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November 2016
Monthly BulletinMonthly BulletinNovember 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
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MONTHLY BULLETIN 11/2016
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
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11/2016 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
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MONTHLY BULLETIN 11/2016
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
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11/2016 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
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MONTHLY BULLETIN 11/2016
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
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11/2016 FINANCIALSECTOR
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)
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MONTHLY BULLETIN 11/2016
1.12. Broad Money
1.11. Monetary Aggregates Dynamics(annual change)
1.10. Monetary Aggregates
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11/2016 FINANCIALSECTOR
1.13. Interbank Money Market
1.14. Foreign Exchange Market
1.15. Interbank Money Market Interest Rates
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MONTHLY BULLETIN 11/2016
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
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11/2016 FINANCIALSECTOR
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
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MONTHLY BULLETIN 11/2016
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
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11/2016 EXTERNALSECTOR
2.3. External Debt Indicators
2.3.1. Gross External Debt
2.3.2. External Debt Service
2.4. BGN/USD Exchange Rate
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MONTHLY BULLETIN 11/2016
3 Fiscal Sector
3.2. Execution of the Republican Budget
3.1. Budget Deficit Financing
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11/2016 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
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MONTHLY BULLETIN 11/2016
4.4. Consumer Price Changes by Month on Corresponding Month of Previous Year
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11/2016 MONTHLYBULLETIN
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 September 2016 ........................................ 44 1.4.2. Monthly Sectoral Survey of Other MFIs as of September 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 September 2016 ..................................................................................................... 52 1.6.2.StatementofProfitorLossoftheBankingSystemasof30September2016 .................. 54 1.7. Bank Groups as of 30 September 2016 ................................................................................... 56 1.8. Capital Adequacy of the Banking System as of 30 June 2016 ................................................ 57 1.9. Liquidity of Banks as of 30 September 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 September 2016 .............................................................................................. 58 1.10.2.StatementofProfitorLossofGroupIBanksasof30September2016 ...................... 60 1.10.3. Balance Sheet Statement (Statement of Financial Position) of Group II Banks as of 30 September 2016 .............................................................................................. 62 1.10.4.StatementofProfitorLossofGroupIIBanksasof30September2016 ..................... 64 1.10.5. Balance Sheet Statement (Statement of Financial Position) of Group III Banks as of 30 September 2016 .............................................................................................. 66 1.10.6.StatementofProfitorLossofGroupIIIBanksasof30September2016 ................... 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
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MONTHLY BULLETIN 11/2016
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
11/2016 FINANCIALSECTOR
1 F
inan
cia
l Secto
r1.
1. B
AL
AN
CE
SH
EE
T O
F B
NB
ISS
UE
DE
PAR
TM
EN
T
(BG
N’0
00)
30.X
.201
530
.XI.2
015
30.X
II.20
1529
.I.20
1629
.II.2
016
31.II
I.201
628
.IV.2
016
31.V
.201
630
.VI.2
016
29.V
II.20
1631
.VIII
.201
630
.IX.2
016
31.X
.201
6
ASS
ET
S39
697
704
40 4
52 9
7139
674
774
38 2
71 1
7138
623
240
41 7
76 6
2742
308
239
42 5
36 5
6543
893
520
45 1
88 0
5145
587
150
45 9
49 6
1545
422
409
1. C
ash
and
depo
sits
in fo
reig
n cu
rren
cy11
725
317
11 6
81 5
1410
881
166
11 6
56 1
2410
595
955
11 2
41 1
7710
738
833
10 6
00 6
7311
185
692
13 3
59 3
0612
845
502
13 2
61 3
3913
107
932
2. M
onet
ary
gold
and
oth
er in
stru
men
ts in
gol
d2
634
023
2 52
2 73
52
470
755
2 58
0 70
62
864
060
2 74
8 62
12
802
017
2 75
4 10
22
998
017
3 04
0 27
02
987
472
3 00
9 47
82
947
799
3. In
vest
men
t in
secu
ritie
s25
338
364
26 2
48 7
2226
322
853
24 0
34 3
4125
163
225
27 7
86 8
2928
767
389
29 1
81 7
9029
709
811
28 7
88 4
7529
754
176
29 6
78 7
9829
366
678
LIA
BIL
ITIE
S39
697
704
40 4
52 9
7139
674
774
38 2
71 1
7138
623
240
41 7
76 6
2742
308
239
42 5
36 5
6543
893
520
45 1
88 0
5145
587
150
45 9
49 6
1545
422
409
1. C
urre
ncy
in c
ircul
atio
n11
910
324
12 0
09 7
2212
724
818
12 2
06 8
7112
209
586
12 0
91 4
8912
463
361
12 4
29 8
5112
657
820
13 0
54 4
4713
320
693
13 3
81 8
5713
368
446
2. L
iabi
litie
s to
bank
s12
543
995
13 1
80 4
3414
776
742
13 2
24 1
4713
426
921
12 2
17 0
4412
323
762
11 7
40 2
8111
776
619
12 2
70 4
6412
452
793
12 7
02 3
5612
460
241
3. L
iabi
litie
s to
gove
rnm
ent a
nd b
udge
t org
anis
atio
ns8
836
494
8 64
4 48
95
978
548
6 51
6 06
96
102
233
10 7
70 0
7210
847
756
11 4
56 9
7412
198
628
12 5
23 2
4512
522
652
12 4
00 4
9112
227
694
4. L
iabi
litie
s to
othe
r dep
osito
rs 8
11 4
771
054
722
780
258
749
449
814
292
788
141
738
612
981
949
1 01
1 77
51
039
720
1 02
7 52
71
161
454
1 23
4 92
25.
Ban
king
Dep
artm
ent d
epos
it5
595
414
5 56
3 60
45
414
408
5 57
4 63
56
070
208
5 90
9 88
15
934
748
5 92
7 51
06
248
678
6 30
0 17
56
263
485
6 30
3 45
76
131
106
Sour
ce: B
NB
.
1.2.
BA
LA
NC
E S
HE
ET
OF
BN
B B
AN
KIN
G D
EPA
RT
ME
NT
(BG
N’0
00)
30.X
.201
530
.XI.2
015
30.X
II.20
1529
.I.20
1629
.II.2
016
31.II
I.201
628
.IV.2
016
31.V
.201
630
.VI.2
016
29.V
II.20
1631
.VIII
.201
630
.IX.2
016
31.X
.201
6
ASS
ET
S7
395
462
7 39
6 62
77
218
003
7 37
3 41
78
354
128
8 14
2 32
18
176
157
8 18
8 58
58
522
468
8 58
3 43
98
518
513
8 55
4 25
38
386
939
1. N
on-m
onet
ary
gold
and
oth
er p
reci
ous m
etal
s 3
6 20
8 3
4 43
3 3
3 76
2 3
5 12
9 3
8 74
9 3
7 36
2 3
8 15
8 3
7 49
4 4
0 61
1 4
1 63
8 4
0 66
4 4
0 60
7 3
9 40
92.
Rec
eiva
bles
from
cen
tral g
over
nmen
t 0
0 0
0 0
0 0
0 0
0 0
0 0
3. C
apita
l inv
estm
ent a
nd B
ulga
ria’s
IMF
quot
a1
609
718
1 64
4 27
21
612
909
1 60
6 82
42
088
705
2 03
9 96
92
050
935
2 07
1 66
42
075
176
2 06
5 56
62
063
563
2 06
0 54
52
067
577
4. F
ixed
tang
ible
and
inta
ngib
le a
sset
s 1
42 6
43 1
43 3
74 1
44 4
12 1
43 0
77 1
41 9
60 1
40 7
66 1
39 9
65 1
38 8
11 1
37 7
91 1
36 8
00 1
39 7
57 1
38 8
09 1
38 2
625.
Oth
er a
sset
s 1
1 47
9 1
0 94
4 1
2 51
2 1
3 75
2 1
4 50
6 1
4 34
3 1
2 35
1 1
3 10
6 2
0 21
2 3
9 26
0 1
1 04
4 1
0 83
5 1
0 58
56.
Dep
osit
in th
e Is
sue
Dep
artm
ent
5 59
5 41
45
563
604
5 41
4 40
85
574
635
6 07
0 20
85
909
881
5 93
4 74
85
927
510
6 24
8 67
86
300
175
6 26
3 48
56
303
457
6 13
1 10
6
LIA
BIL
ITIE
S7
395
462
7 39
6 62
77
218
003
7 37
3 41
78
354
128
8 14
2 32
18
176
157
8 18
8 58
58
522
468
8 58
3 43
98
518
513
8 55
4 25
38
386
939
1. B
orro
win
gs fr
om th
e IM
F 0
0 0
0 0
0 0
0 0
0 0
0 0
2.Liabilitiestointernationalfinancialinstitutions
3 01
8 13
13
087
292
3 02
1 39
73
009
261
3 49
6 31
83
410
480
3 42
9 87
23
466
249
3 47
2 50
33
455
628
3 45
1 97
23
446
715
3 45
9 25
43.
