsector.MonetaryfinancialsectorcoverstheBNB (S.121) and other monetary financial institu-tions (S.122); general government sector (S.13) consists of three sub-sectors: central government (S.1311), local government (S.1313) and social security funds (S.1314); non-government sector includes non-financial public corporations (S.11001), non-financial private corporations (S.11002 + S.11003), other financial intermediaries and auxiliaries except insurance corporations and pen-sion funds (S.123 and S.124), insurance corporations and pension funds (S.125), households (S.14) and non-profit institutions serving households (S.15). Non-resident Sector is divided into European Union and Third countries and international organisations. The European Union is broken down by euro area and non-euro area Member States, according to the participation of EU countries in the Economic and Monetary Union.

e) Instrumental categories–intheMonetarySurveyandAnalyticalReporting,indicatorsaredefinedin conformity with Regulation (EC) No. 2423/2001 and Manual on MFI Balance Sheet Statistics of theEuropeanCentralBankinaccordancewithESA’95.DefinitionsofmostoftheinstrumentsaregiveninthecorrespondingtablesinSpecificMethodologicalNotes.

f) Foreign currency distribution – all indicators and instruments are in levs and foreign currency, in-cluding euro of the forex component.

g) Maturity structure–forthepurposesofstatisticsfinancialassetsandliabilitiesarepresentedac-cording to the original term to maturity (Regulation (EC) No. 2423/2001 of the ECB and ESA’95).

2. Reporting AgentsReporting agents are Monetary Financial Institutions (MFIs) residing on the territory of the Repub-

lic of Bulgaria. These are the BNB and other MFIs. Other MFIs include all credit institutions, includ-ing foreign banks’ branches, as well as money market funds8 registered in Bulgaria. Of all credit institu-tions,22arebankslicensedtoconductbankoperationsinBulgariaandabroadandfiveareforeignbanks’branches. The number of money market funds is seven.

Resident Monetary Financial Institutions (MFIs) are included in the MFIs list of EU Member States. This list is maintained by the ECB on its website: http://www.ecb.europa.eu.

3. Basic Framework of Monetary StatisticsReporting agents submit reports pursuant to Article 42 of the Law on the Bulgarian National Bank and

Article 69 of the Law on Credit Institutions.

7 An institutional unit has a centre of economic interest within a country when there exists some location – dwellings, place of production or other premises,whichtheunitengagesorintendstoengageineconomicactivitiesandtransactionsforanindefiniteperiodoftimeorforadefinitebutlongerperiod of time (according to ESA’95 the period is a year or more).

8 Included in the scope since February 2007.

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Data are collected electronically via BNB’s virtual network with the other MFIs.Monetary statistics framework includes two levels of data compilation and presentation:• Onthefirstlevel,theaccountingdatareceivedfromindividualreportingagentsareaggregatedin

analytical reporting containing comprehensive balance sheet data on the BNB and other MFIs. Ana-lyticalreportingoftheBNBandanalyticalreportingofotherMFIsaimtoprovidedataclassifiedbyresidency, sector and instrument.

• On the second level, data from analytical reporting are consolidated into a monetary survey. The monetary survey is the main form of monetary statistics and contains a lot of important indicators necessary for macroeconomic analysis. It reveals the mechanism of multiplying the monetary base into aggregate money supply serving transactions in the national economy. Its structure is built so as to facilitate the analysis of broad money and its sources. The monetary survey is accompanied by a detailed presentation of the main elements (by sector and instrument).

4. Principles of Data Processing Aggregation – summing up data by balance of all institutional units within a sector or subsector,

or of all assets and liabilities in the framework of a particular indicator. For sectors and subsectors, dataonfinancialassetsandliabilitiesareaggregatedininstruments(i.e.loansclassifiedbysectorofdebtoranddepositsclassifiedbysectorofcreditor).Furtheraggregationisusedtocombinetheinstruments into indicators.Consolidation–itreferstoeliminationofstocksandflowsthatoccurbetweeninstitutionalunits,residentsofthecountry,wheretheyaregrouped.Theinstitutionalunitsconsistingofaheadofficeand branches report consolidated data through elimination of claims and obligations between them. (Thisruledoesnotapplytoconsolidationofdatabetweenaheadofficeandnon-residentbranches.)Further consolidation is made in the monetary survey between MFIs. Netting – the general principles set in the international statistical standards; data should be collected

and compiled on a gross basis. Despite this fact, some categories of data in the monetary survey are also presented in net form due to their use for analytical needs. In the monetary survey and analyti-cal reporting, the following items are presented in net form: foreign assets, claims on the central government, other items; while gross claims on and gross liabilities to non-residents, central gov-ernment and other unclassified assets and liabilities are also shown.

5. Policy of Revisions and Statistical ProcessingIn accordance with the requirements set out in ECB Guideline 2014/159, revisions of data may be two

types: Monthly – revisions which refer only to data for the period preceding the last reporting period; Quarterly – revisions which refer to the information for periods prior to the last reporting period.

Quarterly revisions are made with the publication of the monthly data at the end of the respective reporting quarter, thus, ensuring consistency between monthly and quarterly statistics of the mon-etaryfinancialinstitutions.

Revisions of published data are made in the following cases:obtainedadditionalinformation,reclassifications,improvedreportingproceduresandcorrectionof

errors in the data submitted by reporting agents; change in accounting or statistical standard.Revisions are marked with the letter R. In the case of a change in the standard, historical data are also

revised starting from the moment of occurrence of the event or change in the standard.Upon occurrence of prerequisites for publishing a new indicator – sector, instrument, etc. – histori-

cal time series are constructed using statistical methods as of the moment of occurrence of the indicator (where appropriate conditions exist).

6. PublicationsMonthly data are as of the end of the reporting period and are published before the end of the month

following the reporting period according to the Statistical Data Release Calendar (available on the BNB website: http://www.bnb.bg). The press release, publication Monetary Statistics and data tables are pub-lished at 12:00 h. The database is updated by 17:00 h. on the date of release. Monthly statistical data are also included in periodical publications of the central bank: annual and semiannual reports of the BNB, monthly bulletins. Publications are available on paper and on the BNB website.

9 GuidelineoftheEuropeanCentralBankof4April2014onmonetaryandfinancialstatistics(ECB/2014/15)asamended.

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Appendix: Sector Table10

Definitions

Afinancialcorporationwhoseprincipalfunctionistoissuecurrency,tomaintaintheinternal and external value of the national currency and to hold the international reserves of the country.

Financialcorporations,exceptthoseclassifiedinthecentral bank sub-sector, which are principallyengagedinfinancialintermediationandwhosebusinessistoreceivedepositsand/orclosesubstitutesfordepositsfrominstitutionalunitsotherthanmonetaryfinancialinstitutions, and, for their own account, to grant loans and/or to make investments in securities. These are: a) credit institutions - banks and electronic money institutions, and b) money market funds.Money market funds are collective investment undertakings of which the units are, in terms of liquidity, close substitutes for deposits and which primarily invest in money market instruments and/or in MMF shares/units and/or other transferable debt instruments with a residual maturity of up to and including one year and/or in bank deposits and/or which pursue a rate of return that approaches the interest rates of money market instruments.

1.Financialcorporations,whichareprincipallyengagedinfinancialintermediationbyundertaking liabilities in a form, other than:a) money, deposits and/or close substitutes of deposits of institutional units, other than monetaryfinancialinstitutions;b) insurance and pension reserves. Here are included investment funds, corporations, specializing in lending, leasing corporations,financialhouses,loansoffices,etc.2. Financial corporations – auxiliaries, which are closely connected with financial intermediationbutarenotfinancialintermediaries.Here are included stock exchanges, exchange bureaux, consultants, brokers, etc.

Financialcorporations,whichareprincipallyengagedinfinancialintermediationastheconsequence of taking insurance and pension risks (and which incur liabilities in the form of insurance and pension reserves).

Non-financialcorporations,whicharemarketproducers,andwhosemainactivityistheproductionofgoodsandnon-financialservices.

Individuals or groups of individuals as consumers and possibly also as entrepreneurs producingmarketgoodsandnon-financialandfinancialservices(marketproducers).The sector includes individuals or groups of individuals as producers of goods and non-financialservicesforexclusivelyownfinaluse.Thesectoralsoincludessoleproprietorshipand partnership without independent legal status which are market producers.

Non-profitinstitutionswhichareseparatelegalentities,whosemainactivityisconnectedwith servicing, supporting and assisting households. Their principal resources, apart from those derived from occasional sales, are derived from voluntary contributions in cash or in kind from households in their capacity as consumers, from payments made by general government sector11 and from property income. Here are included trade unions, political parties, foundations, associations, churches or religious societies, social, cultural and sports clubs.

10 Institutional sectors in Bulgaria’s monetary statistics totally meet ECB requirements under strict consistency with ESA’95.11 NPIscontrolledandmainlyfinancedbygeneral governmentareclassifiedinthegeneralgovernmentsector.

S.12

Fin

anci

al c

orpo

ratio

ns

Central bank

Otherfinancialintermediaries and auxiliaries, except insurance corpora-tions and pension

funds

Insurance corpora-tions and pension

funds

Mon

ey-h

oldi

ng se

ctor


Households

(continued)

Sectors in Bulgaria’s monetary statistics

Other monetary financial

institutions Mon

ey-c

reat

ing

sect

or

Non-profitinstitutionsserv-ing households (NPISHs)

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All institutional units, which offer public services, deal with distribution of national income and guarantee the operation of social and economic system. These are ministries, institutions and other central agencies, non-budget funds and administrative departments of the state whose competence extends normally over the whole economic territory, exceptfortheadministrationofsocialsecurityfunds.Hereareincludedthosenon-profitinstitutionswhicharecontrolledandmainlyfinancedbycentralgovernmentandwhosecompetence extends over the whole economic territory.

All institutional units, which offer public services, deal with distribution of national income and guarantee the operation of social and economic system locally. This is the local administration, whose competence extends to the economic territory, except for the administrationofsocialsecurityfunds.Hereareincludedthosenon-profitinstitutionswhich are controlled and mainly financed by local government bodies and whose competence is restricted to the economic territory of the local government.

Central and local institutional units whose main activity is to provide social benefits andwhichfulfilleachofthefollowingtwocriteria:1)bylaworbyregulationcertaingroups of population are obliged to participate in the scheme or to pay contributions; 2) general government is responsible for the management of the institution in respect of the settlementorapprovalofthecontributionsandbenefitsindependentlyfromitsroleassupervisory body or employer.

All non-resident units12 which are engaged in transactions with resident institutional units, or have other economic links with resident units. This sector’s accounts provide an overall view of the economic relationships linking the national economy with the rest of the world. The sector includes such institutional units, which are physically located on the territory of the country. It is divided into two sub-sectors: European Union and Third countries and international organizations. The European Union is divided into Monetary Union and EU member states non-participating in the Monetary Union, including EU institutions.

12 Including institutions of the European Union and international organisations.

Sectors in Bulgaria’s monetary statistics Definitions

S.13

Gen

eral

gov

ernm

ent

Central government

Local government

Social security funds

Mon

ey-n

eutra

l sec

tor

Mon

ey-h

oldi

ng se

ctor

S.2

Res

t of t

he w

orld

Euro

pean

Uni

on

Third countries and international organisations

Non

-res

iden

t sec

tor

Euro area

(continued)

Non-euro area EU member

states

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II. SPECIFIC METHODOLOGICAL NOTES

The monetary statistics is presented in dynamics in a monetary survey, analytical reporting of the BNB and analytical reporting of other MFIs, and in some additional tables which contain more detailed information. The principle of the organization of all tables is the following: the data is broken down by sector, indicator, national and foreign currency, including euro, instrument and maturity, while the indica-tors on the asset side are grouped by sector and instrument and on the liability side – by instrument and degree of callability.

Simultaneously monthly sectoral surveys of the BNB and other MFIs are compiled and published. These are static tables presenting the relevant assets and liabilities indicators in a way which allows iden-tificationofthesectoraffiliationofthebalancesheetsitems.

Monetary statistics (dynamic or static) is compiled on the basis of the monthly reporting of the BNB and other MFIs.

In order to prevent disclosure of individual information13 about a given reporting agent, some indica-tors are presented on a more aggregated level.

Tables 1.3.1–1.3.4: Monetary Survey and Analytical ReportingThe structure of the monetary survey may be expressed by the following mathematical identity: net foreign assets + net domestic assets = broad money + long-term liabilitiesNetdomesticassetsincludedomesticcredit,fixedassetsandotheritems(net).The analytical reporting of the BNB and other MFIs follows the format of the monetary survey.

IndicatorsNet Foreign Assets14–abalancebetweengrossforeignassetsandliabilitiesoftheMonetaryfinancial

sector. Gross foreign assets are reported by instrument and include Bulgaria’s international reserves and otherforeignassetsoftheBNBandotherMFIs.GrossforeignliabilitiesreflectliabilitiesoftheMFIstothe foreign sector. A split of gross foreign assets and liabilities of the BNB is made in Table 1.3.5: For-eign Assets and Liabilities of the BNB.

Domestic credit – incorporates credit to the consolidated general government sector and non-govern-ment sector.

Credit to the consolidated general government sector includes net claims on the central government and gross claims on local government, and social security funds. Credit to the non-government sector in-cludesgrossclaimsonnon-financialcorporations,financialcorporations,householdsandNPISHs.

Fixed assets–movableorimmovablenon-financialassetswhichmonetaryfinancialinstitutionsin-tend to use over a period longer than one year in their main activity.

Other items (net) – consolidates all components of the balance sheets of the BNB and other MFIs which are not included in the instruments displayed above. They include Relations between other MFIs (net), Relations between the BNB and other MFIs (net) and Other assets and liabilities (net). Accrued and overdue interest, derivatives, depreciation, provisions, as well as assets and liabilities which are not in-cluded elsewhere are part of the Other assets and liabilities (net) item (a part of them is presented in Ta-bles 1.3.7 and 1.3.8: Memoranda to the Analytical Reporting of the BNB and other MFIs). The balance on the Relations between the MFIs (net) itemreflectsthefloatasaresultofnettingofclaimsandliabili-ties between MFIs.

Broad money (money supply) comprises liabilities with money character of MFIs to the resident sector with the exception of the liabilities to the central government and the monetary financial institutions sec-tor. Monetary aggregate instruments are grouped by liquidity and are presented by currency and sector.

The following monetary aggregates are used: M1, M2, and M3. The M1 monetary aggregate, com-monly referred to as narrow money, includes the most liquid instruments used in settlements (currency outside MFIs and overnight deposits in national and foreign currency). The M2 monetary aggregate com-prises quasi-money and the M1 monetary aggregate. Quasi-money comprises deposits with agreed matu-rity of up to two years and deposits redeemable at notice of up to three months (including savings depos-its).Theleastliquidfinancialinstrumentsincluderepos,shares/unitsofMMFsanddebtsecuritiesissuedup to two years, also called marketable instruments. They are denominated in national and foreign cur-rency and together with M2 form the broadest monetary aggregate, M3, commonly referred to as money supply (broad money).

13 In accordance with the requirements of the Council Regulation (EC) No 2533/98 of 23 November 1998 (as amended) concerning the collection of sta-tistical information by the European Central Bank, which are also relevant to national central banks of the European System of Central Banks (ESCB).

14 Monetary gold, special drawing rights holdings/allocations, claims on interest and interest liabilities in Net foreign assetsarespecificitemsfortheBNBonly.

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Long-term liabilities and monetary financial institutions–includeliabilitiesofmonetaryfinancialin-stitutions with maturity of over two years or with a notice of over three months, as well as capital and reserves. Capital and reservescomprisethestatutoryfundofthebankingsystem,reservesandfinancialresult.

Main IndicatorsAssets side:1. Repos – funds extended under agreements for reverse repurchases of securities where one of the partiesreceivesfundsagainstsecuritiessoldunderafirmcommitmenttopurchasethesameorsimi-larsecuritiesataparticularpriceonafixedfuturedate.

2. Loans–financialassetsarisingtoprovideborrowerswithfunds,goodsorservices.Loanterms(fixedbythecreditorornegotiated)aresetinanon-transferabledocument.Aloanisanuncondi-tional debt which shall be repaid upon maturity and shall generate income in the form of interest (seeTable1.3.6:LoanstoNon-financialCorporationsandHouseholdsandNPISHs).Margindepos-its15 made by the reporting agents are also included in the Financial corporations sector.

3. Securities other than shares – includes securities other than shares and other equity which give the holdertheunconditionalrighttofixedincomeorcontractuallydeterminedincomeintheformofcouponpaymentsand/orstatedfixedsumatastateddateordatesstartingfromtheissuedatetillthedate set as maturity/redemption date. These securities do not grant the holder any ownership rights and interest over the issuing company. Also included are instruments with the same characteristics but with options for conversion into shares or other forms of ownership. The securities other than shares indicator covers various types of bonds and other debt securities of bond nature (which can be discount or promissory notes accepted by other MFIs or other commercial paper, used as a form of short-term investments). Compensatory instruments held by credit institutions are also included in the non-financial corporations sector.16

4. Shares and other equity – holdings of securities which represent property rights in corporations. Thesesecuritiesgenerallyentitletheholderstoashareintheprofitofcorporationsandtoashareintheir own funds in the event of liquidation. MMFs shares/units are also included here.