Oth
er li
abili
ties
22
370
20
761
42
657
22
822
176
283
174
739
173
482
172
198
176
287
179
164
173
742
175
613
177
004
Obl
igat
ions
, tot
al3
040
501
3 10
8 05
33
064
054
3 03
2 08
33
672
601
3 58
5 21
93
603
354
3 63
8 44
73
648
790
3 63
4 79
23
625
714
3 62
2 32
83
636
258
4. C
apita
l 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
0 2
0 00
05.
Res
erve
s4
302
019
4 23
1 60
84
107
983
4 29
3 76
24
625
660
4 50
3 84
54
550
428
4 53
0 75
24
839
813
4 89
7 11
04
846
925
4 88
7 69
74
703
189
6.Retainedprofit
32
942
36
966
25
966
27
572
35
867
33
257
2 3
75-6
14 1
3 86
5 3
1 53
7 2
5 87
4 2
4 22
8 2
7 49
2E
quity
, tot
al4
354
961
4 28
8 57
44
153
949
4 34
1 33
44
681
527
4 55
7 10
24
572
803
4 55
0 13
84
873
678
4 94
8 64
74
892
799
4 93
1 92
54
750
681
Sour
ce: B
NB
.
20
MONTHLY BULLETIN 11/2016
(con
tinue
d)
1.3.
MO
NE
TAR
Y S
UR
VE
Y A
ND
AN
ALY
TIC
AL
RE
POR
TIN
G
1.3.
1. S
HO
RT M
ON
ETA
RY S
URV
EY
(BG
N’0
00)
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
VIII.
2016
IX.2
016
Exch
ange
rate
BG
N/U
SD 1
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
1.75
694
1.75
238
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 (N
ET
)40
881
328
40 8
95 8
0441
131
663
40 6
77 3
4641
420
738
42 2
69 1
6245
908
813
46 3
41 6
3746
996
179
48 5
56 5
2949
994
980
50 6
12 1
9750
695
476
in B
GN
361
570
270
668
-66
121
306
637
443
570
54 8
5035
4 99
241
4 87
535
8 26
138
4 19
927
3 62
823
5 40
220
4 01
2
in
fore
ign
curr
ency
40 5
19 7
5840
625
136
41 1
97 7
8440
370
709
40 9
77 1
6842
214
312
45 5
53 8
2145
926
762
46 6
37 9
1848
172
330
49 7
21 3
5250
376
795
50 4
91 4
64
Fore
ign
asse
ts50
757
770
50 6
62 4
4051
009
300
50 3
45 6
6350
846
817
51 5
51 4
4454
762
230
55 1
20 3
5255
727
501
57 3
91 9
5358
588
601
59 3
54 5
3359
239
332
in B
GN
1 23
9 91
61
225
940
1 09
8 87
41
143
009
1 23
2 31
11
164
318
1 13
2 26
91
171
656
1 10
4 94
41
192
410
1 10
6 09
41
117
820
1 10
5 39
6
in
fore
ign
curr
ency
49 5
17 8
5449
436
500
49 9
10 4
2649
202
654
49 6
14 5
0650
387
126
53 6
29 9
6153
948
696
54 6
22 5
5756
199
543
57 4
82 5
0758
236
713
58 1
33 9
36
Less
: for
eign
liab
ilitie
s9
876
442
9 76
6 63
69
877
637
9 66
8 31
79
426
079
9 28
2 28
28
853
417
8 77
8 71
58
731
322
8 83
5 42
48
593
621
8 74
2 33
68
543
856
in B
GN
878
346
955
272
1 16
4 99
583
6 37
278
8 74
11
109
468
777
277
756
781
746
683
808
211
832
466
882
418
901
384
in fo
reig
n cu
rren
cy8
998
096
8 81
1 36
48
712
642
8 83
1 94
58
637
338
8 17
2 81
48
076
140
8 02
1 93
47
984
639
8 02
7 21
37
761
155
7 85
9 91
87
642
472
DO
ME
STIC
ASS
ET
S (N
ET
)48
308
004
49 2
17 8
1949
736
462
51 6
31 2
6650
743
636
50 8
03 6
5246
316
257
46 6
62 9
6846
503
253
46 4
40 2
6846
416
146
46 8
60 1
2447
011
397
D
OM
ESTI
C C
RED
IT50
482
989
51 1
31 2
5351
737
071
53 2
04 5
0652
221
580
52 6
28 7
8748
757
188
48 9
57 7
1848
442
901
48 3
51 8
3448
382
517
48 5
67 9
0448
743
809
in B
GN
21 5
53 6
5222
203
994
22 7
88 4
1324
690
912
23 7
62 6
3924
375
106
23 6
10 1
2023
855
963
23 5
48 4
0223
380
513
23 5
48 3
7623
888
819
24 1
47 5
03
in
fore
ign
curr
ency
28 9
29 3
3728
927
259
28 9
48 6
5828
513
594
28 4
58 9
4128
253
681
25 1
47 0
6825
101
755
24 8
94 4
9924
971
321
24 8
34 1
4124
679
085
24 5
96 3
06
CLA
IMS
ON
GEN
ERA
L G
OV
ERN
MEN
T-1
048
829
-158
332
195
966
2 43
1 61
22
000
353
2 55
0 25
4-1
456
449
-1 3
94 6
05-1
913
491
-2 6
21 0
38-2
854
690
-2 7
13 2
83-2
702
349
in B
GN
-3 8
53 5
22-3
243
205
-2 9
32 0
02-9
89 1
24-1
601
876
-1 1
04 8
17-2
171
663
-2 1
01 4
14-2
628
421
-3 3
89 8
56-3
647
077
-3 5
52 7
46-3
704
465
in fo
reig
n cu
rren
cy2
804
693
3 08
4 87
33
127
968
3 42
0 73
63
602
229
3 65
5 07
171
5 21
470
6 80
971
4 93
076
8 81
879
2 38
783
9 46
31
002
116
C
LAIM
S O
N N
ON
-GO
VER
NM
ENT
SEC
TOR
51 5
31 8
1851
289
585
51 5
41 1
0550
772
894
50 2
21 2
2750
078
533
50 2
13 6
3750
352
323
50 3
56 3
9250
972
872
51 2
37 2
0751
281
187
51 4
46 1
58
in
BG
N25
407
174
25 4
47 1
9925
720
415
25 6
80 0
3625
364
515
25 4
79 9
2325
781
783
25 9
57 3
7726
176
823
26 7
70 3
6927
195
453
27 4
41 5
6527
851
968
in fo
reig
n cu
rren
cy26
124
644
25 8
42 3
8625
820
690
25 0
92 8
5824
856
712
24 5
98 6
1024
431
854
24 3
94 9
4624
179
569
24 2
02 5
0324
041
754
23 8
39 6
2223
594
190
FI
XED
ASS
ETS
4 24
4 52
44
272
906
4 23
4 72
84
807
852
4 83
8 28
14
854
340
4 85
6 64
14
876
293
5 03
0 80
95
113
506
5 17
4 59
15
187
522
5 20
1 47
1
OTH
ER IT
EMS
(NET
)-6
419
509
-6 1
86 3
40-6
235
337
-6 3
81 0
92-6
316
225
-6 6
79 4
75-7
297
572
-7 1
71 0
43-6
970
457
-7 0
25 0
72-7
140
962
-6 8
95 3
02-6
933
883
in B
GN
-5 0
85 8
55-4
986
056
-5 0
14 4
94-4
743
985
-4 5
93 2
86-4
708
982
-5 0
82 6
71-4
922
418
-4 8
61 5
36-4
885
640
-4 9
50 4
98-4
747
905
-4 7
87 9
04
in
fore
ign
curr
ency
-1 3
33 6
54-1
200
284
-1 2
20 8
43-1
637
107
-1 7
22 9
39-1
970
493
-2 2
14 9
01-2
248
625
-2 1
08 9
21-2
139
432
-2 1
90 4
64-2
147
397
-2 1
45 9
79B
RO
AD
MO
NE
Y M
371
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
77 5
13 5
2477
559
061
MO
NEY
M1
34 2
82 3
6334
730
288
35 1
95 7
5835
969
950
35 3
78 5
9235
321
549
34 8
92 5
1935
443
785
36 0
69 1
2637
172
601
38 3
71 5
0639
093
839
39 2
91 7