Liabilities side:1. Currency outside MFIs is currency in circulation less other MFIs’ vault cash.2. Depositsarefundsacceptedbymonetaryfinancialinstitutionspayableatsight,withoutanynotice,

at notice or under other preliminary agreed payment conditions. Deposits are agreed upon between the parties by negotiating the terms of keeping deposit accounts, interest amount (if the agreement provides for interest accrual), terms of payment and sanctions for the parties in case of failure to performtheirobligations.Theseareliabilitiesofthefinancialinstitution.

Overnight deposits include deposits without agreed maturity and which are immediately convertible into currency or transferable on demand through banker’s order or by cheque withoutsignificantrestrictionsorpenalties.One-daydepositsarealsoincludedinthisitem. Deposits with agreed maturity are not immediately available as they have an agreed term

prior to withdrawal. These deposits cannot be used in settlements and are not convertible intocurrencywithoutanysignificantrestrictionsorpenalties.Theyarebrokendownbymaturity: up to two years and over two years. These include loans received with the excep-tion of those from the IMF. Deposits redeemable at notice include savings deposits and other deposits redeemable at notice.Savingsdepositsarenon-transferabledepositswithoutspecifiedmaturityusedforsafekeeping of funds of households against issuance of a personal savings book or analo-gous document. These include deposits for house purchase, children’s deposits and other deposits. Other deposits redeemable at notice are non-transferable deposits without speci-fiedmaturitywhichcannotbeconvertedintocashwithoutanynotice.Theirconversionintocash is not possible or they can be converted into cash prior to the term of the notice but by imposingasanction.Non-transferabledepositswithspecifiedmaturitywhichcanbecon-verted into cash prior to maturity only at notice are also included here.

15 Deposits made under derivative contracts. They are used as cash collateral, remain in the ownership of the depositor and are repayable when the con-tract is closed out.

16 Compensatory instruments include compensatory bills and housing compensatory bills issued under the Law on Compensation of the Owners of Nationalized Properties and registered compensatory bills issued under the Law on the Restitution of Ownership and the Use of Agricultural Lands. These instruments are issued by the government and are freely transferable. Pursuant to the Law on Public Offering of Securities, these are referred to as securities.

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3. Reposincludecashreceivedagainstsecuritiessoldbymonetaryfinancialinstitutionunderafirmcommitmenttopurchasethesame(orsimilar)securitiesataparticularpriceonafixedfuturedate.

4. Money market funds shares/units include shares/unit issued by money market funds.5. Debt securities issued include securities other than shares and other equity issued by credit institu-

tions, generally traded in the secondary market, that do not grant the holder any ownership rights over the issuer’s equity. Non-marketable instruments issued (which have not been initially placed throughastockexchangeorotherofficialmarketplace)andsubsequentlybecomingmarketablealsobelong to this item.

Table 1.3.5: Foreign Assets and Liabilities of the BNB The table displays claims and liabilities of the BNB to non-residents forming the positions of Foreign

assets and Foreign liabilities.InstrumentsBNB Foreign AssetsCentral bank’s foreign claims are divided into two groups according to their liquidity – International

reserves and Other foreign assets:1. International reserves include the most liquid foreign assets grouped into three sectors – non-resi-

dent banks, non-resident governments and other non-residents. Under a currency board (introduced on 1 July 1997) international foreign exchange reserves are equal to the assets of the Issue Depart-ment included in the BNB consolidated balance sheet (described in Article 28, paragraph 3 of the Law on the BNB).

Currency reserves include the following indicators: Cash – banknotes and coins held in freely convertible foreign currency; SDR holdings;17

Monetary gold consisting of gold bullion in standard form in vault and monetary gold deposited with foreign banks. From 1 July 1997 up to 31 January 2005, pursuant to Arti-cle 28, paragraph 3, item 6 of the Law on the BNB, the stock of monetary gold is valued at BGN 500 per troy ounce or market value if lower. From 1 February 2005 onwards, mon-etary gold is valued at market value. Deposits – funds in freely convertible currency held by the BNB on accounts with foreign

central banks graded by degree of liquidity (overnight deposits, deposits with agreed matu-rity, deposits redeemable at notice); Repos include funds received in the BNB against sale of securities with a commitment of reverserepurchaseofthesameorsimilarsecuritiesataparticularpriceonafixedfuturedate; Securities other than shares – debt instruments held by the BNB, issued by non-resident banks,financialinstitutionsandgovernments,whereofliabilitiesareassignedoneofthetwo highest ratings by two internationally recognized credit rating agencies, and which are payable in freely convertible currencies with the exception of debt instruments given or re-ceived as collateral; Reserve position in the IMF – Bulgaria’s unconditional right to draw funds from the IMF. ThisindicatorreflectsthepaymentoftheforexcomponentinBulgaria’squotaandindicatesthe balance between the quota and the cash held by the IMF in national currency.18

Interest receivable includes claims on accrued interest on foreign assets, included in inter-national foreign exchange reserves.19

2. Other foreign assets include less liquid claims on non-residents which after the introduction of the currency board are reported as part of assets of the Banking Department. This position is divided into three sectors (non-resident banks, non-resident governments and other non-residents) and in-cludes the following instruments:

Deposits – assets held by other non-residents which are not part of the international foreign reserves;

17 SpecialDrawingRightsarereserveassetsestablishedbytheIMFtosupplementitsmembercountries’officialreserves.ThevalueofSDRissetonthebasis of a basket of reference currencies (the euro, the British pound, the US dollar and the Japanese yen).

18 The reserve position can be raised to the amount of funds in national currency used by the IMF in transactions with other member states.19 Aspecificityassociatedwiththecurrencyboardisthatinterestreceivableandinterestpayablearereportedaspartoftheinternational reserves, correspond-

ingly as part of Bulgaria’s foreign liabilities. Therefore, they are not reported as part of Other assets and Other liabilities as in other reporting units.

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Securities other than shares – debt securities which are not included in international re-serves; Shares and other equityrepresentcapitalinvestmentininternationalfinancialinstitutions

(e.g. BIS, Basel); MMFs shares/units are also included here – these holdings of securities give the owner the right of a share in the capital of a money market fund.

BNB Foreign LiabilitiesForeignliabilitiesoftheBNBreflectthecentralbank’sliabilitiestothenon-residentsectorgrouped

into non-resident banks, non-resident governments and other non-residents. Foreign liabilities include the following instruments: Deposits – funds, deposited with the BNB by non-residents, payable at sight, without any notice, at

notice or under other preliminary agreed payment conditions; Loans–interest-bearingcreditswithafixedtermreceivedfromIMFcommonfunds; SDR allocations;20

Interest payable – interest payable on foreign liabilities.21

Table 1.3.6: Loans to Non-financial Corporations, Households and NPISHsThis table reveals information on loans (their residual value) by type, currency and sector granted by

credit institutions. Loans are reported under the claims on non-government sector item in the monetary survey and analytical reporting.

Loans are recorded at nominal value – their principal amount, before deduction of provisions, without fees and accrued interest. Accrued interest and fees are included under item Other assets while loan loss provisions are part of the Other liabilities item in the balance sheet of the MFIs.

Data of accrued interest on loans and provisions are available in Tables 1.3.7 and 1.3.8 Memoranda to the Analytical Reporting of the BNB and Other MFIs whereas the coverage of the indicators is described in the methodological notes to these tables.

Types of Loans1. By maturity

Short-term loans – loans with an original maturity of one year or less, including overdraft.Loanswithmaturityofoveronetofiveyears–loanswithanoriginalmaturityexceedingoneyearbutlessthanfiveyears.Loanswithmaturityofoverfiveyears–loanswithanoriginalmaturityexceedingfive

years.2. By quality Regular loans – includes loans with regular performance and non-performing loans past-due up to 90

days with the exception of restructured loans (the categories correspond to ‘standard exposures’ and ‘watchexposures’asdefinedintherepealedOrdinanceNo.9oftheBNB22). Bad and restructured loans23 – in accordance with the ECB statistical requirements,24 the BNB col-

lects aggregated data for all balance sheet loans, which are restructured or non-performing loans past-due over 90 days (includes the categories ‘non-performing exposures’, ‘loss’ and all ‘restruc-turedexposures’asdefinedintherepealedBNBOrdinanceNo.9).Detaileddataontheloansac-cording to their past-due periods are not collected for the purpose of monetary and interest rate sta-tistics.

In accordance with the international practice, reporting of monetary statistics differs from supervi-sory reporting, including the reporting of loans, which are restructured or non-performing. There-fore, the aggregated data on loans which are restructured and non-performing past-due over 90 days do not represent the total amount of non-performing exposures.

Source of information regarding non-performing exposures is the supervisory data of the BNB. Data are available on the internet site of the BNB under section: Banking Supervision/ Credit Insti-tutions (Banking Sector)/ Financial Supervision Reports – Data/ Banking System.

20 Long-term liability to the IMF, counterpart of the Special Drawing Rights.21 See footnote 18.22 OrdinanceNo9oftheBNBof3April2008ontheEvaluationandClassificationofRiskExposuresofBanksandtheAllocationofSpecificProvisions

for Credit Risk.23 Until 30 June 2006 the indicator includes overdue principal, which is not paid.24 RegulationECB/2001/13concerningtheconsolidatedbalancesheetofthemonetaryfinancialinstitutionssectorandRegulationECB/2001/18concern-

ingstatisticsoninterestratesappliedbymonetaryfinancialinstitutionstodepositsandloansvis-à-vishouseholdsandnon-financialcorporations.

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3. By purpose Consumer loans – loans granted for the purpose of purchase of goods and services for per-

sonal use of the households; Loans for house purchase – loans extended to households for the purpose of investing in

housing for own use or rental use, including building and home improvements; Other loans – all other loans extended to households, including loans for education and

medical treatment. Loans for commercial or production purposes and loans to NPISHs are also included in the indicator.

4. By manner of disbursement Overdraft – represents debit balance on a current account. Payment of overdraft is automat-

ic upon receipt of funds on current accounts. Both overdrafts with pre-agreed interest terms and amounts and without pre-agreed terms are included. Loans, other than overdraft.

Tables 1.3.7 and 1.3.8: Memoranda to the Analytical Reporting of the BNB and Other MFIsThe memoranda show accrued interest and interest arrears on claims and liabilities by type of instru-

ment, derivatives, as well as all adjusting balance sheet items employed in accounting practices (i.e. de-preciation and provisions).

Information in the tables is available since December 2001.Description of ItemsAccrued interest is interest receivable/payable accrued that has not matured, recorded on a current ac-

crual basis. According to the analytical reporting this interest is recorded in the Other assets and Other li-abilitiesiteminthemonetarysurvey.AspecificityoftheBNBanalyticalreportingisthatinterestaccruedon international reserves and foreign liabilities is recorded in the Foreign assets item, correspondingly in the Foreign liabilities item.

Provisionsincludeallocatedprovisionsforimpairmentloss(currentlythespecificprovisionsonas-sets), as well as provisions recognized as liabilities in accordance with IAS and Bulgaria’s effective legis-lation. For statistical purposes, assets subject to provisioning are stated on a gross basis and the allocated provisions are included in the Other liabilities item (see General Methodological Notes).

Depreciation represents a kind of adjustment to depreciable long-term tangible and intangible assets. In the published information, long-term assets are reported on a gross basis and accrued depreciation is recorded in the Other liabilities item.

Derivativesincludethegrossfairvalueofallderivativesheldbymonetaryfinancialinstitutionsandreported in the balance sheet.

Tables 1.4.1 and 1.4.2: Monthly Sectoral Survey of the BNB and Other MFIsMonthly sectoral surveys show on a gross basis the claims and liabilities of other MFIs and of the

BNBsothatassetandliabilitybalancesheetitemscanbeidentifiedbysector.Tablesarestaticandcon-tain information on end-of-month balances. Presented data is in compliance with the main principles of sectoralclassificationandaggregationofinstrumentsintoindicators.

1.Sectoralclassification–themainprinciplessetoutinESA’95havebeencompliedwith.AllitemsthatarenotclassifiedbysectoraswellasMFIs’ownclaimsandliabilitiesarereportedinaseparatecolumn as not allocated.

2. Financial indicators – the scope and content of the indicators are described underneath respective tables. Some items are more aggregated in comparison with monetary survey and analytical report-ing, where a part of the instruments in the liability side is presented with additional breakdowns ac-cording to their inclusion in the monetary aggregates.

Specific Features of Monthly Sectoral Survey of the BNBFor the purposes of the table, BNB foreign claims are grouped by sector where foreign assets, includ-

ed in international reserves, and other foreign assets of the central bank are presented together. Cash in foreign currency, Special Drawing Rights holdings and monetary gold are represented in the Not allocat-ed column. Foreign assets grouped according to their liquidity as international reserves or other foreign assets are represented in Table 1.3.5: Foreign Assets and Liabilities of the BNB.

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Interest Rate Statistics25

Tables 1.5.1 and 1.5.2: Monetary Aggregates and Their Counterparts – Stocks and TransactionsThetablesincludedataonstocksattheendofthereferenceperiodandonfinancialtransactionscon-

cluded during the period for monetary aggregates and their counterparts. A financial transactionisacreation,purchase,saleorliquidationofafinancialassetorliability.Itis

calculated by taking the difference between stock positions on end-month reporting dates and then re-movingallchangeswhicharenotconsequenceoffinancialtransactions.Thesearereclassificationsbysector and instrument, adjustments of reporting errors, price revaluation of securities, write-downs and write-offs of loans, exchange rate adjustments.

Financial transaction = Stock position at the end of the reporting period – Stock position at the end of the previous reporting period – Reclassifications and other adjustments – Exchange rate adjustments – Other revaluations (Write-downs/write-offs of loans, price revaluation of securities).

Reclassifications and other adjustments comprise any change in the balance sheet that arises as a result of:

• Changes in the composition and structure of the reporting population;• Changesintheclassificationoffinancialinstrumentsandcounterpartiesoffinancialtransactions;• Changesinstatisticaldefinitionsand(partial)correctionsoferrorsinprovideddata,madebythe

reporting agents.Exchange rate revaluations reflectthechangeinthelevequivalentofassetsandliabilitiesdenominated

in foreign currencies arising from movements in exchange rates against the Bulgarian lev between two reporting dates.

Other revaluations include write-offs/write-downs of loans and price revaluations of securities:• Write-off/write-down of a loan means the removal from the balance sheet/the reduction of the

carrying amount of a loan due to its impairment. Write-downs that are recognised at the time of a sale or another transfer to third parties are also included.

• Price revaluations of securities refer to changes in the carrying amount of securities that arise from a change of the price at which they are reported or traded.

25The statistics of the interest rates, applied by the banks, compiled by the BNB, is based on a harmo-nizedmethodologyfortheeuroareacountriesspecifiedinRegulation(EC)№63/2002oftheEuropeanCen-tralbankof20December2001(ЕСВ/2001/18).26 This statistics presents information about the interest rates, volumes of new business and outstanding amounts of deposits and loans of the Non-financial Corporations and Households and NPISHssectors.Theclassificationbyinstitutionalsectorsisinaccordancewiththerequirements of the European System of Accounts 1995 (ESA’95).27

Data on interbank market indices, BIR and yield to maturity on government securities are also pub-lished.

I. LOANS AND DEPOSITS OF THE NON-FINANCIAL CORPORATIONS AND HOUSEHOLDS AND NPISHS SECTORS

Types of interest rates and methods of calculationThe interest rates are effective annual rates. They are average weighted with the volumes of new busi-

ness throughout the reporting period or with the outstanding amounts as of the end of the reporting period. They include all interest payments on deposits and loans, excluding other charges related to these instru-ments. The interest rate statistics also presents an annual percentage rate of charge which is the total cost of the loan to the borrower expressed as an annual percentage of the amount of the extended loan.

The annual percentage rate of charge comprises all interest payments on a loan, as well as all fees, commissions and other charges a client has to pay in order to obtain the loan. It is calculated only for con-sumer loans and loans for house purchase.

25 Last update as of 26 November 2015.26 Regulation(EC)No.63/2002oftheEuropeanCentralbankof20December2001concerningstatisticsoninterestratesappliedbymonetaryfinancial

institutions to deposits and loans vis-à-vishouseholdsandnon-financialcorporations(ЕСВ/2001/18).27 DetailedclassificationbyinstitutionalsectorsaccordingtotherequirementsoftheEuropeanSystemofAccounts(ESA’95)isavailableontheBNB

website under www.bnb.bg/Statistics/Methodological Notes/Institutional Sectors.