57
Cur
renc
y ou
tsid
e M
FIs
10 7
79 4
0810
879
384
10 9
32 2
9511
377
794
11 1
23 5
2411
064
580
11 0
24 5
5711
260
537
11 3
19 7
0711
538
878
11 9
35 3
3512
153
679
12 1
91 2
70
Ove
rnig
ht d
epos
its23
502
955
23 8
50 9
0424
263
463
24 5
92 1
5624
255
068
24 2
56 9
6923
867
962
24 1
83 2
4824
749
419
25 6
33 7
2326
436
171
26 9
40 1
6027
100
487
in B
GN
15 9
91 9
1916
265
441
16 5
51 5
6817
161
747
16 6
39 7
3316
789
961
16 4
48 0
2616
897
687
17 2
09 4
4817
559
999
17 9
87 7
9218
444
959
18 6
25 6
68
in
fore
ign
curr
ency
7 51
1 03
67
585
463
7 71
1 89
57
430
409
7 61
5 33
57
467
008
7 41
9 93
67
285
561
7 53
9 97
18
073
724
8 44
8 37
98
495
201
8 47
4 81
9M
ON
EY M
2 (M
1 +
QU
ASI
-MO
NEY
)71
319
606
71 8
99 0
7172
696
190
73 8
91 1
6173
479
575
73 7
97 3
1473
189
449
73 9
44 2
5474
389
917
75 4
56 3
3276
569
209
77 4
27 1
2577
471
110
QU
ASI
-MO
NEY
37 0
37 2
4337
168
783
37 5
00 4
3237
921
211
38 1
00 9
8338
475
765
38 2
96 9
3038
500
469
38 3
20 7
9138
283
731
38 1
97 7
0338
333
286
38 1
79 3
53
Dep
osits
with
agr
eed
mat
urity
up
to 2
yea
rs26
483
605
26 5
94 9
0826
829
813
26 9
89 3
2127
144
064
27 5
15 0
2827
391
567
27 5
40 7
5927
338
097
27 2
50 6
4827
103
374
27 2
63 0
1927
103
995
in B
GN
12 8
93 4
3812
965
784
12 9
32 0
4913
227
972
13 5
93 1
6313
684
017
13 6
94 5
9313
700
878
13 5
97 3
8413
637
557
13 5
87 0
0713
626
991
13 5
62 5
26
in
fore
ign
curr
ency
13 5
90 1
6713
629
124
13 8
97 7
6413
761
349
13 5
50 9
0113
831
011
13 6
96 9
7413
839
881
13 7
40 7
1313
613
091
13 5
16 3
6713
636
028
13 5
41 4
69
Dep
osits
rede
emab
le a
t not
ice
up to
3 m
onth
s10
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
11 0
70 2
6711
075
358
in B
GN
6 42
2 09
16
455
723
6 54
1 83
76
775
549
6 80
7 27
26
800
631
6 77
4 84
96
809
452
6 80
5 22
96
841
445
6 86
0 76
76
847
887
6 84
6 97
7
21
11/2016 FINANCIALSECTOR
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
VIII.
2016
IX.2
016
in fo
reig
n cu
rren
cy4
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
4 22
2 38
04
228
381
MO
NEY
M3
(M2
+ M
AR
KET
AB
LE IN
STR
UM
ENTS
)71
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
77 5
13 5
2477
559
061
M
arke
tabl
e in
stru
men
ts (d
ebt s
ecur
ities
issu
ed
up
to 2
yea
rs +
MM
Fs sh
ares
/uni
ts +
repo
s)61
880
59 4
7064
925
70 2
3771
623
72 4
7274
856
71 5
4573
270
68 5
5485
852
86 3
9987
951
in B
GN
61 8
8059
470
64 9
2561
237
62 6
2363
472
65 8
5662
545
64 2
7063
954
72 4
0272
949
74 5
01
in
fore
ign
curr
ency
- -
-9
000
9 00
09
000
9 00
09
000
9 00
04
600
13 4
5013
450
13 4
50L
ON
GE
R-T
ER
M L
IAB
ILIT
IES
OF
M
ON
ETA
RY
FIN
AN
CIA
L IN
STIT
UT
ION
S17
807
846
18 1
55 0
8218
107
010
18 3
47 2
1418
613
176
19 2
03 0
2818
960
765
18 9
88 8
0619
036
245
19 4
71 9
1119
756
065
19 9
58 7
9720
147
812
D
epos
its w
ith a
gree
d m
atur
ity o
ver 2
yea
rs a
nd
de
posi
ts re
deem
able
at n
otic
e ov
er 3
mon
ths
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
92
893
485
2 90
5 85
6
in
BG
N1
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
1 34
0 33
91
347
743
in fo
reig
n cu
rren
cy1
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
1 55
3 14
61
558
113
D
ebt s
ecur
ities
issu
ed o
ver 2
yea
rs10
7 09
710
7 09
810
7 09
878
740
78 7
4178
742
78 0
8778
087
78 0
8878
088
78 0
8978
090
77 3
40
in
BG
N -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy10
7 09
710
7 09
810
7 09
878
740
78 7
4178
742
78 0
8778
087
78 0
8878
088
78 0
8978
090
77 3
40
Cap
ital a
nd re
serv
es15
254
035
15 5
56 9
0415
507
599
15 5
92 3
7315
863
413
16 3
97 2
7516
111
771
16 2
29 1
8816
114
108
16 6
19 3
7016
877
537
16 9
87 2
2217
164
616
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
MONTHLY BULLETIN 11/2016
(con
tinue
d)
1.3.
2. D
ETA
ILED
MO
NET
ARY
SU
RVEY
(B
GN
’000
)
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
VIII.
2016
IX.2
016
Exch
ange
rate
: BG
N/U
SD 1
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
1.75
694
1.75
238
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 (N
ET
)40
881
328
40 8
95 8
0441
131
663
40 6
77 3
4641
420
738
42 2
69 1
6245
908
813
46 3
41 6
3746
996
179
48 5
56 5
2949
994
980
50 6
12 1
9750
695
476
For
eign
ass
ets
50 7
57 7
7050
662
440
51 0
09 3
0050
345
663
50 8
46 8
1751
551
444
54 7
62 2
3055
120
352
55 7
27 5
0157
391
953
58 5
88 6
0159
354
533
59 2
39 3
32
Cas
h in
fore
ign
curr
ency
719
531
642
307
640
261
671
924
586
397
569
796
564
728
569
773
605
582
596
059
732
766
755
662
630
279
o/w
EU
R55
5 80
047
7 96
647
9 64
452
0 45
944
6 07
143
7 09
843
3 38
942
5 55
844
5 27
243
6 96
857
3 85
758
6 35
448
2 32
5
Dep
osits
16 1
37 8
1215
700
635
15 2
71 8
6514
428
878
16 8
79 2
0516
115
030
16 7
49 4
0716
022
414
15 8
35 9
3416
664
819
18 7
86 2
3218
548
806
18 7
44 8
80
in
BG
N95
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
931
005
922
833
in fo
reig
n cu
rren
cy15
181
746
14 7
56 3
5114
467
260
13 5
84 3
5015
922
850
15 2
26 4
8515
890
371
15 1
23 3
1314
927
237
15 6
55 7
3317
857
478
17 6
17 8
0117
822
047
o
/w E
UR
13 0
46 2
0112
583
022
12 5
71 5
2411
570
031
13 7
58 4
0513
080
397
13 7
01 7
0012
802
330
12 9
49 4
8213
632
001
15 9
62 0
6415
610
219
16 0
82 6