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Interest rate statistics provides information on interest rates and volumes on new business and outstanding amounts:• New business – every new agreement between the client and the reporting agent. New agreements arecontractsthatspecifyforthefirsttimetheinterestrate,maturityandotherconditionsofthede-posit or loan. A new agreement is also every renegotiation of the interest rate, maturity and/or other conditions of an existing contract when the possibility for this renegotiation has not been previously provided in it, as well as the renegotiation of the maturity with the active involvement of the client.

• Outstanding amounts – all liabilities of the reporting agents to their clients on deposits and all claims of the reporting agents on loans with the exception of restructured loans and non-performing loans past-due over 90 days (the categories correspond to ‘non-performing exposures’, ‘loss’ and ‘restruc-tured exposures’ according to the repealed Ordinance No. 9 of the BNB28).

Breakdown by sectorTheinterestratestatisticscoversloansanddepositsofnon-financialcorporations,householdsandNPISHs residents of the Republic of Bulgaria. • Non-financial corporations sector (Sector S.11 by ESA’95) – consists of institutional units which aremarketproducersandwhoseprincipalactivityistheproductionofgoodsand/ornon-financialservices.

• Households and NPISHs sector (Sectors S.14 and S.15 by ESA’95) includes the following subsec-tors:

−Households sector (Sector S.14) – individuals or groups of individuals as consumers and pos-sibly also as entrepreneurs producing market goods and services (market producers), as well as producersofgoodsandnon-financialservicesforexclusivelyownfinaluse.Thesubsectoralsoin-cludes sole proprietorships and partnerships without independent legal status.

−Non-profit institutions serving households sector (Sector S.15) – separate legal entities, whose principal activity is connected to serving, supporting and assisting households. Their principal re-sources, apart from those derived from occasional sales, are derived from voluntary contributions in cash or in kind from households in their capacity as consumers, from payments made by the General government sector and from property income. Trade unions, political parties, foundations, associa-tions, churches or religious societies, social, cultural and sports clubs are included here.

Breakdown by instrument• Overnight deposits–depositswithoutfixedmaturity,whichareimmediatelyconvertibleincash

and/or transferable at demand by cheque, banker’s order without any restriction or penalty. The in-strument also includes deposits up to 1 day. Interest rates and volumes on new business and on out-standing amounts for this instrument coincide.

• Deposits with agreed maturity – deposits that are not immediately available as they have an agreed term or other restrictions on their withdrawal. These deposits cannot be used in settlements and they are not convertible in cash without any restrictions or penalties. Time deposits and other deposits with similar characteristics (margin deposits, amounts pledged as collateral, accumulation accounts, amounts blocked in relation to legal proceedings, etc.) as well as liabilities on loans are included here.

• Loans – claims on funds lent by reporting agents to borrowers as well as claims transferred from third parties. Restructured loans and non-performing loans past-due over 90 days (the categories correspond to ‘non-performing exposures’, ‘loss’ and ‘restructured exposures’ according to the repealed Ordi-nance No. 9 of the BNB) are not included in the scope of interest rate statistics. Loans are divided into two subcategories: overdraft and loans other than overdraft.29 Interest rates and volumes on new busi-ness and on outstanding amounts for overdraft coincide.

Currency – BGNBreakdown by purpose of loans (only for the households and NPISHs sector)• Consumer loans – loans granted for the purpose of purchase of goods and services for personal use

of the households in the consumption of goods and services.• Loans for house purchases – loans extended to households for the purpose of investing in housing

for own use or rental use, including building and home improvements.

28 See footnote 22.29 Claims on repurchase agreements of the reporting agents are included in the instrument loans other than overdraft.

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• Other loans – all other loans extended to households, including loans for education and medical treatment. Loans for commercial or production purposes and loans to NPISHs are also included in the indicator.

Breakdown by agreed size of the loan (only for the non-financial corporation sector)• Loans up to an amount of EUR 1 million expressed as its BGN equivalent (the limit of EUR 1 mil-

lion refers to every individual loan).• Loans over an amount of EUR 1 million expressed as its BGN equivalent (the limit of EUR 1 mil-

lion refers to every individual loan).Breakdown by agreed period • Original maturity – the initially agreed period of time during which the loan cannot be repaid and

the deposit – redeemed without any kind of penalty.• Period of initial rate fixation – the predetermined period of time at the start of a loan contract during

which the value of the agreed interest rate cannot change.Reporting periodThe reporting period is one calendar month. End-of-month information is presented for the purpose of

interest rate statistics on outstanding amounts. Interest rate statistics on new business includes data on all new agreements concluded during the reporting period.

Revision policyIn accordance with the requirements set out in Guideline ECB/2014/15 30 revisions of data may be two

types:• Monthly – revisions which refer only to data for the period preceding the last reporting period;• Quarterly – revisions which refer to information for periods prior to the last reporting period. Quar-

terly revisions are made with the publication of the data for March, June, September, and December. Thus, consistency between monetary and interest rate statistics is ensured.

Revisions of published data are made in the following cases:• obtainedadditionalinformation,incorrectclassification,improvedreportingproceduresandcorrec-

tion of mistakes in the data submitted by reporting agents;• change in the methodological standards of monetary and interest rate statistics.Revisions of the data are announced in the press release and are marked with the letter R in the re-spective tables.Data sourceReporting agents are all banks in Bulgaria, including branches of foreign banks.

II. INTERBANK MARKETScope• Base interest rate (BIR) – the BIR for the current month equals the simple average of the values of

the index LEONIA for the business days of the preceding calendar month.• Interbank market indices: – LEONIA (LEONIA: LEv OverNight Interest Average) – an interest rate of BGN overnight unse-

cured transactions on the interbank market; – SOFIBOR (Sofia Interbank Offered Rate) – afixingofthequotesforunsecuredBGNdepositsof-

fered on the Bulgarian interbank market. It is produced for a set of maturities every business day as an average of the ask quotes provided by a representative panel of banks;

Data processingMonthly data on indices are calculated as simple average of daily data.Reporting period The reporting period is one calendar month.Data sourceMethodology and Financial Markets Directorate of the BNB.

III. YIELD TO MATURITY ON GOVERNMENT SECURITIES. LONG-TERM INTEREST RATE FOR CONVERGENCE ASSESSMENT PURPOSESScope

30 GuidelineoftheEuropeanCentralBankof4April2014onmonetaryandfinancialstatistics(ECB/2014/15)asamended.

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• Secondary market yield to maturity on interest-bearing government securities.• Long-term interest rate for convergence assessment purposes (LTIR) is determined on the basis of

the secondary market yield to maturity of a long-term government bond (benchmark bond) issued by the Ministry of Finance (Central Government sector) and denominated in the national currency. The LTIR is calculated in accordance with the requirements of the European Central Bank. Addi-tional information regarding the LTIR is published on the web site of the BNB (Statistics/Monetary and Interest Rate Statistics/ Interest Rate Statistics/Long-term Interest Rate for Convergence Pur-poses).

Data processing• The yield to maturity of government securities is calculated as an average weighted effective yield

to maturity on individual transactions between primary dealers of government securities during the reporting period. The yield is calculated using the ISMA formula at ACT/365 day count convention. The securities are grouped by their original maturity.

• The monthly value of the LTIR is the simple average of its daily values.Reporting periodThe reporting period is one calendar month.Data source Fiscal Services Department of the BNB – for the yield on government securities.

IV. DATA DISSEMINATIONThe Bulgarian National Bank publishes monthly data on interest rate statistics in a database organised as a

set of data series on its website. An archive containing sets of the data series as of the date of publication of a given reporting period is available on the website of the BNB in the Interest Rate Statistics Archive subsection.

Selected indicators, representative for the interest rate statistics and organised in tables are published in the electronic issue ‘Interest Rate Statistics’ and in the semi-annual and annual reports of the BNB.

Data is simultaneously released to all interested parties. The publication dates are announced in the Statistical Data Release Calendar.31 The press release, electronic issue “Interest Rate Statistics” and data tables are published at 12:00 h. The database is updated by 17:00 h. on the date of release.

V. CONTACTSShould you have any questions on the data and the applied methodology please do not hesitate to con-

tactthepressofficeoftheBulgarianNationalBank([email protected]) or Ms. Daniela Dobreva, head of Monetary and Banking Statistics Division ([email protected]).

External Sector Information on the external sector includes four major categories:(a) balance of payments;(b) trade in goods;(c) debt indicators;(d) exchange rates.

32The Bulgarian National Bank is in charge of the compilation of Bulgaria’s balance of payments. The legal basis for the balance of payments compilation in Bulgaria is provided for in Article 42 of the Law on the Bulgarian National Bank. Data for the purposes of the BOP compilation are collected on the basis of Article 42 of the Law on the Bulgarian National Bank as well as on the basis of Article 7, paragraph 10 of the Currency Law. The data are processed by the Balance of Payments and External Debt Division withintheBNBStatisticsDirectoratekeepingitsconfidentiality.Atpresent,theBulgarianNationalBankcompiles and publishes standard presentation as well as analytic presentation of the balance of payments in accordance with the Sixth Edition of the Balance of Payments and International Investment Position

31 TheStatisticalDataReleaseCalendarispublishedontheBNBwebsite:www.bnb.bg/Pressoffice/Events/Calendar.32 Revised methodological notes as of 17 April 2015.

2

Balance of Payments32

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Manual (IMF, 2008), the Balance of Payments Textbook (IMF, 1996), and the Recommendation of the European Central Bank.33

The balance of payments’ methodology is conceptually related to that of the System of National Ac-counts (SNA). The items of the balance of payments correspond closely to the relevant categories of the rest of the world account in the SNA.

There is a close relationship between the International Investment Position and the balance of pay-mentsaswell.TheBOPfinancialaccountmeasuresaneconomy’stransactionsinexternalfinancialassetsandliabilities,whichaffectthestockofexternalfinancialassetsandliabilitiesmeasuredintheinterna-tional investment position.

I. Accounting Principles and ConventionsThe basic convention applied in the compilation of Bulgaria’s balance of payments is the implemen-

tation of the vertical double entry bookkeeping from the perspective of the residents of that economy. Ac-cording to it, each transaction leads to at least two corresponding entries, traditionally referred to as a credit entry and a debit entry, in the books of the transactor. In the current and capital accounts, a credit denotes entries from exports, primary income receivable, transfers receivable, and disposals of non-pro-ducednon-financialassets.Adebit is used to record entries for imports, primary income payable, trans-ferspayable,andacquisitionsofnon-producednon-financialassets.Financialaccountitemsarerecordedonanetbasisseparatelyforeachfinancialassetandliability, i.e.theyreflectchangesduetoallcreditanddebit entries during an accounting period. A positive change indicates an increase in assets or liabilities and a negative change indicates a decrease in assets or liabilities.

Each transaction should be recorded according to the accrual basis, which determines to which time period it should be attributed. Accrual accounting records flows at the time economic value is created, transformed, exchanged, transferred, or extinguished.Thismeansthatflowsthatimplyachangeofeco-nomic ownership are recorded when ownership passes and services are recorded when provided. In oth-er words, the effects of economic events are recorded in the period in which they occur, irrespective of whether cash was received or paid or was due to be received or paid.

Transaction valuations are based on market prices. If the actual market prices are not available, the average market prices are used as approximation.

Valuation (exchange rate or price) changes of the Bulgaria’s external assets and liabilities are not in-cluded in the balance of payments.

The units of account for the balance of payments of Bulgaria are euro and levs. The conversion into the unit of account is made using the exchange rate at the time of transaction. If not available, or inappli-cable for other practical reasons, the average exchange rate for the reporting month is used.

II. Balance of Payments ComponentsThe balance of payments components are compiled using the International Transactions Reporting

System (ITRS), which includes (i) banks’ reports, and (ii) reports by enterprises which have bank ac-counts abroad, pertaining to the residents’ international transactions. These reports cover all components of the balance of payments table. As of 1 January 2010 the threshold under which transactions, report-ed by payment service providers are exempted from balance of payments reporting has risen from BGN 25,000 to BGN 100,000. In addition, the data on certain BOP components collected by the ITRS is sub-stituted for data from other sources: (i) monthly exports and imports of goods, provided by the NSI (ii) BNB estimations for the items Travel, Transportation, Compensation of employees, credit and Workers remittances, credit (iii) direct investment enterprise survey and quarterly reports of Bulgarian FDI abroad (iv)monthlyreportsbybanks,othernon-bankfinancialinstitutions,insurancecompaniesandpensionfunds on their Portfolio investments, assets (v) data from the Central Depository on the Portfolio invest-ments, liabilities(vi)administrativerecords,(vii)reportsbyenterpriseshavingfinancialloansborrowedfrom and lent to non-residents and (viii) enterprise reports on their assets and liabilities (different from financialloans)withnon-residents.

Intheanalyticalpresentationthebalanceofpaymentscomponentsareclassifiedinthefollowingmaincategories:

A. Current AccountThe current account shows flows of goods, services, primary and secondary income between residents

and non-residents. The current account is an important grouping of accounts within the balance of pay-

33 Recommendation of the European Central Bank of 23 January 2014 amending Recommendation ECB/2011/24 on the statistical reporting requirements oftheEuropeanCentralBankinthefieldofexternalstatistics(ECB/2014/2).

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ments. The balance on these accounts is known as the current account balance. The current account bal-ance shows the difference between the sum of exports and income receivable and the sum of imports and income payable (exports and imports refer to both goods and services, while income to both primary and secondary income).

Theflowsonthedebitsiderepresentthegrossdomesticproductcreatedintherestoftheworldandacquired by the domestic economy (imports of goods and services), as well as the acquisition of factors of productionexpressedbyincomepaidorpayable.Offsetstonon-refundablerealandfinancialresourcesprovided are also recorded.

Goods are physical, produced items over which ownership rights can be established and whose eco-nomic ownership can be passed from one institutional unit to another by engaging in transactions. They may be used to satisfy the needs or wants of households or the community or used to produce other goods or services. The production of a good can be separated from its subsequent sale or resale. Goods cover: general merchandise, goods under merchanting and non-monetary gold.

General merchandise on a balance of payments basis covers goods whose economic ownership is changed between a resident and a non-resident and that are not included in the following specific catego-ries. International merchandise trade statistics, compiled by the National Statistical Institute are the main data source for general merchandise.

The data on imports and exports FOB (free on board) are based on customs declarations, as the codes used are after the Harmonised System for Description and Coding of Commodities of the World Customs Organisation, introduced in 1988 and supplemented in 1992. With the January 2006 data the Bulgarian National Bank and the National Statistics Institute apply jointly methodology for compilation of imports at FOB prices and receipts and payments regarding the freight transportation, developed by them. The methodology is based on the analysis of the CIF/FOB correlations for the imports of goods depending on the different imports delivery categories, as well as on the different mode of transportation and national-ity of the carrier.

The geographical breakdown of the Goods item of the BOP is based on the following principles:For the intra EU trade in goods:• Incaseofexports(ordispatches),apartnercountryisthecountry(orMemberState)offinaldesti-

nation of the goods• In case of imports (or arrivals), a partner country is the country (or Member State) of consignment

of the goods.For the trade with third countries (outside the EU)• In case of exports, a partner country is the country of final destination of the goods• In case of imports, a partner country is the country of origin of the goods.Sources: The source of data between the beginning of 2003 and the end of 2006 was the Customs

Agency and for preceding years – the Information Services (at the Informational Computing Center Di-rectorate). The Bulgarian National Bank and the National Statistical Institute received the exports and imports data, supplemented them with other information and processed them further. With the introduc-tion of the system Intrastat (introduced with the Law on Statistics of Intercommunity Merchandise Trade, published in the Darjaven Vestnik, issue 51 of 2006) with the January 2007 data changes in the way of re-porting of the external trade of Bulgaria with the rest of the EU Member States took place.

The introduction of the system Intrastat led to changes in the deadlines for data receiving and process-ing. The information on exports (dispatches) and imports (arrivals) of goods is reported by the Intrastat operators(thefirmsobligedtoreport)totheNationalRevenueAgencywithin14daysafterthecloseofthe reporting month. These data are sent to the National Statistical Institute for further processing. The NSI reports to Eurostat aggregated monthly data (without breakdowns by trade partners and by type of goods) within 42 days after the close of the reporting month. The detailed intra trade data on dispatches and arrivals of goods are reported to Eurostat within 70 days after the close of the reporting month.

The BNB receives aggregated data from the NSI (without breakdowns by trade partners and by type of goods) on the country trade with the other EU Member States within 35 days after the close of the re-porting month, and these data are supplemented by the data of the Customs Agency on trade with third countries. Before that with the publication of the report on the balance of payments for the reporting month only aggregated data on exports and imports are published. The BNB receives detailed data on dis-patches and arrivals of goods from the NSI within 60 days after the close of the reporting month.

As a result of these changes the schedule for external trade data reporting by the BNB is the follow-ing:

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• Preliminary aggregated data (without breakdowns by trade partners and by type of goods) for the reporting month are published within 42 days after the close of the reporting month in the balance of payments table.