12
Rep
os1
338
919
1 12
5 26
61
127
244
1 10
3 39
41
092
235
1 07
4 53
61
189
621
1 47
8 25
01
855
310
1 84
1 84
91
723
414
1 73
3 48
91
525
377
in B
GN
9 18
011
070
11 0
7011
070
11 0
708
890
8 89
08
890
8 89
09
890
7 00
07
000
7 00
0
in
fore
ign
curr
ency
1 32
9 73
91
114
196
1 11
6 17
41
092
324
1 08
1 16
51
065
646
1 18
0 73
11
469
360
1 84
6 42
01
831
959
1 71
6 41
41
726
489
1 51
8 37
7
o/w
EU
R25
8 10
622
2 24
922
8 74
220
9 51
820
3 52
218
5 83
030
6 11
035
0 45
738
4 70
037
8 19
336
6 67
837
3 10
531
9 61
6
Loa
ns1
618
099
1 62
6 84
21
668
838
1 81
4 98
91
770
623
1 80
5 17
91
880
803
1 91
4 91
31
829
219
1 76
3 00
61
758
462
1 82
1 88
01
823
186
in B
GN
274
435
270
392
282
985
281
349
259
040
261
037
264
343
263
665
187
357
173
434
170
340
179
815
175
563
in fo
reig
n cu
rren
cy1
343
664
1 35
6 45
01
385
853
1 53
3 64
01
511
583
1 54
4 14
21
616
460
1 65
1 24
81
641
862
1 58
9 57
21
588
122
1 64
2 06
51
647
623
o
/w E
UR
834
790
856
145
866
459
1 02
1 65
81
007
055
1 02
1 34
71
087
302
1 11
7 49
21
120
705
1 05
0 29
91
067
507
1 11
2 73
11
119
233
S
ecur
ities
oth
er th
an sh
ares
26 6
26 0
8227
124
763
27 9
32 11
828
008
909
26 0
68 0
8827
080
174
29 6
23 4
4630
324
632
30 8
21 8
5331
561
933
30 5
83 9
9131
542
827
31 5
48 1
50
in
BG
N23
519
421
46
062
5 84
65
846
- -
- -
- -
-
in
fore
ign
curr
ency
26 6
25 8
4727
124
569
27 9
31 9
0428
002
847
26 0
62 2
4227
074
328
29 6
23 4
4630
324
632
30 8
21 8
5331
561
933
30 5
83 9
9131
542
827
31 5
48 1
50
o/w
EU
R26
093
750
26 3
74 3
2627
151
652
27 2
29 7
5825
281
227
26 2
55 2
3028
868
402
29 5
09 5
4829
937
831
30 6
51 2
0929
736
393
30 6
55 3
9530
632
495
S
hare
s and
oth
er e
quity
193
436
195
614
193
466
226
645
259
220
270
018
269
535
269
394
269
521
206
696
213
038
213
787
214
895
in B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
193
436
195
614
193
466
226
645
259
220
270
018
269
535
269
394
269
521
206
696
213
038
213
787
214
895
o
/w E
UR
110
950
110
988
108
048
140
701
172
562
195
740
195
237
195
266
195
266
103
394
101
802
101
834
102
025
M
onet
ary
gold
and
SD
R h
oldi
ngs*
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
64
725
737
4 74
4 89
8
Acc
rued
inte
rest
rece
ivab
le15
081
12 1
9915
077
18 0
4215
264
12 5
2220
140
11 8
6810
655
10 9
8810
372
12 3
457
667
in B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
15 0
8112
199
15 0
7718
042
15 2
6412
522
20 1
4011
868
10 6
5510
988
10 3
7212
345
7 66
7
o/w
EU
R14
428
11 5
6114
598
17 0
4013
595
11 4
9818
158
11 2
709
981
10 4
069
712
11 8
086
821
Les
s: fo
reig
n lia
bilit
ies
9 87
6 44
29
766
636
9 87
7 63
79
668
317
9 42
6 07
99
282
282
8 85
3 41
78
778
715
8 73
1 32
28
835
424
8 59
3 62
18
742
336
8 54
3 85
6
Dep
osits
7 84
7 58
77
800
489
7 87
6 96
97
701
434
7 46
5 00
87
307
351
6 92
4 72
56
841
562
6 77
3 88
36
875
628
6 64
3 07
26
793
545
6 59
7 46
2
in
BG
N83
8 79
291
5 74
71
125
502
796
967
749
336
1 07
0 15
673
7 96
171
7 46
070
2 81
076
4 65
679
0 86
784
0 91
986
0 03
5
in
fore
ign
curr
ency
7 00
8 79
56
884
742
6 75
1 46
76
904
467
6 71
5 67
26
237
195
6 18
6 76
46
124
102
6 07
1 07
36
110
972
5 85
2 20
55
952
626
5 73
7 42
7
o/w
EU
R6
365
739
6 32
7 11
56
213
984
6 33
6 29
36
093
551
5 60
2 52
95
554
268
5 44
2 00
05
400
186
5 48
9 82
05
240
400
5 30
7 82
65
095
746
R
epos
276
343
195
620
195
620
195
620
195
620
204
457
195
658
195
658
195
658
195
582
195
583
195
583
195
583
in B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
276
343
195
620
195
620
195
620
195
620
204
457
195
658
195
658
195
658
195
582
195
583
195
583
195
583
o
/w E
UR
276
343
195
620
195
620
195
620
195
620
204
457
195
658
195
658
195
658
195
582
195
583
195
583
195
583
L
oans
** -
- -
- -
- -
- -
- -
- -
D
ebt s
ecur
ities
issu
ed**
*25
4 69
525
4 66
625
4 63
425
4 54
625
4 54
625
4 45
325
4 45
725
4 46
225
9 01
425
8 69
625
6 74
025
6 64
025
6 49
0
in
BG
N39
554
39 5
2539
493
39 4
0539
405
39 3
1239
316
39 3
2143
873
43 5
5541
599
41 4
9941
349
in fo
reig
n cu
rren
cy21
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
o/w
EU
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
Acc
rued
inte
rest
pay
able
769
987
714
169
491
274
130
192
6212
518
863
125
in B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
769
987
714
169
491
274
130
192
6212
518
863
125
o
/w E
UR
644
796
650
4229
820
7 -
- -
- -
- -
S
DR
hol
ding
s1
497
048
1 51
4 87
41
549
700
1 51
6 54
81
510
414
1 51
5 74
71
478
447
1 48
6 84
11
502
705
1 50
5 39
31
498
038
1 49
6 50
51
494
196
23
11/2016 FINANCIALSECTOR
(con
tinue
d)
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
VIII.
2016
IX.2
016
DO
ME
STIC
ASS
ET
S (N
ET
)48
308
004
49 2
17 8
1949
736
462
51 6
31 2
6650
743
636
50 8
03 6
5246
316
257
46 6
62 9
6846
503
253
46 4
40 2
6846
416
146
46 8
60 1
2447
011
397
DO
MES
TIC
CR
EDIT
50 4
82 9
8951
131
253
51 7
37 0
7153
204
506
52 2
21 5
8052
628
787
48 7
57 1
8848
957
718
48 4
42 9
0148
351
834
48 3
82 5
1748
567
904
48 7
43 8
09
CLA
IMS
ON
GEN
ERA
L G
OV
ERN
MEN
T-1
048
829
-158
332
195
966
2 43
1 61
22
000
353
2 55
0 25
4-1
456
449
-1 3
94 6
05-1
913
491
-2 6
21 0
38-2
854
690
-2 7
13 2
83-2
702
349
Cen
tral g
over
nmen
t (ne
t)-1
342
908
-454
817
-98
907
2 13
8 02
11
716
507
2 27
1 76
0-1
728
517
-1 6
63 8
99-2
201
423
-2 9
13 4
17-3
145
148
-3 0
04 4
06-2
997
824
C
laim
s8
695
921
9 32
4 08
19
571
650
9 19
4 04
99
228
428
9 36
0 56
310
089
563
10 0
85 5
0810
246
179
10 2
80 0
0010
353
163
10 4
54 2
8710
384
603
G
over
nmen
t sec
uriti
es8
258
538
8 75
8 73
28
997
934
8 58
9 45
18
679
118
8 88
8 45
19
623
076
9 63
8 74
99
771
774
9 81
3 16
99
891
983
10 0
01 7
069
928
842
in
BG
N3
103
386
3 37
2 81
33
508
730
3 65
2 07
53
609
179
3 77
5 90
63
794
721
3 81
5 04
43
912
028
3 89
6 49
93
924
683
3 91
9 01
13
762
841
in
fore
ign
curr
ency
5 15
5 15
25
385
919
5 48
9 20
44
937
376
5 06
9 93
95
112
545
5 82
8 35
55
823
705
5 85
9 74
65
916
670
5 96
7 30
06
082
695
6 16
6 00
1
o/w
EU
R5
119
378
5 34
9 60
55
451
342
4 90
0 84
95
042
417
5 08
4 87
75
801
968
5 79
7 21
15
832
787
5 88
9 59
05
940
248
6 05
5 67
76
139
078
R
epos
-12
0 36
612
2 53
412
4 66
976
906
- -
- -
- -
- -
in
BG
N -
120
366
122
534
124
669
31 9
69 -
- -
- -
- -
-
i
n fo
reig
n cu
rren
cy -
- -
-44
937
- -
- -
- -
- -
o
/w E
UR
- -
- -
44 9
37 -
- -
- -
- -
-
Loa
ns43
7 38
344
4 98
345
1 18
247
9 92
947
2 40
447
2 11
246
6 48
744
6 75
947
4 40
546
6 83
146
1 18
045
2 58
145
5 76
1
i
n B
GN
66 9
4664
610
70 8
2498
328
91 2
0790
909
85 2
6465
544
92 8
7185
471
86 3
5987
274
89 4
26
i
n fo
reig
n cu
rren
cy37
0 43
738
0 37
338
0 35
838
1 60
138
1 19
738
1 20
338
1 22
338
1 21
538
1 53
438
1 36
037
4 82
136
5 30
736
6 33
5
o/w
EU
R37
0 43
738
0 37
338
0 35
838
1 60
138
1 19
738
1 20
338
1 22
338
1 21
538
1 53
438
1 36
037
4 82
136
5 30
736
6 33
5
Less
: lia
bilit
ies
10 0
38 8
299
778
898
9 67
0 55
77
056
028
7 51
1 92
17
088
803
11 8
18 0
8011
749
407
12 4
47 6
0213
193
417
13 4
98 3
1113
458
693
13 3
82 4
27
Dep
osits
10 0
38 8
299
778
898
9 67
0 55
77
056
028
7 51
1 92
17
088
803
11 8
18 0
8011
749
407
12 4
47 6
0213
193
417
13 4
98 3
1113
458
693
13 3
82 4
27
i
n B
GN
7 22
8 92
87
009
041
6 84
3 48
15
071
788
5 53
2 63
45
165
396
6 24
8 97
96
177
354
6 85
0 20
87
600
296
7 88
5 09
47
789
205
7 79
1 37
5
i
n fo
reig
n cu
rren
cy2
809
901
2 76
9 85
72
827
076
1 98
4 24
01
979
287
1 92
3 40
75
569
101
5 57
2 05
35
597
394
5 59
3 12
15
613
217
5 66
9 48
85
591
052
o
/w E
UR
2 71
9 72
12
677
361
2 73
0 73
91
890
497
1 88
8 40
71
830
582
5 47
9 43
75
480
294
5 50
5 04
95
502
399
5 52
2 61
65
576
997
5 49
8 25
9
Rep
os -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
Loc
al g
over
nmen
t and
SSF
s29
4 07
929
6 48
529
4 87
329
3 59
128
3 84
627
8 49
427
2 06
826
9 29
428
7 93
229
2 37
929
0 45
829
1 12
329
5 47
5
Secu
ritie
s oth
er th
an sh
ares
65 4
6765
320
63 0
4963
050
62 9
1662
902
62 8
0562
745
85 3
8289
389
89 11
296
956
104
114
i
n B
GN
25 6
8925
541
25 5
4125
542
25 3
9325
394
28 1
9828
138
53 0
4857
055
56 9
3966
455
73 6
13
in
fore
ign
curr
ency
39 7
7839
779
37 5
0837
508
37 5
2337
508
34 6
0734
607
32 3
3432
334
32 1
7330
501
30 5
01
o
/w E
UR
39 7
7839
779
37 5
0837
508
37 5
2337
508
34 6
0734
607
32 3
3432
334
32 1
7330
501
30 5
01
Rep
os -
- -
- -
- -
- -
- -
- -
i
n B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
Loan
s22
8 61
223
1 16
523
1 82
423
0 54
122
0 93
021
5 59
220
9 26
320
6 54
920
2 55
020
2 99
020
1 34
619
4 16
719
1 36
1
in
BG
N17
9 38
518
2 50
618
3 85
018
2 05
017
3 01
016
8 37
016
9 13
316
7 21
416
3 84
017
1 41
517
0 03
616
3 71
916
1 03
0
in
fore
ign
curr
ency
49 2
2748
659
47 9
7448
491
47 9
2047
222
40 1
3039
335
38 7
1031
575
31 3
1030
448
30 3
31
o
/w E
UR
49 2
2748
659
47 9
7448
491
47 9
2047
222
40 1
3039
335
38 7
1031
575
31 3
1030
448
30 3
31
CLA
IMS
ON
NO
N-G
OV
ERN
MEN
T SE
CTO
R51
531
818
51 2
89 5
8551
541
105
50 7
72 8
9450
221
227
50 0
78 5
3350
213
637
50 3
52 3
2350
356
392
50 9
72 8
7251
237
207
51 2
81 1
8751
446
158
Non-financialcorporations
31 3
76 11
331
321
571
31 5
66 4
0730
937
972
30 6
38 8
4730
502
159
30 5
00 7
2630
588
319
30 5
07 1
7230
814
053
31 0
19 6
9330
930
959
R31
006
861
R
epos
162
517
160
132
165
473
140
827
180
236
177
971
185
465
190
427
170
962
186
898
206
907
196
406
198
639
i
n B
GN
162
517
160
132
163
508
140
827
180
236
177
971
185
465
190
427
170
962
167
340
187
349
176
848
179
081
i
n fo
reig
n cu
rren
cy -
-1
965
- -
- -
- -
19 5
5819
558
19 5
5819
558
o/w
EU
R -
-1
965
- -
- -
- -
19 5
5819
558
19 5
5819
558
Lo
ans
30 8
58 8
5430
823
696
31 0
70 8
9330
473
749
30 1
40 5
3730
008
227
29 9
96 3
0330
075
958
30 0
17 4
7530
314
977
30 4
91 8
2830
394
812
30 4
37 3
96
in
BG
N11
472
340
11 5
76 4
2111
744
439
11 7
97 5
3311
619
539
11 6
79 8
2811
797
222
11 8
35 4
1411
907
131
12 3
07 4
0812
552
356
12 5
98 9
3212
830
510
i
n fo
reig
n cu
rren
cy19
386
514
19 2
47 2
7519
326
454
18 6
76 2
1618
520
998
18 3
28 3
9918
199
081
18 2
40 5
4418
110
344
18 0
07 5
6917
939
472
17 7
95 8
8017
606
886
o/w
EU
R18
701
172
18 5
69 2
6018
612
950
18 0
19 5
7117
825
311
17 6
32 3
1817
552
556
17 5
78 9
1717
440
857
17 3
85 0
5117
301
053
17 1
64 3
5616
993
797
1.3.
2. D
ETA
ILED
MO
NET
ARY
SU
RVEY
(con
tinue
d)
(BG
N’0
00)
24
MONTHLY BULLETIN 11/2016
(con
tinue
d)
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
VIII.