• Preliminary detailed data (with breakdowns by trade partners and by type of goods) for the report-ing month are distributed to users not earlier than 73 days after the close of the reporting month.

• External trade of Bulgaria from the Balance of Payments of Bulgaria is prepared quarterly not ear-lier than 73 days after the close of the reporting month.

The published series of data on Bulgarian imports and exports on the web site of the BNB are updated not earlier than 73 days after the close of the reporting month.

In accordance with the common methodology, the BNB and the NSI have to agree upon the data be-fore publishing them.

Merchanting is defined as the purchase of goods by a resident (of the compiling economy) from a non-resident combined with the subsequent resale of the same goods to another non-resident without the goods being present in the compiling economy. Merchanting occurs for transactions involving goods where physical possession of the goods by the owner is unnecessary for the process to occur.

Goods under merchanting are recorded in the accounts of the owner in the same way as any other goods it owns. However, the goods are shown separately in international accounts statistics of the econ-omy of the merchant because they are of interest in their own right and because they are not covered by the customs system of that economy.

The acquisition of goods by merchants is shown under Goods acquired under merchanting as a nega-tive export of the economy of the merchant.

The sale of goods is shown under Goods sold under merchanting as a positive export of the economy of the merchant.

The difference between sales and purchases of goods for merchanting is shown in the item Net ex-ports of goods under merchanting. This item includes merchants’ margins, holding gains and losses, and changes in inventories of goods under merchanting. As a result of losses or increases in inventories, net exports of goods under merchanting may be negative in some cases.

Merchanting entries are valued at transaction prices as agreed by the parties, not FOB.If there is no change of ownership of the goods, there is no merchanting transaction, but there may be

manufacturing services on physical inputs owned by others for a fee.Sources: Regular quarterly survey among enterprises trading internationally in goods and services.Services are the result of a production activity that changes the conditions of the consuming units,

or facilitate the exchange of products or financial assets. Services are not generally separate items over which ownership rights can be established and cannot generally be separated from their production. The Services component comprises Manufacturing services on physical inputs owned by others, Maintenance and repair services not included elsewhere, Transport, Travel,and Other services.

Manufacturing services on physical inputs owned by others cover processing, assembly, labeling, packing, etc., undertaken by enterprises that do not own the goods concerned. The manufacturing is un-dertaken by an entity that does not own the goods and that is paid a fee by the owner. In these cases, the ownership of the goods does not change, so no general merchandise transaction is recorded between the processor and the owner.

Sources: Regular quarterly survey among enterprises trading internationally in goods and services.Maintenance and repair services not included elsewhere cover maintenance and repair work by resi-

dents on goods that are owned by non-residents (and vice versa). The repairs may be performed at the site of the repairer or elsewhere. Repairs and maintenance on ships, aircraft, and other transport equipment are included in this item. The value recorded for maintenance and repairs is the value of the work done—not the gross value of the goods before and after repairs.

Sources: Regular quarterly survey among enterprises trading internationally in goods and services.Transport is the process of carriage of people and objects from one location to another as well as re-

lated supporting and auxiliary services. Transport services cover freight transport, passenger transport, other transport and postal and courier services.

Sources: The Bulgarian National Bank derives the data on freight transportation from foreign trade data and the data on passenger transportation from travel data on the basis of estimates.

Since 2006 the freight transportation receipts have been set up on the basis of estimated receipts of resident carriers related to the country exports of goods. The payments are calculated as an estimation of the payments made by residents on behalf of non-resident carriers related to the country imports of goods.

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The receipts and payments are estimated according to mode of transportation and nationality of the car-rier. With the introduction of the system Intrastat with the January 2007 data changes in the way of com-pilation of receipts and payments regarding the freight transportation of Bulgaria with the rest of the EU member states took place. Due to the delay in receiving the detailed data on trade of Bulgaria with the rest of the EU member states from the NSI, as of the date of publication of the preliminary balance of pay-ments report for the corresponding month (42 days after the close of the reporting period) the preliminary compilation of receipts and payments of freight transportation is based on data for preceding years. These estimates are subject to revisions after receiving the preliminary detailed data (with breakdown by trade partners and by type of goods) on trade with the rest of the EU member states for the reporting month.

The source for postal and courier services is the regular quarterly survey among enterprises trading internationally in goods and services.

Travel credits cover goods and services for own use or to give away acquired from an economy by nonresidents during visits to that economy.

Travel debits cover goods and services for own use or to give away acquired from other economies by residents during visits to these other economies. Travel excludes goods for resale, which are included in general merchandise. The acquisition of valuables (such as jewelry), consumer durable goods (such as cars and electric goods), and other consumer purchases for own use or to give away that are included in customs data in excess of customs thresholds, are included in general merchandise.

By the end of 2006 the data on travel is based on data from the Ministry of Internal Affairs on the number of travellers crossing the borders and on estimates of per capita expenditures, the latter based on the methodology for estimation of the receipts and expenditures from travel services – Methodology For Estimation of the Receipts and Expenditures from Travel in the Bulgarian Balance of Payments (Bulgar-ian National Bank, Ministry of Trade and Tourism, 18 November 1999).

As of the beginning of 2007 data for the number and the structure of foreigners who visited the coun-try are based on information from the border police and NSI estimates. With the January 2010 data the BNB applies new methodology for estimation of the receipts and expenditures for travel and passenger transportation. The estimation model for the Travel item is based on the product of the number of travel-lers and the expenditure respective for a certain type of purpose of the travel (for more detailed informa-tion and questions, related to the methodologies applied, please contact us through the following e-mail: [email protected]). The estimates of the expenditures (receipts) by purpose of the travel are based on the data collected during the Border Survey among Traveling Bulgarians and Foreigners conducted by theBNBduringtheperiodJuly2007–August2008.Thenewmethodologywasappliedforthefirsttimewith the data for January 2010, with back data revisions for the months of 2007, 2008 and 2009.

Other services item covers receipts and payments related to services other than Manufacturing servic-es on physical inputs owned by others, Maintenance and repair services not included elsewhere, Trans-port,Travel(communication,construction,financial,leasing,insurance,cultural,sportandrecreationalservices, etc.).

By end-2009 the main sources of information on this item were the banks’ reports on their custom-ers’ imports and exports of non-factor services and the quarterly reports of enterprises having accounts abroad, as well as BNB estimates for the transactions below the threshold of BGN 100,000. In accord-ance with Regulation (EC) No 924/2009 of the European Parliament and the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001 with ef-fect from January 2010, the settlement-based national reporting obligations on payment service providers for balance of payments statistics related to payment transactions of their customers up to EUR 50,000 were removed. The quality and the scope of the data collected by the banks depend to a great extent on the threshold above which they report the transactions between residents and non-residents to the BNB. Raising the threshold without alternative source for these data would have considerably deteriorated the quality of the balance of payments data and particularly of the current account. The analysis showed that the loss of information for some services items could reach up to 90 per cent. For that reason the BNB has changed the methodology for collection and compilation of data on other services and other items in the current account that still relied on the settlement data. As of the beginning of 2010 the BNB started conducting regular quarterly survey among enterprises trading internationally in services. Based on the resultsofthesurvey,withthepublicationofJanuary2011balanceofpaymentsfigures,dataonotherser-vices for 2010 are revised. For the purpose of the monthly publications data on other services item are based on the settlement data from banks for the transactions above the threshold of BGN 100,000 and

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BNB estimations for transactions below the threshold. After processing the quarterly reports by enter-prises data are to be revised.

Primary income represents the return that accrues to institutional units for their contribution to the production process or for the provision of financial assets and renting natural resources to other insti-tutional units. Two types of primary income are distinguished: (a) income associated with the produc-tion process. Compensation of employees is income for the contribution of labor inputs to the production process. Taxes and subsidies on products and production are also income related to production; and (b) investmentincome–incomeassociatedwiththeownershipoffinancialandothernon-producedassets.

Compensation of employeescoverswages,salariesandotherbenefitspaidtonon-residentworkersinBulgaria or received by resident workers abroad. The compensation of employees comprises also income duetoillegalemployment.Bytheendof2006theBNBestimatesthisflowinaccordancewiththeMeth-odology for Estimation of Flows due to Illegal Employment (14 March 2006). With the January 2010 data the BNB applies new methodology for estimation of the Compensation of employees, credit. The new methodologywasappliedforthefirsttimewiththedataforJanuary2010,withbackdatarevisionsforthe months of 2007, 2008 and 2009.

• Investmentincomecoversreceiptsandpaymentsofincomeassociatedwithexternalfinancialassetsand liabilities, including receipts and payments on direct investment, portfolio investment, other invest-ment, and receipts on reserve assets.

The main sources of information on the Income component are the banks’ reports and the reports of non-bankfinancialinstitutions,insurancecompanies,pensionfunds,enterprises,theMinistryofFinance,and the Bulgarian National Bank.

The secondary income account shows current transfers between residents and non-residents. Various types of current transfers are recorded in this account to show their role in the process of income distribu-tion between the economies. Transfers may be made in cash or in kind.

Capital transfers are shown in the capital account. Whereas primary income affects national income; secondary income, together with primary income, affect gross national disposable income. Capital trans-fers do not affect disposable income, and hence, are recorded in the capital account.

Current taxes on income, wealth, etc.,socialcontributions,socialbenefits,netnon-lifeinsurancepre-miums, non-life insurance claims, current international cooperation, personal transfers and miscellaneous current transfers, etc. are included in the Current transfers. Workers’ remittances are current transfers made by employees to residents of another economy. They are included as a supplementary item.

Sources: The Bulgarian National Bank receives information on current transfers from the Ministry of Finance, the Bulgarian Red Cross, the Agency for Foreign Aid, and from the reporting system of banks on transactions between residents and non-residents.

The item Workers remittances, credit is a sub-item of the Current transfers, credit in the current ac-count of the balance of payments and is a balancing item for transfers without a quid-pro-quo in cash or in kind.

Applyingofanewmethodologyforestimationoftheseflowsbecamenecessarynotonlybecausetheabovedescribedcircumstancesdemandeditbutbecauseofthenecessitytocaptureinflowstransferredthroughbothofficialandunofficialchannels.

The estimates of the workers’ remittances are based on the product of the number of Bulgarian emi-grants, transferring money to their relatives and the amount of the average transfer. Such calculations are madeseparatelyfortheofficialandtheunofficialtransferchannels.Thesumofthemoneytransferredvia those two channels is recorded as the amount of workers’ remittances to Bulgaria.

The data on the number of the Bulgarian emigrants are based on information from the State Agency for Bulgarians Abroad, from the Bulgarian embassies and from Eurostat. The data on the percentage of theBulgarianemigrants,transferringmoney,thesharesoftheofficialandunofficialchannelsandtheav-erage transfer for each of the channels used are based on the data collected via the Border Survey.

ThenewmethodologywasappliedforthefirsttimewiththedataforJanuary2010,withbackdatare-visions for the months of 2007, 2008 and 2009.

B. Capital AccountThe Capital Account shows (1) capital transfers receivable and payable between residents and non-

residents; and (2) the acquisition and disposal of non-produced non-financial assets between residents and non-residents.

Ifinkind,acapitaltransferconsistsof(i)atransferofownershipoffixedassets,or(ii)forgivenessofa liability by a creditor when no counterpart is received in return. If in cash, a transfer is a capital trans-

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ferwhenitislinkedto,orconditionalon,theacquisitionordisposaloffixedassets(forexample,anin-vestment grant).

Non-producednon-financialassetsconsistofnaturalresources;contracts,leases,andlicenses;andmarketing assets (and goodwill).

Sources: The Bulgarian National Bank receives information on the capital account from the Ministry of Finance (for capital transfers from the EU funds), from the quarterly reports of the enterprises in the non-financialsector,themonthlyreportsofthenotariesandothers.

C. Financial AccountTheFinancialAccountrecordstransactionsthatinvolvefinancialassetsandliabilitiesandthattake

placebetweenresidentsandnon-residents.Thefinancialaccountindicatesthefunctionalcategories,sec-tors,instruments,andmaturitiesusedfornetinternationalfinancingtransactions.TheFinancial Account includes Direct investment, Portfolio investment, Financial derivatives (other than reserves) and employ-ee stock options, Other investment and Reserve assets.

• Direct investment is a category of cross-border investment associated with a resident in one econo-my having control or a significant degree of influence on the management of an enterprise that is resident in another economy.Aswellastheequitythatgivesrisetocontrolorinfluence,directinvestmentalsoin-cludesinvestmentassociatedwiththatrelationship,includinginvestmentinindirectlyinfluencedorcon-trolled enterprises, investment in fellow enterprises, debt and reverse investment.

Direct investmentcoversmostfinancialtransactionsandpositionsbetweenaffiliatesresidentindif-ferent economies. Investment income associated with direct investment positions is also included in di-rect investment.

Intercompanylendingisusedtodescribedirectinvestmentdebtpositionsbetweenaffiliatedenter-prises.Itincludesdebtinstrumenttransactionsandpositionsotherthanthosebetweenselectedaffili-atedfinancialcorporations(itisnotclassifiedasdirectinvestmentbecauseitisnotconsideredtobesostronglyconnectedtothedirectinvestmentrelationship).Thefinancialcorporationscoveredbythiscaseare: deposit-taking corporations (both central banks and deposit-taking corporations other than the cen-tralbank);investmentfundsandotherfinancialintermediariesexceptinsurancecompaniesandpensionfunds.

The Direct investment has two presentations: Asset/Liability presentation (used in the balance of pay-ments statistics) and Directional Principle presentation. The directional principle is a presentation of di-rect investment data organised according to the direction of the direct investment relationship.

The difference between the asset-liability and directional presentations arises from differences in the treatment of reverse investment and some investment between fellow enterprises. Under the directional principle, direct investment is shown as either direct investment abroad or direct investment in the report-ing economy:

(a) Direct investment abroad covers assets and liabilities between resident direct investors and their direct investment enterprises. It also covers assets and liabilities between resident and non-resident fel-low enterprises if the ultimate controlling parent is resident. Direct investment abroad is also called out-ward direct investment.

(b) Direct investment in the reporting economy includes all liabilities and assets between resident di-rect investment enterprises and their direct investors. It also covers assets and liabilities between resident and non-resident fellow enterprises if the ultimate controlling parent is non-resident. Direct investment in the reporting economy is also called inward direct investment.

Under the directional principle, direct investment abroad and direct investment in the reporting econ-omy include both assets and liabilities, and thus, negative values may arise.

Data on both the asset/liability and directional principle bases of compilation are useful for different kinds of analysis:

• Dataonanasset/liabilitybasisareconsistentwithmonetary,financial,andotherbalancesheetdata,so facilitating comparison between the datasets. These data are needed on an immediate counter-partybasistoadequatelymonitorflowsandpositions(forinstanceinthecasesofSPEs).

• Data on a directional principle basis assist in understanding the motivation for direct investment andtakeaccountofcontrolandinfluence.Inthedirectionalpresentation,reverseinvestmentcanbeseen as equivalent to the withdrawal of investment. The directional principle may be particularly useful for an economy with large values of pass-through funds or round tripping, because the large

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investmentflowsintoandoutofaeconomymaynotbeofprimaryinteresttoanalystsofdirectin-vestment.

The balance of payments presentation uses direct investment assets and direct investment liabilities (so that reverse investment is not netted in totals).

The BNB publishes FDI data according to both presentations.Sources: The Bulgarian National Bank receives monthly data on direct investments in Bulgaria from

the Privatisation Agency, from the Central Depository, from the reporting system of banks on transactions betweenresidentsandnon-residents,fromnotariesandregistryoffices;quarterlydatafromtheFinancialSupervision Commission, from the direct investment enterprises, from the National Statistical Institute, from the Banking Supervision Department of the BNB, from the insurance companies and pension in-surance companies; annual data from the NSI on foreign direct investment stock in enterprises from the non-financialsector.

For data on direct investments abroad the Bulgarian National Bank uses the information from FDI declarationforms,fromquarterlyreportsofnon-financialsectorenterprisesandfromthereportingsys-tem of banks on balance of paymens statistics.

• Portfolio investment includes portfolio investment, assets and portfolio investment, liabilities.Portfolio investment is defined a cross-border transactions and positions involving debt or equity se-

curities or investment fund’ shares, other than those included in direct investment or reserve assets.Securities are debt and equity instruments that have the characteristic feature of negotiability.Sources: The main sources of information on the liabilities side of the Portfolio investment is the data

provided by the Ministry of Finance, the Bulgarian National Bank, banks and the Central Depository. Data on the assets side of the Portfolio investment are provided by banks (which give information about theirandtheirclients’portfolioinvestments),custodians,non-bankfinancialinstitutions,insurancecom-panies and pension funds, the Bulgarian National Bank and the Ministry of Finance.

• Other investment covers other equity, currency and deposits, loans, trade credits and advances, and other accounts receivable/payable.

The Currency and Deposits component presents on the assets side the changes in the residents’ cur-rency deposits held abroad, and on the liabilities side – the changes in the liabilities of the resident banks to non-residents in domestic and foreign currency. Following the basic accounting principle and conven-tions set in the Balance of Payments Manual (IMF, 1993), when compiling that item the Bulgarian Na-tional Bank excludes any changes therein due to exchange rate changes.

Loans item includes received and paid principals on short- and long-term loans between residents and non-residents if no issue of a tradable security is involved with these loans.

Data on the Loans item is received by the Ministry of Finance, the Bulgarian National Bank, the banks and directly by the enterprises that have lent to or borrowed from abroad. The companies report on a quarterly or an annual basis to the BNB. The monthly data on Loans, Other sectors (assets and liabilities) is revised upon receipt of the respondents’ reports.

According to the balance of payments conventions trade credit arises from the direct extension of credit from a supplier to a buyer, i.e. this is a credit extended by a trade partner without issue of a trad-able security.

The main source of information on trade credits (assets and liabilities) are the quarterly reports of en-terprises on their assets/liabilities to non-residents.

Items Other accounts receivable/payable include all transactions on miscellaneous accounts receiv-able and payable not included elsewhere and transactions in arrears.

D. Net Errors and OmissionsThe Net Errors and Omissions component is an offsetting item. This component exists in the BOP

presentation because the compilation system used by the Bulgarian National Bank is not a closed one but is a combination of different sources of information. Unlike other statistical reports, such as for exam-ple the monetary statistics, the collecting of the data necessary for the balance of payments compilation could not be restricted to the accounting records of the banks as the only source of information. Net er-rorsandomissionsareequaltothedifferencebetweentheNetfinancialaccountandthenetCurrentandcapital account balances.

ThefluctuationsintheNet Errors and Omissions, both in sign and in size, are mainly due to: (i) revi-sions of export and import data, (ii) the development of the methodology for compilation of certain bal-ance of payments’ components and (iii) the existence of objective obstacles to the collection of data on certain balance of payments’ items.

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E. Reserves and Related Items• Reserve Assets include those external assets that are readily available to and controlled by the cen-

tralbank(government)fordirectfinancingofbalanceofpaymentsimbalances.Thereserveassetscom-prise monetary gold, SDRs, reserve position in the Fund, foreign exchange assets (consisting of currency and deposits and securities), and other claims. The entries under this category pertain to transactions in the BNB’s external holdings which are administered by the Issue Department. The data on reserve as-sets changes included in the BOP table exclude valuation changes (due to exchange rate and market price changes).

In the analytic presentation of the balance of payments this group includes also Use of Fund credit and the item Exceptional Financing.

III. Periodicity, Frequency and Timeliness of the Balance of Payments PublicationsThe Bulgarian National Bank compiles and publishes the balance of payments of Bulgaria on a month-

ly basis. The schedule of the Bulgarian National Bank is to publish the data within six weeks (42 calendar days) after the close of the reference period.

IV. Data Revision PolicyRevisions to the preliminary balance of payments data are mandatory international practice. They are

particularly important in compiling the balance of payments and international investment position be-cause of the short deadline after the end of the reporting period, in which the data is compiled and pub-lished.Varioussources(banks,non-bankfinancialenterprises,directinvestmententerprises,theCentralDepository, the National Statistical Institute, etc.) are used for the data compilation. The incoming data from these sources are with different frequency, timeliness (deadline for submitting the information after the reporting period) and coverage. The different frequency and timeliness of the incoming information necessitate these revisions.

The periodic data revisions that the BNB implements are in compliance with the ECB Timetable for Exchange of Balance of Payments, International Investment Position and Reserve Assets Statistics with-in the ESCB (which includes a data revision timetable), as well as with the Eurostat Timetable for Ex-change of data and policy of revisions in the European Union. Observing this policy of revisions ensures the comparability of statistics between Member States of the European Union and the European System of Central Banks. These revisions provide users with timely information on the updated data by separate items.34 Following the requirements of the ECB and Eurostat Timetables, the policy on revisions pursued by the Bulgarian National Bank is based on the following principles:

(i)Withthereportforthefirstmonthofeachquarterthemonthlydataforthewholecurrentyeararerevised. With the reports for the second and the third month of each quarter, only the data for the previous month are revised. With the January data, published in March, and the July data, published in September of the current reporting year, the timetables give opportunity for revising the data for the previous up to four years, if necessary. In December with the publication of the data for October, a data revision for the current and previous year is possible, if necessary.

(ii) When on-going changes are made due to additional information collected, as well as resulting from elimination of errors, the Bulgarian National Bank timely informs the users through the monthly press releases as well as through the notes at the end of the balance of payments table.

(iii)WhensignificantrevisionsaremadeduetochangesinthemethodologyforreportingofcertainBOP components or other reasons, the Bulgarian National Bank publishes in advance information on the changes to facilitate the users of the data.

V. Data DisseminationThe Bulgarian National Bank disseminates monthly balance of payments data on its web site:

http://www.bnb.bg. The data are published also in the Bulgarian National Bank Monthly Bulletin.Dataonthebalanceofpaymentsareincludedinthesemi-annualandannualofficialreportsofthe

Bulgarian National Bank.Data are simultaneously released to all interested parties. VI. ContactsIf you have any questions on the methodology applied by the Bulgarian National Bank or on the bal-

ance of payments data published, please do not hesitate to send them to Mr. Emil Dimitrov, director of

34 The annual data on foreign direct investment in the country are revised 15 months after the close of the reporting period (upon receipt of the annual NSI dataonthenon-financialsectorattheBNB).

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the Statistics Directorate, via e-mail at [email protected], and Mrs. Liliana Bancheva, head of the Balance of Payments and External Debt Division, via e-mail at [email protected], or by mail to the following address:

Bulgarian National BankBalance of Payments and External Debt Division1, Knyaz Alexander I Square1000Sofia,Bulgaria

I. Data Sources 35

The data source between the beginning of 2003 and the end of 2006 was the Customs Agency, and for preceding years – the Information Services (at the Informational Computing Center Directorate). The Bulgarian National Bank and the National Statistical Institute received the exports and imports data, sup-plemented them with other information and processed them further. Until the end of 2006 all enterprises which exported or imported goods were obliged to declare these activities through customs declarations.

Since 1 January 2007 the enterprises trading with other EU Member States report according to the In-trastat system (introduced with the Law on Statistics of Intercommunity Merchandise Trade, published in the Darjaven Vestnik, issue 51 of 2006). In compliance with this Law, enterprises whose turnover exceeds the threshold set by the National Statistical Institute (NSI), submit Intrastat declarations to the National Revenue Agency (NRA). The Agency is obliged to perform control over the coverage of the enterprises andtokeeptrackofthefulfilmentoftheirdutiesundertheIntrastatsystem,aswellastocontroltheau-thenticity of the provided data. The data from the Intrastat declarations are submitted to the NSI for fur-ther processing.

The imports from, and exports to, third countries (non-EU Member States), as well as the movement of goods within the EU, which is under customs control, are still reported through customs declarations, and the Customs Agency submits the data to the NSI for processing. The NSI combines these data with the Intrastat data, processes them and after performing additional estimates provides the data to the users, including the Bulgarian National Bank.

II. Data TimelinesThe BNB receives from the NSI aggregated data (without breakdowns by trade partner and type of

goods) on the country trade with the other EU Member States within 35 days after the close of the report-ing month. The detailed data on dispatches and arrivals of goods are provided by the NSI within 60 days after the close of the reporting month, and the data on the turnover of trade with third countries are pro-vided by the NSI at the latest on the 29th day of the month following the reporting one.

III. Principles of Reporting Exports are reported at FOB prices, and imports at CIF prices. The coding system for commodities is based on the Combined Nomenclature. It is maintained by Eu-

rostat, and used by the EU Member States for the purposes of foreign trade statistics.With the implementation of the Sixth Edition of the Balance of Payments and International Invest-

ment Position Manual (IMF, 2008)36significantmethodologicalchangesinthereportingoftradeingoodsandtradeinserviceswereintroduced.Basedontheireconomicnature,certainitemswerereclassifiedfrom Goods (exports and imports) to Services (exports and imports), and vice versa.

The main methodological changes concerning exports and imports of goods are related to goods for processing, repair of capital goods, and goods for own use or to give away acquired by travelers that are in excess of customs thresholds. According to the Fifth Edition of the Balance of Payments Manual (IMF, 1993)andtheexternaltradestatisticsthefirsttwosub-itemswerereportedunderGoods (exports and im-ports) but goods for own use or to give away acquired by travelers that are in excess of customs thresh-olds were reported under Services. In accordance with the new methodological changes sub-items goods for processing and repair of capital goods are included in Services and goods for own use or to give away acquired by travelers that are in excess of customs thresholds are included in Goods.

Thus, the exports, imports and trade balance data compiled by the NSI do not equate to the exports, imports and trade balance data compiled by the BNB for the purposes of balance of payments statistics.

Taking into consideration the analytical importance of the data on goods (exports and imports) in the external trade statistics, the BNB shall continue its practice of preparing a short text on the external trade

35 Revised methodological notes as of 21 April 2015. 36 http://www.imf.org/external/pubs/ft/bop/2007/bop6comp.htm.

Imports and Exports35

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dynamics, and maintaining the relevant data series. These materials are included in the Balance of Pay-ments publication, and are published on the BNB website.

More detailed information on these methodological changes is available in the material Compilation of the balance of payments in accordance with the methodology of the sixth edition of the Balance of Payments and International Investment Position Manual37.

In accordance with the common methodology of the BNB and the NSI, since 1999 exports and im-ports are recorded after the Special Trade System, where the date of transactions’ registration is that of the customs declarations clearance, or the month in which dispatches or arrivals within the Intrastat system are made. The criteria for description of partner countries are as follows: imports – by country of origin of the commodities; exports – by country of consignment, that is, the last known country where the com-modities are to be delivered. For the purposes of consistency with the statistical time series on imports and exports by major trade partners and regions, the BNB has continued to apply these criteria when publishing foreign trade data after 1 January 2007.

Beforepublishingtheexternaltradedata,theBNBandtheNSIcoordinatethegrossfiguresforim-ports, exports and trade balance.

IV. Import and Export TablesA. End-use tablesFor the purposes of economic analysis the BNB publishes tables by end-use. They are monthly, quar-

terly and annual. Tables are based on the four-digit numerical codes after the Combined Nomenclature for the EU countries grouped according to purpose and end of use of the respective commodity. The basic principles in the distribution of the commodities in the respective groups are: purpose of use, on the one hand, and degree of processing, on the other.

B. Major trading partner and region tablesThe tables by Major trade partners and regions include the most important countries and regions for

the Bulgarian exports (imports). They are monthly, quarterly and annual. In relation to Croatia’s acces-sion to the EU on 1 July 2013 and for the purpose of data comparability for the period January 1995 – June 2013, Croatia’s time series have been included in the EU data.

C. Main trade region and end-use tablesThe tables on Main trade regions by end-use represent cross-section of the country’s imports and ex-

ports data by regions and by commodities. They are quarterly and annual.In all published tables exports are reported at FOB prices, and imports at CIF prices.

V. Data Dissemination The external trade data are available on the website of the BNB: http://www.bnb.bg. Also, the data

are published in the Bulgarian National Bank Monthly Bulletin. The foreign trade data are included in the semi-annual and annual reports of the Bulgarian National Bank.

External trade analysis and time series (since 1995) for the exports and imports by end-use and by ma-jor trading partners and regions are published on the website of the BNB. Those series could be searched by period (month, quarter, and year) and by group of goods (trade partners).

Along with this, quarterly and annual tables on major trade region by end-use are available there.

VI. Timelines of Publications The data series on the country’s exports and imports published on the website of the BNB are updated

not earlier than 73 days after the close of the reporting month.

VII. Data Revision PolicyInaccordancewithdatarevisionpolicy,withthereportforthefirstmonthofthequarterthemonthly

data for the whole current year are revised. If necessary, the Bulgarian National Bank may revise the im-ports and exports data more frequently.

VIII. ContactsIf you have any questions on the methodology applied by the Bulgarian National Bank or on the for-

eigntradedatapublished,pleasedonothesitatetocontacttoPressOffice([email protected]) or Ms. Liliana Bancheva, head of the Balance of Payments and External Debt Division, via e-mail at [email protected] (tel. +359 2 9145 1439).

37 These papers are available on the BNB website at www.bnb.bg, section Statistics/Methodological notes (left-hand menu).

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38In reporting Bulgaria’s gross external debt, the Bulgarian National Bank follows the international standards and requirements set out in the External Debt Statistics: Guide for Compilers and Users, 2003 prepared by several international organisations and issued by the IMF39 and in the Balance of Payments Manual, IMF, 5th edition, 1993. On the one hand, this ensures international data compatibility, and con-sistency between the external debt statistics and the balance of payments, international investment posi-tion and national accounts, on the other hand. Data on gross external debt are an important information source for particular balance of payments items and the international investment position.

The BNB compiles and disseminates monthly statistical data on the gross external debt by institu-tional sector.

Publications comprise monthly data on: (1) gross external debt stock (2) gross external debt service and (3) disbursements. Additional analytical external debt data by creditor is disseminated quarterly.

I. Accounting Principles and ConventionsWhen compiling debt statistics, the BNB follows the international definition of gross external

debt – ‘Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of principal and/or interest by the debtor at some point(s) in the future and that are owed to non-residents by residents of an economy.40

The main criterion for a liability to be included in the gross external debt of the country is that it is is-sued by a resident and is owed to a non-resident,41 regardless of whether it is issued on domestic or in-ternational, money or capital markets. The same principle is applied to transactions: only those between residents and non-residents are recorded. In the debt tables the BNB records the amount of tranches ac-tually disbursed, not contingent.

The stock of liabilities is recorded at nominal, not at market value even in the case when they are in the form of tradable securities. The gross external debt of Bulgaria is reported in euro.

The distinction between short-term and long-term debt is based on the original, not residual matu-rity of the liability. The long-term debt includes all liabilities with original maturity of over one year, lia-bilitieswithoutpredefinedmaturitydateaswellasliabilitiesrelatedtodirectinvestment,42 and the short-term debt, liabilities with original maturity of one year or less. All principal and interest arrears are re-corded as short-term debt.

II. Gross External Debt Components A. By Institutional SectorThe structure of the Gross External Debt table by institutional sector is in compliance with the re-

quirements of the External Debt Statistics: Guide for Compilers and Users, 2003, prepared by several in-ternational organisations and published by the IMF.

Themaincomponentsofthegrossexternaldebttablesclassifiedbyinstitutionalsectoraregeneralgovernment, monetary authorities, banks and other sectors. In accordance with the international statisti-cal standards, debt liabilities related to direct investment (intercompany lending) are presented separate-ly.TheclassificationbyinstitutionalsectorisincompliancewiththeFiftheditionoftheBalance of Pay-ments Manual(1993).Withinthesectors,theexternaldebtliabilitiesareclassifiedbymaturity:short-term and long-term and by instrument.

General Government General government debt includes: (1) central government debt, (2) local government debt, (3) debt

ofsocialsecurityfundsand(4)debtofallnon-marketnon-profitinstitutionsthatarecontrolledandmain-lyfinancedbygovernmentunits.Publiccorporationsandunincorporatedenterprisesthatfunctionasifthey were corporations (so called quasi-corporations) are explicitly excluded from the General Govern-ment sector and are allocated to Banks or Other sectors as appropriate. The debt liabilities of the General governmentsectorarelong-termandareclassifiedbyinstrument:Bonds and notes and Loans. Liabilities for which no issue of tradable securities is involved are reported under Loans. Loans received by the cen-tral government from the IMF are also reported under Loans. The central government liabilities on secu-rities issued on the domestic and on the international markets are reported under Bonds and notes, as the

38 Revised methodological notes as of 23 July 2013.39 External Debt Statistics: Guide for Compilers and Users, IMF, 2003 (Bank for International Settlements, The Commonwealth Secretariat, Eurostat,

International Monetary Fund, Organisation for Economic Cooperation and Development, The Paris Club Secretariat, The United Nations Conference on Trade and Development, the World Bank).

40 External Debt Statistics: Guide for Compilers and Users, p. 7, paragraph 2.3.41 Foradefinitionofaresidentandnon-resident,seetheBalance of Payments Manual, IMF, 5th edition, 1993, paragraphs 57 –58.42 External Debt Statistics: Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5.

Gross External

Debt38

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principle that only debt owed to non-residents is external debt is followed. The item comprises the entire stock of the issue abroad. The part of the issue abroad, held by residents at the end of the review period is reported with a negative sign in the Bonds and notes held by residents item. Government securities and countervailing instruments issued by the government on the domestic market and held by non-residents are also reported under the Bonds and notes item.

Data sources: The main source of data is the Register of Government and Government Guaranteed Debt of the Ministry of Finance (prior to 31 December 2002 the source of that data was the System for Debt Registration, Service and the Management of the Ministry of Finance and the Bulgarian National Bank). Other sources are Government and Government Guaranteed Debts Depository Directorate with the BNB, the Central Depository AD and the banks. The source of data on securities issued abroad and held by residents are the custodians and the banks.