2016
IX.2
016
Se
curit
ies o
ther
than
shar
es13
3 91
011
6 57
710
8 70
195
585
95 3
8994
096
93 4
5493
745
93 5
7991
327
95 8
2911
3 23
014
4 10
6
in
BG
N16
865
16 8
6216
863
12 2
1112
181
12 1
8012
578
12 5
7712
576
12 5
7312
570
12 5
7012
570
i
n fo
reig
n cu
rren
cy11
7 04
599
715
91 8
3883
374
83 2
0881
916
80 8
7681
168
81 0
0378
754
83 2
5910
0 66
013
1 53
6
o
/w E
UR
117
045
99 7
1591
838
83 3
7483
208
81 9
1680
876
81 1
6881
003
78 7
5483
259
100
660
131
536
Sh
ares
and
oth
er e
quity
220
832
221
166
221
340
227
811
222
685
221
865
225
504
228
189
225
156
220
851
225
129
226
511R
226
720
i
n B
GN
220
832
221
166
221
340
227
811
222
685
221
865
225
504
228
189
225
156
220
851
225
129
226
511R
226
720
i
n fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
Fin
anci
al c
orpo
ratio
ns1
816
248
1 64
6 88
91
656
452
1 69
3 06
81
698
421
1 70
7 32
81
762
208
1 76
4 66
61
770
331
1 98
3 39
31
986
949
2 01
7 76
6R2
016
584
R
epos
211
826
88 0
1788
706
102
038
112
631
115
710
146
925
127
730
135
774
95 8
9210
3 88
710
2 94
610
2 11
8
in
BG
N15
7 68
332
591
35 6
3145
683
49 8
2452
846
64 8
9056
236
67 2
3359
634
48 8
8847
927
46 2
01
in
fore
ign
curr
ency
54 1
4355
426
53 0
7556
355
62 8
0762
864
82 0
3571
494
68 5
4136
258
54 9
9955
019
55 9
17
o
/w E
UR
54 1
4355
426
53 0
7556
355
62 8
0762
864
82 0
3571
494
68 5
4136
258
54 9
9955
019
55 9
17
Loan
s1
210
704
1 16
4 53
11
173
032
1 19
0 77
71
188
732
1 19
4 25
61
215
396
1 23
6 53
11
231
296
1 47
2 18
21
467
602
1 49
8 57
51
494
798
i
n B
GN
361
987
369
432
382
738
387
207
386
559
382
991
383
861
396
723
390
894
389
743
408
624
419
158
425
023
i
n fo
reig
n cu
rren
cy84
8 71
779
5 09
979
0 29
480
3 57
080
2 17
381
1 26
583
1 53
583
9 80
884
0 40
21
082
439
1 05
8 97
81
079
417
1 06
9 77
5
o
/w E
UR
848
269
794
658
789
627
802
952
801
704
810
730
830
939
838
299
838
916
1 08
1 25
11
057
388
1 07
8 45
21
069
281
Se
curit
ies o
ther
than
shar
es36
991
36 9
9136
893
36 1
4035
272
34 8
6834
844
34 6
5834
561
33 1
0132
906
32 8
0832
784
i
n B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
36 9
9136
991
36 8
9336
140
35 2
7234
868
34 8
4434
658
34 5
6133
101
32 9
0632
808
32 7
84
o
/w E
UR
36 9
9136
991
36 8
9336
140
35 2
7234
868
34 8
4434
658
34 5
6133
101
32 9
0632
808
32 7
84
Shar
es a
nd o
ther
equ
ity35
6 72
735
7 35
035
7 82
136
4 11
336
1 78
636
2 49
436
5 04
336
5 74
736
8 70
038
2 21
838
2 55
438
3 43
7R38
6 88
4
in
BG
N35
6 54
135
7 16
335
7 63
336
3 92
636
1 60
036
2 30
836
4 85
736
5 56
036
8 51
338
1 28
738
1 62
438
2 53
3R38
5 99
2
in
fore
ign
curr
ency
186
187
188
187
186
186
186
187
187
931
930
904
892
o/w
EU
R18
618
718
818
718
618
618
618
718
793
193
090
489
2
H
ouse
hold
s and
NPI
SHs
18 3
39 4
5718
321
125
18 3
18 2
4618
141
854
17 8
83 9
5917
869
046
17 9
50 7
0317
999
338
18 0
78 8
8918
175
426
18 2
30 5
6518
332
462
18 4
22 7
13
Rep
os1
427
1 47
71
464
1 40
91
313
1 36
01
433
1 42
11
348
1 35
81
356
1 25
71
294
i
n B
GN
1 42
71
477
1 46
41
409
1 31
31
360
1 43
31
421
1 34
81
358
1 35
61
257
1 29
4
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
Loan
s18
338
030
18 3
19 6
4818
316
782
18 1
40 4
4517
882
646
17 8
67 6
8617
949
270
17 9
97 9
1718
077
541
18 1
74 0
6818
229
209
18 3
31 2
0518
421
419
i
n B
GN
12 6
56 9
8212
711
955
12 7
96 7
9912
703
429
12 5
30 5
7812
588
574
12 7
45 9
7312
870
830
13 0
33 0
1013
230
175
13 3
77 5
5713
575
829
13 7
44 5
77
in
fore
ign
curr
ency
5 68
1 04
85
607
693
5 51
9 98
35
437
016
5 35
2 06
85
279
112
5 20
3 29
75
127
087
5 04
4 53
14
943
893
4 85
1 65
24
755
376
4 67
6 84
2
o
/w E
UR
5 53
2 07
25
459
376
5 37
4 32
05
281
769
5 20
2 53
05
127
811
5 04
6 50
94
973
955
4 89
4 08
14
790
513
4 69
8 64
14
603
683
4 52
4 53
0 F
IXED
ASS
ETS
4 24
4 52
44
272
906
4 23
4 72
84
807
852
4 83
8 28
14
854
340
4 85
6 64
14
876
293
5 03
0 80
95
113
506
5 17
4 59
15
187
522
5 20
1 47
1 O
THER
ITEM
S (N
ET)
-6 4
19 5
09-6
186
340
-6 2
35 3
37-6
381
092
-6 3
16 2
25-6
679
475
-7 2
97 5
72-7
171
043
-6 9
70 4
57-7
025
072
-7 1
40 9
62-6
895
302
-6 9
33 8
83
Acc
ount
s bet
wee
n M
FIs (
net)
37 6
5025
462
31 8
8720
636
32 3
8439
303
1 65
320
406
8 47
4-9
359
-13
381
-3 3
449
981
in B
GN
22 0
8727
295
22 0
4133
605
37 9
8144
593
31 7
0446
527
42 5
2231
149
27 8
4836
139
22 6
59
in
fore
ign
curr
ency
15 5
63-1
833
9 84
6-1
2 96
9-5
597
-5 2
90-3
0 05
1-2
6 12
1-3
4 04
8-4
0 50
8-4
1 22
9-3
9 48
3-1
2 67
8
o/w
EU
R15
652
-1 5
5010
079
5 28
012
432
12 8
116
261
12 6
998
165
1 79
4-1
608
777
594
O
ther
ass
ets a
nd li
abili
ties (
net)
-6 4
57 1
59-6
211
802
-6 2
67 2
24-6
401
728
-6 3
48 6
09-6
718
778
-7 2
99 2
25-7
191
449
-6 9
78 9
31-7
015
713
-7 1
27 5
81-6
891
958
-6 9
43 8
64
in
BG
N-5
107
942
-5 0
13 3
51-5
036
535
-4 7
77 5
90-4
631
267
-4 7
53 5
75-5
114
375
-4 9
68 9
45-4
904
058
-4 9
16 7
89-4
978
346
-4 7
84 0
44-4
810
563
in fo
reig
n cu
rren
cy-1
349
217
-1 1
98 4
51-1
230
689
-1 6
24 1
38-1
717
342
-1 9
65 2
03-2
184
850
-2 2
22 5
04-2
074
873
-2 0
98 9
24-2
149
235
-2 1
07 9
14-2
133
301
o
/w E
UR
-1 2
04 7
08-1
144
004
-1 1
74 7
25-1
536
374
-1 5
75 7
20-1
641
209
-1 7
75 7
39-1
800
535
-1 7
04 4
31-1
735
290
-1 7
45 6
72-1
732
761
-1 7
76 9
33
B
RO
AD
MO
NE
Y M
371
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
77 5
13 5
2477
559
061
MO
NEY
M1
34 2
82 3
6334
730
288
35 1
95 7
5835
969
950
35 3
78 5
9235
321
549
34 8
92 5
1935
443
785
36 0
69 1
2637
172
601
38 3
71 5
0639
093
839
39 2
91 7
57
Cur
renc
y ou
tsid
e M
FIs
10 7
79 4
0810
879
384
10 9
32 2
9511
377
794
11 1
23 5
2411
064
580
11 0
24 5
5711
260
537
11 3
19 7
0711
538
878
11 9
35 3
3512
153
679
12 1
91 2
70
Ove
rnig
ht d
epos
its23
502
955
23 8
50 9
0424
263
463
24 5
92 1
5624
255
068
24 2
56 9
6923
867
962
24 1
83 2
4824
749
419
25 6
33 7
2326
436
171
26 9
40 1
6027
100
487
in B
GN
15 9
91 9
1916
265
441
16 5
51 5
6817
161
747
16 6
39 7
3316
789
961
16 4
48 0
2616
897
687
17 2
09 4
4817
559
999
17 9
87 7
9218
444
959
18 6
25 6
68
1.3.
2. D
ETA
ILED
MO
NET
ARY
SU
RVEY
(con
tinue
d)
(BG
N’0
00)
25
11/2016 FINANCIALSECTOR1.
3.2.
DET
AIL
ED M
ON
ETA
RY S
URV
EY(c
ontin
ued)
(B
GN
’000
)
(con
tinue
d)
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
VIII.