Monetary AuthoritiesIn accordance with the international methodology on external debt statistics included herein are the

external liabilities of the BNB. The data is derived from the Register of Government and Government Guaranteed Debt of the Ministry of Finance.

BanksShort-term liabilities of the banks include short-term loans, non-residents’ deposits with domestic

banks as well as other payables to non-residents. Deposits in foreign currencies and in levs of non-resi-dents with domestic banks are included in the Deposits subitem. The net increase in deposits in the bank-ing system is reported in the Gross External Debt Disbursements table, and the net deposit withdrawal – in the external debt service tables, as a principal payment under the Deposits subitem. In accordance with the External Debt Statistics: Guide for Compilers and Users, deposits related to contingent liabilities are excluded.43 Long-term liabilities include loans and bonds and notes issued by the banks and held by non-residents.

Data sources: Data on the amount and transactions on external loans are received monthly directly from the banks through a statistical form on their external liabilities. The Money and Banking Statistics Division with the Statistics Directorate of the BNB provides monthly data for the Deposits and Other li-abilities items. The source for the data on the Bonds and notes item is the Central Depository.

Other SectorsIn the Other sectors item, the debt of private and state-owned non-bank enterprises (including Gov-

ernment guaranteed debt) as well as external liabilities of the households are reported. Short-term liabilities of Other sectors include short-term loans, trade credits as well as other payables

to non-residents. Long-term liabilities include loans and bonds and notes issued by the companies and held by non-residents.

Data sources:DataonfinancialloansarecollectedthroughthestatisticalForm SPB-4 Report on the Financial Credit Liabilities of Residents to Non-residents that covers data on the stock and the various types of transactions on the credit. As the Foreign Exchange Law envisages quarterly reporting of these liabilities,forthefirsttwomonthsofeachquartertheBNBpublishesestimationsonthenon-bankenter-prises based on the debt service schedules provided by companies on the loans extended to them and on estimations. Under the Trade credits subitem, the respective liabilities of residents to non-residents44 are reported excluding trade credit liabilities towards foreign direct investors. Such data are collected from the BNB through Form SPB-6B Report on the Liabilities of Residents to Non-residents. As the Foreign ExchangeLawenvisagesquarterlyreportingoftheseliabilities,forthefirsttwomonthsofeachquarterthe BNB publishes estimations of the stock of trade credits. Data on liabilities of the resident physical persons are collected through the annual statistical Form SPB-8 Report on the Assets and Liabilities of Resident Physical Persons to Non-residents.

Direct Investment: Intercompany LendingIn accordance with the international methodology on external debt statistics, a distinction is made be-

tween liabilities owed to direct investors (Intercompany loans) and such owed to other creditors. Liabili-tiesrelatedtodirectinvestmentrelationshipareseparatelyidentified(equityliabilitiesarisingfromdirectinvestment, i.e. equity capital and reinvested earnings except non-participating preferred shares are ex-cluded from external debt). Liabilities related to direct investment are treated as a long-term debt.

43 External Debt Statistics: Guide for Compilers and Users, IMF 2003, paragraph 2.10.44 Foradefinitionoftradecredits,seeBalanceofPaymentsManual,IMF,5thedition,1993,ChapterXX,paragraph414,aswellasExternalDebtStatis-

tics: Guide for Compilers and Users, Chapter Three, paragraph 133.

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B. By creditorIn accordance with the structure recommended by the External Debt Statistics: Guide for Compilers

and Users, quarterly external debt stock tables by creditor sector are prepared.C. Public Sector and Private Sector External DebtIn accordance with paragraphs 5.5–5.6 of the External Debt Statistics: Guide for Compilers and Us-

ers, IMF 2003, the public sector external debt comprises the debt of the general government sector, the monetaryauthoritiessector,thepublicbanks,thepublicnon-financialenterprises,aswellasthegovern-mentguaranteeddebtoftheprivatesector.Theprivatesectorexternaldebtcomprisesbanksandnon-fi-nancial enterprises’ debt, which is not included in the public and publicly guaranteed external debt. The data are monthly.

III. Periodicity, Frequency and Timeliness of the Gross External Debt PublicationsThe Bulgarian National Bank compiles and publishes data on the stock of the gross external debt of

Bulgaria, the debt service payments and the disbursements on a monthly basis. The external sector debt indicators, including external debt indicators, are also disseminated monthly.

The Bulgarian National Bank publishes the data according to its advance release calendar. In case of a change, the BNB informs the users on the new release date at least a week before the advance date.

IV. Data Revision PolicyThe data revisions policy of the Bulgarian National Bank is based on the following principles:(i) Each monthly publication includes revisions of the data for the previous three months, and each

quarterly publication includes revisions of the monthly data for the whole current year.(ii) When on-going changes are made due to additional information collected, as well as resulting

from elimination of errors, the Bulgarian National Bank timely informs the users through the monthly press releases, as well as through the notes at the end of the Gross External Debt tables.

(iii)Whensignificantrevisionsaremadeduetochangesinthemethodologyforreportingofcertainexternal debt components or for other reasons, the Bulgarian National Bank publishes in advance infor-mation on the changes in order to facilitate the users of the data.

V. Data DisseminationThe Bulgarian National Bank publishes monthly gross external debt data on the website of the Bulgar-

ian National Bank: www.bnb.bg. The data are also published in the BNB Monthly Bulletin, in the semi-annual and annual reports of the Bulgarian National Bank. Data are simultaneously provided to all inter-ested parties.

VI. ContactsIf you have any questions on the methodology applied by the Bulgarian National Bank or on the gross

external debt data published, please do not hesitate to contact Mr. Emil Dimitrov, Director of the Statis-tics Directorate, via e-mail at [email protected] and Mrs. Liliana Bancheva, Head of the Balance of Payments and External Debt Division, at [email protected], or by mail to the following ad-dress:


45The Bulgarian National Bank is in charge of the compilation of international investment position (IIP)aspartofthefinancialaccountsofthecountry.ThelegalbasisfortheIIPcompilationinBulgariais provided for in Article 42 of the Law on the Bulgarian National Bank. Data for the purposes of the IIP compilation are collected on the basis of Article 42 of the Law on the Bulgarian National Bank as well as on the basis of Articles 7–10 of the Currency Law and Ordinance No 27 of the BNB of 13 March 2014 (published in the Darjaven Vestnik, issue 27 of 25 March 2014). These data are processed by the Balance ofPaymentsandExternalDebtDivisionwithintheStatisticsDirectorateoftheBNB,ensuringitsconfi-dentiality. At present, the Bulgarian National Bank compiles and publishes the international investment position in accordance with the Sixth Edition of the Balance of Payments and International Investment Position Manual (IMF, 2008) and the Recommendation of the European Central Bank of 23 January 2014

45 Revised methodological notes as of 30 June 2015.

International Investment Position of Bulgaria45

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amending Recommendation ECB/2011/24 on the statistical reporting requirements of the European Cen-tralBankinthefieldofexternalstatistics(ECB/2014/2).46

The IIP’ methodology is conceptually related to that of the System of National Accounts (SNA) and the Gross External Debt. The items of the international investment position correspond closely to the rel-evant categories of the rest of the world account in the SNA.

There is a close relationship between the International Investment Position and the balance of pay-mentsaswell.TheBOPfinancialaccountmeasuresaneconomy’stransactionsinexternalfinancialassetsandliabilities,whichaffectthestockofexternalfinancialassetsandliabilitiesmeasuredintheinterna-tional investment position.

I. Accounting Principles and ConventionsThe time of recording of the stocks in the international investment position is as of the end of the re-

porting period.Stocks valuations are based on market prices. If the actual market prices are not available, the average

market prices are used as approximation.Valuation (exchange rate or price) changes of the country’s external assets and liabilities are included

in the international investment position. The units of account for the international investment position of Bulgaria are the EUR and the BGN.

The conversion into the unit of account is made using the exchange rate at the end of the reporting period.

II. International Investment Position ComponentsTheIIPisthebalancesheetofthecountry’sstocksofexternalfinancialassetsandliabilitiesatthe

endofaspecificperiod.TheprimarylevelofclassificationintheIIPstatementisthedistinctionbetweenassetsandliabilities.Thesecondlevelofclassificationbyfunctionisfullyconsistentwiththeb.o.p.fi-nancial account. The functional categories of assets and liabilities are (i) direct investment, (ii) portfolio investment,(iii)financialderivatives(otherthanreserves)andemployeestockoptionsand(iv)otherin-vestment. Included in assets are also the reserve assets held by the monetary authorities. The liabilities in the IIP are a broader concept than the liabilities that constitute the country’s gross external debt, as they includeequityrelatedliabilities.Thethirdlevelofclassificationisbyinvestmentinstrument.

Componentsintheinternationalinvestmentpositionareclassifiedinthefollowingmaincategories:

A. Direct InvestmentDirect investment is a category of cross-border investment associated with a resident in one economy

having control or a significant degree of influence on the management of an enterprise that is resident in another economy.Inadditiontotheequitythatgivesrisetocontrolorinfluence,directinvestmentalsoincludesinvestmentassociatedwiththatrelationship,includinginvestmentinindirectlyinfluencedorcontrolled enterprises, investment in fellow enterprises, debt and reverse investment.

Directinvestmentcoversmostfinancialtransactionsandpositionsbetweenaffiliatesresidentindif-ferent economies. Investment income associated with direct investment positions is also included in di-rect investment.

Intercompany lending is used to describe direct investment debt positions between affiliated enterpris-es. It includes debt instrument positions (in debt securities, loans, trade credits and advances and other accountspayable)otherthanthosebetweenselectedaffiliatedfinancialcorporations(itisnotclassifiedas direct investment because it is not considered to be so strongly connected to the direct investment re-lationship).Thefinancialcorporationscoveredbythiscaseare:deposit-takingcorporations(bothcentralbanksanddeposit-takingcorporationsotherthanthecentralbank);investmentfundsandotherfinancialintermediaries except insurance companies and pension funds.

The Direct investment has two presentations: Asset/Liability presentation (used in the international investment position statistics) and Directional Principle presentation. The directional principle is a pres-entation of direct investment data organized according to the direction of the direct investment relation-ship. It can be contrasted with the asset/liability presentation of aggregates used in the presentation of the international investment position, which are organized according to whether the investment relates to an asset or a liability.

The difference between the asset-liability and directional presentations arises from differences in the treatment of reverse investment and some investment between fellow enterprises. Under the directional

46 Recommendation of the European Central Bank of 23 January 2014 amending Recommendation ECB/2011/24 on the statistical reporting requirements oftheEuropeanCentralBankinthefieldofexternalstatistics(ECB/2014/2).

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principle, direct investment is shown as either direct investment abroad or direct investment in the report-ing economy:

(a) Direct investment abroad covers assets and liabilities between resident direct investors and their direct investment enterprises. It also covers assets and liabilities between resident and nonresident fellow enterprises if the ultimate controlling parent is resident. Direct investment abroad is also called outward direct investment.

(b) Direct investment in the reporting economy includes all liabilities and assets between resident di-rect investment enterprises and their direct investors. It also covers assets and liabilities between resident and nonresident fellow enterprises if the ultimate controlling parent is nonresident. Direct investment in the reporting economy is also called inward direct investment.

Under the directional principle, direct investment abroad and direct investment in the reporting econ-omy include both assets and liabilities, and thus, negative values may arise.

Data on both the asset/liability and directional principle bases of compilation are useful for different kinds of analysis:

• Dataonanasset/liabilitybasisareconsistentwithmonetary,financial,andotherbalancesheetdata,so facilitating comparison between the data sets. These data are needed on an immediate counter-partybasistoadequatelymonitorflowsandpositions.Forinstance,ifajurisdictionofconveniencethatisthehometolargeSPEs(specialpurposeentities)weretoexperienceacurrencyorotherfi-nancialcrises,datauserswouldfinddatasetsthatlookthroughSPEs(orthatnetdataforSPEswithoutseparateidentificationofgrosslevels)tobeoflimitedhelp.SPEsandotherentitiesmaytransformdebttoequity,long-termtoshort-term,localcurrencytoforeigncurrency,fixedtovari-able rates, etc., and these transformations alter risk characteristics in important ways.

• Data on a directional principle basis assist in understanding the motivation for direct investment andtakeaccountofcontrolandinfluence.Inthedirectionalpresentation,reverseinvestmentcanbeseen as equivalent to the withdrawal of investment. The directional principle may be particularly useful for an economy with large values of pass-through funds or round tripping, because the large investmentflowsintoandoutofaeconomymaynotbeofprimaryinteresttoanalystsofdirectin-vestment.

The international investment position uses direct investment assets and direct investment liabilities (so that reverse investment is not netted in totals).

The BNB publishes FDI data according to both presentations.Sources: The Bulgarian National Bank receives monthly data on direct investments in the country

from the Privatisation Agency, the Central Depository, the reporting system of banks on transactions be-tweenresidentsandnon-residents,notariesandregistryoffices;quarterlydatafromtheFinancialSuper-vision Commission, the direct investment enterprises, the Banking Supervision Department of the BNB, the insurance companies and pension insurance companies; annual data from the NSI on foreign direct investmentstockinenterprisesfromthenon-financialsector.

For data on direct investments abroad the Bulgarian National Bank uses the information from FDI declarationforms,quarterlyreportsofnon-financialsectorenterprisesandthereportingsystemofbankson transactions between residents and non-residents.

B. Portfolio InvestmentPortfolio investment is defined as cross-border positions involving debt or equity securities or invest-

ment fund’ shares, other than those included in direct investment or reserve assets. Debt securities are subdivided into long-term (with an original maturity of one year or more) and short-term (with an origi-nal maturity of less than one year). The stocks of portfolio investment assets cover securities issued by non-residents and held by residents. The stocks of portfolio investment liabilities cover securities issued by residents and held by non-residents.

Securities are debt and equity instruments that have the characteristic feature of negotiability.Sources: The main sources of information on the liabilities side of the Portfolio investment are the

data provided by the Ministry of Finance, the Bulgarian National Bank, banks and the Central Deposi-tory. Data on the assets side of the Portfolio investment is provided by banks and non-bank custodians (whichgiveinformationabouttheirandtheirclients’portfolioinvestments),non-bankfinancialinstitu-tions, insurance companies and pension funds, the Bulgarian National Bank and the Ministry of Finance.

C. Financial Derivatives

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Theassetsandliabilitiesinfinancialderivatives(otherthanreserves)andemployeestockoptionsin-clude positions in forward and future contracts, swaps, options, etc.

Sources:Themainsourceofinformationarethemonetaryfinancialinstitutions.

D. Other InvestmentOther investment covers other equity, currency and deposits, loans, trade credits and advances, and

other accounts receivable/payable. The liability position includes also the SDR liabilities to the IMF.The Currency and Deposits component presents on the assets side the positions in the residents’ cur-

rency deposits held abroad, and on the liabilities side – the positions in the liabilities of the resident banks to non-residents in domestic and foreign currency.

Sources: The main sources on the asset side are the BIS-Basel and the balance sheet data of deposit takingcorporationsandotherfinancialinstitutions.Ontheliabilitiessidedataareprovidedbythedeposittaking corporations and the BNB.

Loans item includes outstanding positions (including accrued interest) on short- and long-term loans between residents and non-residents (if no issue of a tradable security is involved with these loans).

Sources: Data on the item Loans (assets and liabilities) is received by the Ministry of Finance, the Bulgarian National Bank, the banks and directly by the enterprises that have lent to or borrowed from abroad. The companies report on a quarterly or an annual basis to the BNB. The monthly data on Loans, Other sectors (assets and liabilities) is revised upon receipt of the respondents’ reports.

According to the IIP conventions trade credit arises from the direct extension of credit from a supplier to a buyer, i.e. this is a credit extended by a trade partner without issue of a tradable security.

Items Other accounts receivable/payable include all transactions on miscellaneous accounts receiv-able and payable not included elsewhere and transactions in arrears.

Sources: The main source of information on trade credits and advances and other accounts receiv-able/payable (assets and liabilities) are the quarterly reports of enterprises on their assets/liabilities to non-residents.

Other investment – liabilities item includes the special drawing rights positions, which the IMF mem-bershavetherighttouseincaseoffinancialdifficulties,exchangingtheminconvertiblecurrencies.

Source: BNB.

E. Reserve AssetsReserve assets include those external assets that are readily available to and controlled by the central

bank(government)fordirectfinancingofbalanceofpaymentsimbalances.Thereserveassetscomprisemonetary gold, SDRs, reserve position in the Fund, foreign exchange assets (consisting of currency and deposits and securities), and other claims. The entries under this category pertain to transactions in the BNB’s external holdings which are administered by the Issue Department.

III. Periodicity, Frequency and Timeliness of the International Investment Position PublicationsThe Bulgarian National Bank compiles and publishes the international investment position of the

country on a quarterly basis. The schedule of the Bulgarian National Bank is to publish the data within three months after the close of the reference period.

IV. Data Revision PolicyRevisions to the preliminary international investment position data are mandatory international prac-

tice. They are particularly important in compiling the balance of payments and international investment position because of the short deadlines after the end of the reporting period, in which the data is compiled andpublished.Varioussources(banks,non-bankfinancialenterprises,directinvestmententerprises,theCentral Depository, the National Statistical Institute, etc.) are used for the data compilation. The incom-ing data from these sources are with different frequency, timeliness (deadline for submitting the informa-tion after the reporting period) and coverage. The different frequency and timeliness of the incoming in-formation necessitate these revisions.

The periodic data revisions that the BNB implements are in compliance with the ECB Timetable for Exchange of Balance of Payments, International Investment Position and Reserve Assets Statistics with-in the ESCB (which includes a data revision timetable), as well as with the Eurostat Timetable for Ex-change of Data and Policy of Revisions in the European Union. Observing this policy of revisions ensures the comparability of statistics between Member States of the European Union and the European System of Central Banks. These revisions provide users with timely information on the updated data by separate

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items.47 Following the requirements of the ECB and Eurostat Timetables, the policy on revisions pursued by the Bulgarian National Bank is based on the following principles:

(i) Each publication might include, if necessary revisions of the data for the previous reporting period. With the forth quarter data, published in March, and the second quarter data, published in September of the current reporting year, the timetables give opportunity for revising the data for the previous up to four years, if necessary. In December with the publication of the data for the third quarter, data revision for the current and previous years is possible, if necessary.

(ii) When ongoing changes are made due to additional information collected, as well as resulting from elimination of errors, the Bulgarian National Bank timely informs the users through the notes at the end of the IIP table.

(iii)WhensignificantrevisionsaremadeduetochangesinthemethodologyforreportingofcertainIIP components or other reasons, the Bulgarian National Bank publishes in advance information on the changes to facilitate the users of the data.

V. Data DisseminationThe Bulgarian National Bank disseminates the quarterly IIP data on its web site – http://www.bnb.bg. The data is published also in the Bulgarian National Bank Monthly Bulletin.Data on the international investment position of the country is included in the semi-annual and in the

annualofficialreportsoftheBulgarianNationalBank.Data are simultaneously released to all interested parties. VI. ContactsIf you have any questions on the methodology applied by the Bulgarian National Bank or on the in-

ternational investment position data published, please do not hesitate to send them to Mr. Emil Dimitrov, Director of the Statistics Directorate, via e-mail at [email protected], and Mrs. Liliana Bancheva, Head of the Balance of Payments and External Debt Division, via e-mail at [email protected], or by mail to the following address:


The Bulgarian National Bank is in charge of the compilation of the International Reserves and For-eign Currency Liquidity Data Template (the Data Template) of Bulgaria. These data are processed by the Balance of Payments and External Debt Division within the Statistics Directorate of the BNB.

I. Concepts of the Data TemplateThe data template on international reserves and foreign currency liquidity is compiled in accord-

ance with the IMF’s International Reserves and Foreign Currency Liquidity Guidelines for a Data Tem-plate (IMF, 2001) as well as with the Fifth Edition of the Balance of Payments Manual (IMF, 1993). The framework of the Data Template is built on two related concepts: (1) International Reserves (Reserve As-sets) and (2) Foreign Currency Liquidity. The Fifth Edition of the Balance of Payments Manual sets forth thedefinitionofthecountry’sinternationalreserves:‘thoseexternalassetsthatarereadilyavailabletoandcontrolledbymonetaryauthoritiesfordirectfinancingofpaymentimbalances,forindirectlyregulat-ing the magnitudes of such imbalances through intervention in exchange markets to affect the currency exchange rate, and/or for other purposes’ (paragraph 424). The concept of the foreign currency liquidity data template is broader than that of international reserves. It refers to the amount of foreign exchange resources that is readily available to the authorities to meet a sudden increase in the demand for foreign exchange and the potential (net) drains on foreign currency resources resulting from short-term foreign currency liabilities and off-balance-sheet activities of the authorities.

II. Key Features of the Data TemplateA. Institutional CoverageIn accordance with the currency board arrangement, the Bulgarian National Bank is the only institu-

tionholdingofficialinternationalreservesinBulgaria.ThetemplatecoverstheBulgarianNationalBankas monetary authorities which manage and hold the international reserves and the central government (excludingsocialsecurityfunds)whichaccountsformostoftheofficialforeigncurrencyobligations.

47 The annual data on foreign direct investment in the country are revised 15 months after the close of the reporting period (after the annual NSI data on thenon-financialsectorarereceivedintheBNB).

International Reserves

and Foreign Currency

Liquidity Data Template of

Bulgaria

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B. Financial Activities CoveredThe Data Template covers only instruments in foreign currencies. Foreign assets in non-convertible

currencies, as well as all other assets that do not meet reserve assets concept are excluded. C. Valuation Principles and ConversionInternational reserves are revalued daily at market exchange rates. Securities positions are revalued

daily at the market price of the instruments concerned on the previous working day. Gold is revalued dai-lyatthecurrentmarketprice,whicheverislower.Interestisaccrueddailyandclassifiedunderitem1(A).Dataareconvertedintonationalcurrencyoreuroequivalents(thelevislinkedtotheeuroatafixedex-changerate)onthebasisofofficialexchangeratesannouncedbytheBulgarianNationalBankdaily.Thereserve data template is calculated and revalued monthly.

III. Structure of the Data TemplateThe Data Template consists of four sections:(1) Official reserve assets and other foreign currency assets broken down by major compo-

nents, viz. convertible foreign currencyA.Officialreserveassets(securities,currencyanddeposits);IMFreserveposition;SDRs,goldand

other (accrued interest).B. Other foreign currency assets (central government deposits with local banks, gold not included in theofficialreserves,Bradybondscollateral).

Thissectioncoversstocksdata.Thedefinitionofthesedataisconsistentwiththemethodologyex-posedinthefiftheditionoftheIMF’sBalance of Payments Manual. Under Article 42 of the Law on the Bulgarian National Bank, the BNB compiles the balance of payments of Bulgaria, a major functional cat-egory of which are the reserve assets.

ThetypesofforeignassetsthatareincludedintheofficialreservesoftheBNBareexplicitlydefinedby Article 28 of the Law on the BNB.

Other foreign currency assets refer to foreign currency assets of the BNB that are not included in the officialreserves,aswellassuchassetsheldbythegovernment(excludingsocialsecurityfunds).

Sources:Dataonofficialreserveassetsandonotherforeigncurrencyassetsarebasedontheac-counting records of the BNB. International reserves and foreign currency liquidity template data can be reconciled with the annual reserve assets data shown in the International Investment Position both pub-lished on the BNB website (www.bnb.bg), as well as with the assets data in the monthly Balance Sheet of the Issue Department and with the BNB Analytical Reporting table both published on the BNB web-site (www.bnb.bg). Data on central government deposits with local banks are provided by banks through Money and Banking Statistics Division within the Statistics Directorate of the BNB.

(2) Predetermined short-term drains on foreign currency assetsThissectioncoversforeigncurrencyflowsrelatedtopredeterminedpaymentsofprincipalandinterest

associated with loans and securities up to and including one year. Unlike data on external debt and inter-national investment position which are based on residency concept (i.e. only liabilities to non-residents irrespective of currencies involved should be included), data included in Section II relate only to liabili-ties in foreign currencies irrespective of the residency of the holder.

Source: Data on predetermined short-term drains on foreign currency assets are based on Ministry of Finance projections on principal and interest payments on loans and securities denominated in foreign currencies in the 12-month period ahead.

(3) Contingent short-term drains on foreign currency assetsSectionIIIcoverscontingentforeigncurrencyflowswhichrefertocontractualobligationsthatmight

giverisetopotentialfutureoutflowsorinflowsofforeigncurrencyassets.Bydefinition,contingentdrains cover off-balance-sheet activities.

Source: Ministry of Finance.(4) Memo itemsThissectioncoversstocksandflowsnotdisclosedintheprevioussectionsbutrelevantforassessing

theforeigncurrencyofficialreservesandliquiditypositions(financialinstrumentsdenominatedinfor-eigncurrencyandsettledindomesticcurrency)aswellasthecurrencycompositionofofficialreserves.

Sources: the Ministry of Finance provides monthly stock data on securities issued for the structural re-form (ZUNK) which are denominated in foreign currency and settled in levs. Data on the currency com-positionofofficialreservesareprovidedbytheBNB.

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IV. Periodicity and Timeliness of the Data Template PublicationsThe Bulgarian National Bank compiles and publishes International Reserves and Foreign Currency

Liquidity Data Template of Bulgaria on a monthly basis within three weeks after the close of the refer-ence period.

V. Data Revision PolicyRevisionstopublishedofficialreserveassetsandinternationalreservesandforeigncurrencyliquidity

dataarenotacommonpractice.DataonofficialreserveassetsarebasedontheaccountingrecordsoftheBNB and are revised only if the accounting records are revised. The policy on revisions pursued by the Bulgarian National Bank is based on the following principles:

(i) As for the International Reserves and Foreign Currency Liquidity data, each monthly publication may include revisions of the data for the previous month.

(ii) When on-going changes are made due to additional information collected, as well as resulting from elimination of errors, the Bulgarian National Bank timely informs the users through monthly press releases and through the notes at the end of the Data Template table.

VI. Data DisseminationTheBulgarianNationalBankdisseminatesthemonthlyofficialreserveassetsandinternationalre-

serves and foreign currency liquidity data on its website: www.bnb.bg. Data are presented in million euro.Dataarealsopublishedinthesemi-annualandintheannualofficialreportsoftheBulgarianNational

Bank.

VII. ContactsIf you have any questions on the methodology applied by the Bulgarian National Bank or on the of-

ficial reserve assets and international reserves and foreign currency liquidity data published, please do not hesitate to send them to Mr. Emil Dimitrov, Director of the Statistics Directorate, via e-mail at [email protected], and Mrs. Liliana Bancheva, Head of the Balance of Payments and External Debt Division, via e-mail at [email protected], or by mail to the following address:


Fiscal SectorInformationonthefiscalsectorisclassifiedintothreecategories:(a) general government sector operations (government sector);(b) government operations (republican budget);(c) government debt.Fiscal sector includes all ministries, agencies, extra-budgetary funds, individual units of social secu-

rityandotherinstitutionsofthecentralgovernment,municipalities,aswellasenterprisesfinancedandcontrolled by them.

The consolidated state budget covers data on the government sector and includes the republican budget,thebudgetsofsocialsecurity,legalauthorities,universitiesfinancedbythegovernment,theBul-garian Academy of Sciences, municipalities, as well as extra-budgetary funds and accounts. The general government sector corresponds to the methodology requirements of the European System of Accounts, rev. 1995.

The republican budget includes the central republican budget (the budget of the Ministry of Finance), budgetsofotherministriesandagencies,regionalauthoritiesandtheNationalAuditOffice.Togeth-erwiththebudgetsofthesocialsecurity,legalauthorities,universitiesfinancedbythegovernment,Bulgarian Academy of Sciences and their extra-budgetary accounts it forms the central government sub-sector. The institutional coverage of this sub-sector corresponds to the methodology of the European Sys-tem of Accounts.

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9/2016 REALSECTOR

4 Real SectorTables of the real sector are arranged in the following groups:(a) macroeconomic indicators (national accounts);(b) labour market;(c) price indicators.Real sector covers a few groups of institutional units – residents on the economic territory of Bulga-

ria. These include non-financial corporations whose main activity is production and sale of goods and non-financialservicesforthepurposeofmakingprofit;non-profit institutions serving households which providegoodsandservicesfreeofchargeorateconomicallyinsignificantprices;households – residents in Bulgaria regardless of their type and amount. Real sector also includes unincorporated production units, as well as those with single-entry accounting owned by local physical persons.

This section of the BNB Monthly Bulletin includes data on:• gross domestic product – under the method of end-of-use expenditure and under the production

method.In accordance with the requirements of the European System of Accounts, 1995, holding gains are ex-

cluded from GDP data, i.e.changesinitsvalueduetopricefluctuationsareexcluded.Datanotreconciledwith Supply – UsefinaltablesoftheNSIarepreliminary.

• labour market – employed under labour contract (public and private sectors), changes in their num-ber (by economic sector), number of unemployed (total, young people, adults) and unemployment rate, average wage of employed (by type of ownership and by economic sector). The NSI publishes monthly data on employment and average wage in the second month following the end of the relevant calendar quarter.

• consumer price changes – compared to the previous month, compared to the relevant month of the previous year and compared to December of the previous year.

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Resolutions of the BNB Governing Council

11 August The BNB Governing Council adopted the Report of the Asset Quality Review and Stress Test of the Banks, prepared by the Banking Supervision Department based on data provided by independent consultants and summarised by the international professional services company Deloitte as a consultant of the Bulgarian National Bank on the accomplishment of the task.

18 August The BNB Governing Council adopted Ordinance on Amendments to Ordinance No 3 of the BNB of 16 July 2009 on the Terms and Procedure for the Execution of Payment Transactions and Use of Payment Instruments.

The BNB Governing Council adopted Ordinance on Amendments to Ordinance No 16 of the BNB of 16 July 2009 on Licensing of Payment Institutions, Electronic Money Institutions and Payment System Operators.

The BNB Governing Council adopted new Ordinance No 13 of the BNB on the Application of International Bank Account Numbers and BAE Codes repealing Ordinance No 13 of the BNB of 16 July 2009 on the Application of International Bank Account Numbers and Bank Codes.

The BNB Governing Council adopted changes to the RINGS Tariff.

The Governing Council of the BNB refused to issue a license to Europay Solution EOOD (under incorporation) for conducting activity as a payment institution.

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9/2016 BNBPUBLICATIONS

BNB PublicationsPeriodical Publications

Annual Report of the BNB

Report, January – June of corresponding year

Monthly Bulletin

Government Securities Market (quarterly bulletin)

Banks in Bulgaria (quarterly bulletin)

Economic Review (quarterly bulletin)

Aperiodical Publications

J. Miller, S. Petranov Banking in the Bulgarian Economy

J. Miller The Bulgarian Banking System (1996)

120 Years Bulgarian National Bank, 1879–1999

Catalogue of the Art Collection of the Bulgarian National Bank (1999)

Catalogue of Bulgarian Banknotes (2004)

Catalogue of Bulgarian Coins (2004)

The Art of Central Banking in Eastern Europe in the 90s

Nikolay NenovskyExchangeRatesandInflation:FranceandBulgariaintheInterwarPeriodandContributionofAlbertAftalion(1874–1956) (2006)

Catalogue Coins (2009)

Catalogue Banknotes (2009)

Oleg Nedyalkov, Lyudmila Dimova The Bulgarian National Bank and Its Role in Bulgarian Economic Development, 1879–2009 (2009)

Nikolay Boshev (ed.) 130SelectedWorksfromtheBNBCollection.Sofia,BNB,2009

Discussion Papers

DP/1/1998 The First Year of the Currency Board in Bulgaria Victor Yotzov, Nikolay Nenovsky, Kalin Hristov, Iva Petrova, Boris Petrov

DP/2/1998 Financial Repression and Credit Rationing under Currency Board Arrangement for Bulgaria Nikolay Nenovsky, Kalin Hristov

DP/3/1999 Investment Incentives in Bulgaria: Assessment of the Net Tax Effect on the State Budget Dobrislav Dobrev, Boyko Tzenov, Peter Dobrev, John Ayerst

DP/4/1999 Two Approaches to Fixed Exchange Rate Crises Nikolay Nenovsky, Kalin Hristov, Boris Petrov

DP/5/1999 Monetary Sector Modeling in Bulgaria, 1913–1945 Nikolay Nenovsky, Boris Petrov

DP/6/1999 The Role of a Currency Board in Financial Crises: The Case of Bulgaria Roumen Avramov

DP/7/1999 The Bulgarian Financial Crisis of 1996–1997 Zdravko Balyozov

DP/8/1999 The Economic Philosophy of Friedrich Hayek (The Centenary of His Birth) Nikolay Nenovsky

DP/9/1999 The Currency Board in Bulgaria: Design, Peculiarities and Management of Foreign Exchange Cover Dobrislav Dobrev

DP/10/1999 Monetary Regimes and the Real Economy (Empirical Tests before and after the Introduction of the Currency Board in Bulgaria) Nikolay Nenovsky, Kalin Hristov

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DP/11/1999 The Currency Board in Bulgaria: The First Two Years Jeffrey B. Miller

DP/12/2000 Fundamentals in Bulgarian Brady Bonds: Price Dynamics Nina Budina, Tsvetan Manchev

DP/13/2000 Currency Circulation after Currency Board Introduction in Bulgaria (Transactions Demand, Hoarding, Shadow Economy) Nikolay Nenovsky, Kalin Hristov