2016
IX.2
016
L
ocal
gov
ernm
ent a
nd S
SFs
1 05
7 01
91
030
755
962
399
638
183
680
009
812
282
902
738
952
532
992
007
974
968
941
313
955
485
894
514
N
on-financialcorporations
8 16
2 84
08
341
314
8 66
7 13
69
378
571
8 45
5 46
78
632
580
8 28
9 36
28
356
133
8 57
1 32
38
714
178
8 93
6 23
79
352
304
9 28
3 64
4
Fin
anci
al c
orpo
ratio
ns1
234
902
1 17
0 65
21
114
396
959
837
1 15
9 90
11
009
756
828
418
808
365
985
780
1 02
7 17
81
034
736
1 09
5 65
91
296
347
H
ouse
hold
s and
NPI
SHs
5 53
7 15
85
722
720
5 80
7 63
76
185
156
6 34
4 35
66
335
343
6 42
7 50
86
780
657
6 66
0 33
86
843
675
7 07
5 50
67
041
511
7 15
1 16
3
in
fore
ign
curr
ency
7 51
1 03
67
585
463
7 71
1 89
57
430
409
7 61
5 33
57
467
008
7 41
9 93
67
285
561
7 53
9 97
18
073
724
8 44
8 37
98
495
201
8 47
4 81
9
Loc
al g
over
nmen
t and
SSF
s62
744
65 2
0535
512
32 9
4231
320
50 6
1549
577
39 4
6234
014
33 6
1661
770
38 6
7145
749
N
on-financialcorporations
4 90
5 25
64
883
226
4 97
8 10
14
764
218
4 80
9 75
04
650
699
4 77
9 10
54
539
197
4 68
6 11
04
807
826
4 92
7 78
65
053
363
4 92
5 42
6
Fin
anci
al c
orpo
ratio
ns1
033
346
1 10
1 77
71
124
916
1 00
7 17
01
147
434
1 10
7 49
991
1 41
799
4 69
71
055
042
1 42
6 89
31
601
486
1 52
4 67
41
544
719
H
ouse
hold
s and
NPI
SHs
1 50
9 69
01
535
255
1 57
3 36
61
626
079
1 62
6 83
11
658
195
1 67
9 83
71
712
205
1 76
4 80
51
805
389
1 85
7 33
71
878
493
1 95
8 92
5
o/w
EU
R5
486
955
5 62
5 73
45
842
460
5 53
3 94
15
693
402
5 67
1 08
45
409
488
5 48
6 17
65
735
984
6 25
1 52
06
525
076
6 57
6 51
06
681
497
L
ocal
gov
ernm
ent a
nd S
SFs
62 6
2965
084
35 3
6132
803
31 1
9950
494
49 4
6439
347
33 8
9133
499
61 6
5338
551
45 6
28N
on-financialcorporations
3 62
1 55
73
595
870
3 77
9 14
23
616
044
3 61
3 30
03
477
082
3 41
1 00
83
312
161
3 49
2 04
83
617
190
3 63
5 62
63
794
521
3 78
2 85
1
Fin
anci
al c
orpo
ratio
ns63
1 58
476
6 09
279
8 14
662
1 05
978
6 83
486
4 41
464
3 44
780
9 13
384
6 58
61
191
152
1 37
3 84
81
289
925
1 32
7 75
0
Hou
seho
lds a
nd N
PISH
s1
171
185
1 19
8 68
81
229
811
1 26
4 03
51
262
069
1 27
9 09
41
305
569
1 32
5 53
51
363
459
1 40
9 67
91
453
949
1 45
3 51
31
525
268
MO
NEY
M2
(M1
+ Q
UA
SI-M
ON
EY)
71 3
19 6
0671
899
071
72 6
96 1
9073
891
161
73 4
79 5
7573
797
314
73 1
89 4
4973
944
254
74 3
89 9
1775
456
332
76 5
69 2
0977
427
125
77 4
71 11
0
QU
ASI
-MO
NEY
37 0
37 2
4337
168
783
37 5
00 4
3237
921
211
38 1
00 9
8338
475
765
38 2
96 9
3038
500
469
38 3
20 7
9138
283
731
38 1
97 7
0338
333
286
38 1
79 3
53
D
epos
its w
ith a
gree
d m
atur
ity u
p to
2 y
ears
26 4
83 6
0526
594
908
26 8
29 8
1326
989
321
27 1
44 0
6427
515
028
27 3
91 5
6727
540
759
27 3
38 0
9727
250
648
27 1
03 3
7427
263
019
27 1
03 9
95
in B
GN
12 8
93 4
3812
965
784
12 9
32 0
4913
227
972
13 5
93 1
6313
684
017
13 6
94 5
9313
700
878
13 5
97 3
8413
637
557
13 5
87 0
0713
626
991
13 5
62 5
26
L
ocal
gov
ernm
ent a
nd S
SFs
286
412
258
453
223
979
192
692
188
290
199
999
206
208
256
485
232
795
259
990
246
404
237
249
241
997
N
on-financialcorporations
1 71
5 38
31
755
447
1 71
9 64
91
816
200
2 17
8 18
52
158
321
2 17
2 70
62
185
685
2 10
6 84
22
089
681
2 06
9 12
32
066
602
2 00
4 64
9
F
inan
cial
cor
pora
tions
624
485
604
496
552
915
700
900
648
907
743
485
748
611
688
638
686
555
706
905
708
216
720
542
699
755
Hou
seho
lds a
nd N
PISH
s10
267
158
10 3
47 3
8810
435
506
10 5
18 1
8010
577
781
10 5
82 2
1210
567
068
10 5
70 0
7010
571
192
10 5
80 9
8110
563
264
10 6
02 5
9810
616
125
in
fore
ign
curr
ency
13 5
90 1
6713
629
124
13 8
97 7
6413
761
349
13 5
50 9
0113
831
011
13 6
96 9
7413
839
881
13 7
40 7
1313
613
091
13 5
16 3
6713
636
028
13 5
41 4
69
L
ocal
gov
ernm
ent a
nd S
SFs
436
439
447
440
440
441
433
433
436
429
429
429
428
N
on-financialcorporations
1 88
4 60
81
874
343
2 09
5 84
02
052
872
1 98
2 98
42
030
176
1 96
0 62
12
023
741
2 01
9 01
92
020
638
1 97
0 74
42
090
415
2 02
3 90
8
F
inan
cial
cor
pora
tions
431
374
448
170
467
228
476
701
436
390
651
236
719
634
781
369
775
792
732
260
725
875
750
220
762
574
Hou
seho
lds a
nd N
PISH
s11
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
10 7
94 9
6410
754
559
o/w
EU
R11
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
11 0
15 3
7210
980
656
Loc
al g
over
nmen
t and
SSF
s22
722
722
722
722
722
722
722
722
722
722
722
722
7N
on-financialcorporations
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
51
742
359
1 73
2 54
3
F
inan
cial
cor
pora
tions
409
734
425
988
443
832
429
888
401
125
508
983
581
116
640
272
630
440
585
660
586
159
603
287
611
990
Hou
seho
lds a
nd N
PISH
s9
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
8 66
9 49
98
635
896
Dep
osits
rede
emab
le a
t not
ice
up to
3 m
onth
s10
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
11 0
70 2
6711
075
358
in
BG
N6
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
6 84
7 88
76
846
977
Loc
al g
over
nmen
t and
SSF
s -
- -
- -
- -
- -
- -
- -
N
on-financialcorporations
14 4
5113
956
17 2
9915
886
13 7
0213
177
15 3
2319
592
20 8
0421
309
20 7
8623
326
26 3
01
F
inan
cial
cor
pora
tions
- -
- -
- -
- -
- -
- -
-
H
ouse
hold
s and
NPI
SHs
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
16
824
561
6 82
0 67
6
in fo
reig
n cu
rren
cy4
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
4 22
2 38
04
228
381
Loc
al g
over
nmen
t and
SSF
s -
- -
- -
- -
- -
- -
- -
N
on-financialcorporations
2 23
62
306
10 8
182
683
2 08
32
017
1 91
02
561
2 55
61
831
1 75
81
753
1 85
3
F
inan
cial
cor
pora
tions
- -
- -
- -
- -
- -
- -
-
H
ouse
hold
s and
NPI
SHs
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
44
220
627
4 22
6 52
8
o/w
EU
R3
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
3 39
1 65
83
404
207
Loc
al g
over
nmen
t and
SSF
s -
- -
- -
- -
- -
- -
- -
N
on-financialcorporations
965
999
4 62
61
411
854
822
724
724
705
695
646
646
763
Fin
anci
al c
orpo
ratio
ns -
- -
- -
- -
- -
- -
- -
Hou
seho
lds a
nd N
PISH
s3
368
790
3 35
4 70
43
344
392
3 38
3 34
33
381
961
3 37
5 72
33
357
202
3 36
3 23
03
381
367
3 39
6 28
53
418
358
3 39
1 01
23
403
444
26
MONTHLY BULLETIN 11/20161.
3.2.
DET
AIL
ED M
ON
ETA
RY S
URV
EY(c
ontin
ued)
(B
GN
’000
)
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
VIII.