DP/14/2000 Macroeconomic Models of the International Monetary Fund and the World Bank (Analysis of Theoretical Approaches and Evaluation of Their Effective Implementation in Bulgaria) Victor Yotzov

DP/15/2000 Bank Reserve Dynamics under Currency Board Arrangement for Bulgaria Boris Petrov

DP/16/2000 A Possible Approach to Simulate Macroeconomic Development of Bulgaria Victor Yotzov

DP/17/2001 Banking Supervision on Consolidated Basis (in Bulgarian only) Margarita Prandzheva

DP/18/2001 Real Wage Rigidity and the Monetary Regime Choice Nikolay Nenovsky, Darina Koleva

DP/19/2001 The Financial System in the Bulgarian Economy Jeffrey Miller, Stefan Petranov

DP/20/2002 Forecasting Inflation via Electronic Markets Results from a Prototype Experiment Michael Berlemann

DP/21/2002 Corporate Image of Commercial Banks (1996–1997) (in Bulgarian only) Miroslav Nedelchev

DP/22/2002 Fundamental Equilibrium Exchange Rates and Currency Boards: Evidence from Argentina and Estonia in the 90’s Kalin Hristov

DP/23/2002 Credit Activity of Commercial Banks and Rationing in the Credit Market in Bulgaria (in Bulgarian only) Kalin Hristov, Mihail Mihailov

DP/24/2002 Balassa – Samuelson Effect in Bulgaria (in Bulgarian only) Georgi Choukalev

DP/25/2002 Money and Monetary Obligations: Nature, Stipulation, Fulfilment Stanislav Natzev, Nachko Staykov, Filko Rosov

DP/26/2002 Regarding the Unilateral Euroization of Bulgaria Ivan Kostov, Jana Kostova

DP/27/2002 Shadowing the Euro: Bulgaria’s Monetary Policy Five Years on Martin Zaimov, Kalin Hristov

DP/28/2002 Improving Monetary Theory in Post-communist Countries – Looking Back to Cantillon Nikolay Nenovsky

DP/29/2003 Dual Inflation under the Currency Board: The Challenges of Bulgarian EU Accession (in Bulgarian only) Nikolay Nenovsky, Kalina Dimitrova

DP/30/2003 Exchange Rate Arrangements, Economic Policy and Inflation: Empirical Evidence for Latin America Andreas Freytag

DP/31/2003 Inflation and the Bulgarian Currency Board Stacie Beck, Jeffrey B. Miller, Mohsen Saad

DP/32/2003 Banks – Firms Nexus under the Currency Board: Empirical Evidence from Bulgaria Nikolay Nenovsky, Evgeni Peev, Todor Yalamov

DP/33/2003 Modelling Inflation in Bulgaria: Markup Model (in Bulgarian only) Kalin Hristov, Mihail Mihailov

DP/34/2003 Competitiveness of the Bulgarian Economy Konstantin Pashev

DP/35/2003 Exploring the Currency Board Mechanics: a Basic Formal Model Jean-Baptiste Desquilbet, Nikolay Nenovsky

DP/36/2003 A Composite Tendency Indicator for Bulgaria’s Industry (in Bulgarian only) Tsvetan Tsalinsky

157


DP/37/2003 The Demand for Euro Cash: A Theoretical Model and Monetary Policy Implications Franz Seitz

DP/38/2004 Credibility Level of the Bulgarian Exchange Rate Regime, 1991–2003: First Attempt at Calibration (in Bulgarian only) Georgi Ganev

DP/39/2004 Credibility and Adjustment: Gold Standards Versus Currency Boards Jean-Baptiste Desquilbet, Nikolay Nenovsky

DP/40/2004 The Currency Board: “The Only Game in Town” (in Bulgarian only) Kalin Hristov

DP/41/2004 The Relationship between Real Convergence and the Real Exchange Rate: the Case of Bulgaria Mariella Nenova

DP/42/2004 Effective Taxation of Labor, Capital and Consumption in Bulgaria (in Bulgarian only) Plamen Kaloyanchev

DP/43/2004 The 1911 Balance of Payments of the Kingdom of Bulgaria (in Bulgarian only) Martin Ivanov

DP/44/2004 Beliefs about Exchange Rate Stability: Survey Evidence from the Currency Board in Bulgaria Neven T. Valev, John A. Carlson

DP/45/2005 Opportunities of Designing and Using the Money Circulation Balance (in Bulgarian only) Metodi Hristov

DP/46/2005 The Microeconomic Impact of Financial Crises: The Case of Bulgaria Jonathon Adams-Kane, Jamus Jerome Lim

DP/47/2005 Interest Rate Spreads of Commercial Banks in Bulgaria (in Bulgarian only) Mihail Mihailov

DP/48/2005 Total Factor Productivity Measurement: Accounting of Economic Growth in Bulgaria (in Bulgarian only) Kaloyan Ganev

DP/49/2005 An Attempt at Measurement of Core Inflation in Bulgaria (in Bulgarian only) Kalina Dimitrova

DP/50/2005 Economic and Monetary Union on the Horizon Dr Tsvetan Manchev, Mincho Karavastev

DP/51/2005 The Brady Story of Bulgaria (in Bulgarian only) Garabed Minassian

DP/52/2005 General Equilibrium View on the Trade Balance Dynamics in Bulgaria Hristo Valev

DP/53/2006 The Balkan Railways, International Capital and Banking from the End of the 19th Century until the Outbreak of the First World War Peter Hertner

DP/54/2006 Bulgarian National Income between 1892 and 1924 Martin Ivanov

DP/55/2006 The Role of Securities Investor Compensation Schemes for the Development of the Capital Market (in Bulgarian only) Mileti Mladenov, Irina Kazandzhieva

DP/56/2006 The Optimal Monetary Policy under Conditions of Indefiniteness (in Bulgarian only) Nedyalka Dimitrova

DP/57/2007 Two Approaches to Estimating the Potential Output of Bulgaria Tsvetan Tsalinski

DP/58/2007 Informal Sources of Credit and the “Soft” Information Market (Evidence from Sofia) Luc Tardieu

DP/59/2007 Do Common Currencies Reduce Exchange Rate Pass-through? Implications for Bulgaria’s Currency Board Slavi T. Slavov

DP/60/2007 The Bulgarian Economy on Its Way to the EMU: Economic Policy Results from a Small-scale Dynamic Stochastic General Equilibrium Framework Jochen Blessing

DP/61/2007 Exchange Rate Control in Bulgaria in the Interwar Period: History and Theoretical Reflections Nikolay Nenovsky, Kalina Dimitrova

DP/62/2007 Different Methodologies for National Income Accounting in Central and Eastern European Countries, 1950–1990 Rossitsa Rangelova

158


DP/63/2008 A Small Open Economy Model with a Currency Board Feature: the Case of Bulgaria Iordan Iordanov, Andrey Vassilev

DP/64/2008 Potential Output Estimation Using Penalized Splines: the Case of Bulgaria Mohamad Khaled

DP/65/2008 Bank Lending and Asset Prices: Evidence from Bulgaria Michael Frömmel, Kristina Karagyozova

DP/66/2008 Views from the Trenches: Interviewing Bank Officials in the Midst of a Credit Boom Neven Valev

DP/67/2008 Monetary Policy Transmission: Old Evidence and Some New Facts from Bulgaria Alexandru Minea, Christophe Rault

DP/68/2008 The Banking Sector and the Great Depression in Bulgaria, 1924–1938: Interlocking and Financial Sector Profitability Kiril Danailov Kossev

DP/69/2008 The Labour Market and Output in the UK – Does Okun‘s Law Still Stand? Boris Petkov

DP/70/2008 Empirical Analisys of Inflation Persistence and Price Dynamics in Bulgaria Zornitsa Vladova, Svilen Pachedjiev

DP/71/2009 Testing the Weak-form Efficiency of the Bulgarian Stock Market Nikolay Angelov

DP/72/2009 Financial Development and Economic Growth in Bulgaria (1991–2006) An Econometric Analysis Based on the Logic of the Production Function Statty Stattev

DP/73/2009 Autonomy vs. Stability: the Relationship between Internal and External Money in Bulgaria (1879–1912) Luca Fantacci

DP/74/2009 The Size of the Shadow Economy in Bulgaria: A Measurement Using the Monetary Method Hildegart Ahumada, Facundo Alvarado, Alfredo Canavese, Nicolás Grosman

DP/75/2009 Efficiency of Commercial Banks in Bulgaria in the Wake of EU Àccession Kiril Tochkov, Nikolay Nenovsky

DP/76/2009 Structural Current Account Imbalances: Fixed Versus Flexible Exchange Rates? Slavi T. Slavov

DP/77/2009 Econometric Forecasting of Bulgaria’s Export and Import Flows Grigor Stoevsky

DP/78/2009 Explanations for the Real Exchange Rate Development in the New EU Member States in Transition Galina Boeva

DP/79/2009 The Great Depression in the Eyes of Bulgaria’s Inter-war Economists (How History of Economic Thought Could Matter for Today’s Policy Advice) Stefan Kolev

DP/80/2010 Modeling Interest Rates on Corporate Loans in Bulgaria (in Bulgarian only) Mihail Mihailov

DP/81/2010 A Small Open Economy Model with Financial Accelerator for Bulgaria: The Role of Fiscal Policy and the Currency Board Ivan Lozev

DP/82/2010 The Impact of the Global Economic Crisis on Bulgaria’s Accession to the Euro Area (in Bulgarian only) Tsvetelina Marinova

DP/83/2011 Are Long-term Inflation Expectations Well-anchored? Evidence from the Euro Area and the United States Tsvetomira Tsenova

DP/84/2011 Relative Inflation Dynamics in the EU Accession Countries of Central and Eastern Europe Hiranya K Nath, Kiril Tochkov

DP/85/2011 Trade, Convergence and Exchange Rate Regime: Evidence from Bulgaria and Romania Emilia Penkova-Pearson

DP/86/2011 Short-Term Forecasting of Bulgarian GDP Using a Generalized Dynamic Factor Model Petra Rogleva

DP/87/2011 Wage-setting Behaviour of Bulgarian Firms: Evidence from Survey Data Ivan Lozev, Zornitsa Vladova, Desislava Paskaleva

DP/88/2012 The Predictive Power of Some Market Liquidity Risk Measures: An Empirical Approach Tsvetan Manchev, Ph. D., Daniel Simeonov, Hristo Ivanov, Christian Hausmann

159


DP/89/2012 Survey Evidence on Price-setting Behaviour of Firms in Bulgaria Zornitsa Vladova

DP/90/2013 Fiscal Policy and Economic Growth in Bulgaria KristinaКaragyozova-Markova,GeorgiDeyanov,ViktorIliev

DP/91/2013 Financial Contagion and Network Models of the Banking System (in Bulgarian only) Tsvetelina Nenova

DP/92/2013 Agent-based Systems and Their Applications in Macroeconomic and Financial Modelling (in Bulgarian only) Andrey Vassilev, Georgi Deyanov, Svilen Pachedjiev

DP/93/2014 Yield Curve Fitting with Data from Sovereign Bonds Yavor Kovachev, Daniel Simeonov

DP/94/2014 Constant Market Shares Analysis beyond the Intensive Margin of External Trade Marina Dyadkova, Georgi Momchilov

DP/95/2014 Factors of Credit Dynamics outside the Euro Area (in Bulgarian only) Petar Peshev

DP/96/2014 Factors Affecting Bank Interest Rate Spread Dynamics in Bulgaria (in Bulgarian only) Mihail Mihailov

DP/97/2014 Lending Interest Rates in Bulgaria: the Role of Euro Area Monetary Conditions and Economic Activity Effects (in Bulgarian only) Mihail Mihailov

DP/98/2015 International Merchandise Trade Flows: Defining Samples and Identifying Discoveries Peter Stoyanov

DP/99/2015 Determinants of Interest Rate Spreads in Bulgaria Petar Peshev

DP/100/2015 Empirical Evidence on the Relationship between Money Supply Dynamics and Prices in Bulgaria Zornitsa Vladova, Mihail Yanchev

DP/101/2016 Labour Cost and Price Adjustment Practices of Bulgarian Firms in the Period 2009–2013. Wage Dynamics Network Firm-level Survey Evidence Desislava Paskaleva

DP/102/2016 Analysis of the Bank Lending Survey Results for Bulgaria (for the 2003–2014 Period) Tania Karamisheva

160


Banks’ Head Offices(as of 13 September 2016)

Banks Licensed to Conduct Bank Operations in Bulgaria and Abroad

Allianz Bank Bulgaria 79 Knyaginya Maria-Louisa Blvd.1202Sofiatel. 02/9215###; 02/9215404code BUIN9561

Bulgarian-American Credit Bank2 Slavyanska Str.1504Sofiatel. 02/9658358; 02/9658345code BGUS9160

Bulgarian Development Bank10 Stefan Karadja Str.1000Sofiatel. 02/9306333code NASB9620

Central Cooperative Bank87 Tsarigradsko Shosse Blvd.1113Sofiatel. 02/9266100; 02/9266266code CECB9790

CIBANK1 Tsar Boris III Blvd. 1612Sofiatel. 02/9399240; 02/9029111code BUIB9888

D Commerce Bank 8 General Totleben Blvd. 1606Sofiatel. 02/4641171; 02/9357171code DEMI9240

DSK Bank19 Moskovska Str.1036Sofiatel. 02/9391220code STSA9300

Eurobank Bulgaria260 Okolovrasten pat Str. 1766Sofiatel. 02/8166000code BPBI9920

First Investment Bank37 Dragan Tsankov Blvd.1797Sofiatel. 02/9100100; 02/8171100code FINV9150

International Asset Bank81–83 Todor Alexandrov Blvd.1303Sofiatel. 02/8120234; 02/9204303code IABG9470

Investbank 85 Bulgaria Blvd.1404Sofiatel. 02/8186123; 02/8186124code IORT9120

Municipal Bank6 Vrabcha Str.1000Sofiatel. 02/9300111; 02/9300###code SOMB9130

Piraeus Bank Bulgaria115 E Tsarigradsko Shosse Blvd.1784Sofiatel. 070012002; 02/8004182code PIRB9170

ProCredit Bank (Bulgaria)26 Todor Alexandrov Blvd.1303Sofiatel. 02/8135100; 02/8135808code PRCB9230

Raiffeisenbank, Bulgaria55 Nikola Vaptsarov Blvd.1407Sofiatel. 02/91985101code RZBB9155

Société Générale Expressbank92 Vladislav Varnenchik Blvd.9000 Varnatel. 052/686101; 02/9370476; 02/9370471code TTBB9400

TBI Bank52–54 Dimitar Hadzhikotsev Str.1421Sofiatel. 02/8163900; 02/9702410code WEBK9310

Texim Bank 141 Todor Alexandrov Blvd.1309Sofiatel. 02/9035501; 02/9035505code TEXI9545

Tokuda Bank21 George Washington Str.1000Sofiatel. 02/4037900; 02/9392101code CREX9260

UniCredit Bulbank7 Sveta Nedelya Sq.1000Sofiatel. 02/9232111code UNCR9660

United Bulgarian Bank5SvetaSofiaStr.1040Sofiatel. 02/8112500; 02/8112800; 02/8112330code UBBS9200

Victoria Commercial Bank4 Lajos Kossuth Str.1606Sofiatel. 02/91717717; 02/8951204code BINV9480

161

9/2016 BANKS’HEADOFFICES

Foreign Banks’ Branches

BNP Paribas S.A. – Sofia Branch2 Tsar Osvoboditel Blvd. 1000Sofiatel. 02/9218550; 02/9218650code BNPA9440

Citibank Europe – Bulgaria Branch48 Sitnyakovo Blvd. SerdikaOffices,tenthfloor1505Sofiatel. 02/9175100; 02/9175101code CITI9250

ING Bank N.V. – Sofia Branch49ВBulgariaBlvd.,entr.A,seventhfloor1404Sofiatel. 02/9176400code INGB9145

IŞBANK AG – Sofia Branch2PozitanoSq.,firstfloorPerform Business Centre1000Sofiatel. 02/4022000code ISBK9370

T.C. Ziraat Bank – Sofia Branch87 Tsar Samuil Str.1301Sofiatel. 02/9800087code TCZB9350

162


© Bulgarian National Bank, 2016

This issue includes materials and data received up to 7 September 2016.

The contents of the BNB Monthly Bulletin may be quoted or reproduced without further permission.Due acknowledgment is requested.

Published by the Bulgarian National Bank. Editing, typesetting and printing: BNB Publications Division of the Administrative Directorate. For questions and comments, please contact the Statistics Directorate of the BNB Banking Department.

1000Sofia,1,KnyazAlexanderISquareWebsite: www.bnb.bg

ISSN 1310–3067 (print)ISSN 2367–5004 (online)

september 2016 - БНБ€¦ · 31.viii.2015 30.ix.2015 30.x.2015 30.xi.2015 30.xii.2015 29.i.2016...

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