2016
IX.2
016
MO
NEY
M3
(M2
+ M
AR
KET
AB
LE IN
STR
UM
ENTS
)71
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
77 5
13 5
2477
559
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)
61 8
8059
470
64 9
2570
237
71 6
2372
472
74 8
5671
545
73 2
7068
554
85 8
5286
399
87 9
51
in
BG
N61
880
59 4
7064
925
61 2
3762
623
63 4
7265
856
62 5
4564
270
63 9
5472
402
72 9
4974
501
in fo
reig
n cu
rren
cy -
- -
9 00
09
000
9 00
09
000
9 00
09
000
4 60
013
450
13 4
5013
450
o
/w E
UR
- -
-9
000
9 00
09
000
9 00
09
000
9 00
04
600
13 4
5013
450
13 4
50L
ON
GE
R-T
ER
M L
IAB
ILIT
IES
NO
T IN
CL
UD
ED
IN
MO
NE
Y S
UPP
LY17
807
846
18 1
55 0
8218
107
010
18 3
47 2
1418
613
176
19 2
03 0
2818
960
765
18 9
88 8
0619
036
245
19 4
71 9
1119
756
065
19 9
58 7
9720
147
812
D
EPO
SITS
WIT
H A
GR
EED
MAT
UR
ITY
OV
ER
2
YEA
RS
AN
D D
EPO
SITS
RED
EEM
AB
LE A
T
N
OTI
CE
OV
ER 3
MO
NTH
S2
446
714
2 49
1 08
02
492
313
2 67
6 10
12
671
022
2 72
7 01
12
770
907
2 68
1 53
12
844
049
2 77
4 45
32
800
439
2 89
3 48
52
905
856
in B
GN
1 11
6 65
71
133
352
1 13
7 84
71
207
187
1 21
2 00
01
234
676
1 24
0 95
61
261
792
1 32
6 50
31
283
901
1 31
1 27
31
340
339
1 34
7 74
3
in
fore
ign
curr
ency
1 33
0 05
71
357
728
1 35
4 46
61
468
914
1 45
9 02
21
492
335
1 52
9 95
11
419
739
1 51
7 54
61
490
552
1 48
9 16
61
553
146
1 55
8 11
3
o/w
EU
R1
089
992
1 10
7 29
61
105
471
1 22
6 89
21
173
522
1 16
9 36
21
232
848
1 17
4 22
01
200
294
1 25
9 08
71
200
957
1 22
1 44
61
296
591
DEB
T SE
CU
RIT
IES
ISSU
ED O
VER
2 Y
EAR
S10
7 09
710
7 09
810
7 09
878
740
78 7
4178
742
78 0
8778
087
78 0
8878
088
78 0
8978
090
77 3
40
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy10
7 09
710
7 09
810
7 09
878
740
78 7
4178
742
78 0
8778
087
78 0
8878
088
78 0
8978
090
77 3
40
o
/w E
UR
107
097
107
098
107
098
78 7
4078
741
78 7
4278
087
78 0
8778
088
78 0
8878
089
78 0
9077
340
CA
PITA
L A
ND
RES
ERV
ES15
254
035
15 5
56 9
0415
507
599
15 5
92 3
7315
863
413
16 3
97 2
7516
111
771
16 2
29 1
8816
114
108
16 6
19 3
7016
877
537
16 9
87 2
2217
164
616
F
unds
con
tribu
ted
by o
wne
rs3
931
964
3 93
1 96
43
931
964
3 93
1 96
43
931
964
3 96
1 96
44
072
534
4 07
2 53
44
072
534
4 07
2 53
44
072
534
4 10
1 11
04
101
110
R
eser
ves
9 41
2 10
39
598
301
9 52
3 86
19
435
767
9 77
6 72
110
152
717
10 0
08 4
7310
030
612
10 0
39 8
3010
376
835
10 4
77 0
8110
551
406
10 6
23 0
27
Fin
anci
al re
sult
1 90
9 96
82
026
639
2 05
1 77
42
224
642
2 15
4 72
82
282
594
2 03
0 76
42
126
042
2 00
1 74
42
170
001
2 32
7 92
22
334
706
2 44
0 47
9
*
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
11/2016 FINANCIALSECTOR1.
3.3.
BN
B A
NA
LYTI
CA
L R
EPO
RTIN
G
(BG
N’0
00)
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
VIII.
2016
IX.2
016
Exch
ange
rate
BG
N/U
SD 1
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
1.75
694
1.75
238
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
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
9331
378
342
31 8
61 2
29 F
OR
EIG
N A
SSET
S (N
ET)
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
6244
002
410
44 3
68 8
02
For
eign
ass
ets
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
3345
618
831
45 9
81 3
00
C
ash
in fo
reig
n cu
rren
cy25
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
625
5 99
423
7 71
3
o/w
EU
R25
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
725
4 56
523
6 61
1
D
epos
its10
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
11 0
93 4
7111
528
172
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
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
7411
093
471
11 5
28 1
72
o
/w E
UR
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
3510
895
770
11 3
30 6
28
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 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
7329
499
602
29 4
31 1
68
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy24
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
29 4
99 6
0229
431
168
o/w
EU
R24
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
29 4
99 6
0229
431
168
Sha
res a
nd o
ther
equ
ity30
152
30 1
5230
152
31 6
8231
682
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
5231
682
31 6
8231
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 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
64
725
737
4 74
4 89
8
A
ccru
ed in
tere
st re
ceiv
able
15 0
8112
199
15 0
7718
042
15 2
6412
522
20 1
4011
868
10 6
5510
988
10 3
7212
345
7 66
7
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy15
081
12 1
9915
077
18 0
4215
264
12 5
2220
140
11 8
6810
655
10 9
8810
372
12 3
457
667
o/w
EU
R14
428
11 5
6114
598
17 0
4013
595
11 4
9818
158
11 2
709
981
10 4
069
712
11 8
086
821
Les
s: fo
reig
n lia
bilit
ies
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
11
616
421
1 61
2 49
8
D
epos
its13
5 08
317
0 97
542
8 18
898
463
68 3
5015
1 59
155
341
42 2
9048
670
77 8
8110
2 44
511
9 85
311
8 17
7
in B
GN
131
860
168
338
419
412
7 20
129
089
143
478
47 2
2238
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45 0
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96 4
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in fo
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223
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91 2
6239
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8 11
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4 05
83
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3 81
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5 37
98
783
o/w
EU
R3
223
2 63
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776
91 2
6239
261
8 11
38
119
4 05
83
659
3 81
75
973
5 37
98
783
Rep
os -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
L
oans
** -
- -
- -
- -
- -
- -
- -
Acc
rued
inte
rest
pay
able
769
987
714
169
491
274
130
192
6212
518
863
125
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
769
987
714
169
491
274
130
192
6212
518
863
125
o/w
EU
R64
479
665
042
298
207
- -
- -
- -
-
S
DR
hol
ding
s1
497
048
1 51
4 87
41
549
700
1 51
6 54
81
510
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1 51
5 74
71
478
447
1 48
6 84
11
502
705
1 50
5 39
31
498
038
1 49
6 50
51
494
196
(con
tinue
d)
28
MONTHLY BULLETIN 11/20161.
3.3.
BN
B A
NA
LYTI
CA
L R
EPO
RTIN
G(c
ontin
ued)
(B
GN
’000
)
(con
tinue
d)
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
VIII.
2016
IX.2
016
CLA
IMS
ON
GEN
ERA
L G
OV
ERN
MEN
T-8
931
000
-8 6
55 3
05-8
552
096
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12 1
04-6
558
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-6 1
58 9
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0 87
6 78
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0 92
8 68
9-1
1 72
0 10
8-1
2 42
9 56
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2 73
9 06
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2 71
7 81
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2 59
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3
Cen
tral g
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05-8
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04-6
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58 9
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6 78
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8 68
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0 10
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2 42
9 56
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2 73
9 06
9-1
2 71
7 81
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2 59
8 21
3
C
laim
s -
- -
- -
- -
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G
over
nmen
t sec
uriti
es -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
R
epos
- -
- -
- -
- -
- -
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-
i
n B
GN
- -
- -
- -
- -
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-
i
n fo
reig
n cu
rren
cy -
- -
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- -
- -
o
/w E
UR
- -
- -
- -
- -
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-
Loa
ns -
- -
- -
- -
- -
- -
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in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
Les
s: li
abili
ties
8 93
1 00
08
655
305
8 55
2 09
66
012
104
6 55
8 14
06
158
972
10 8
76 7
8710
928
689
11 7
20 1
0812
429
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12 7
39 0
6912
717
810
12 5
98 2
13
Dep
osits
8 93
1 00
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655
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8 55
2 09
66
012
104
6 55
8 14
06
158
972
10 8
76 7
8710
928
689
11 7
20 1
0812
429
561
12 7
39 0
6912
717
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12 5
98 2
13
i
n B
GN
6 32
1 31
56
080
286
5 92
4 11
44
230
075
4 78
2 58
94
445
413
5 51
5 69
15
564
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6 36
4 26
17
070
271
7 34
3 29
27
255
091
7 21
9 19
2
i
n fo
reig
n cu
rren
cy2
609
685
2 57
5 01
92
627
982
1 78
2 02
91
775
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1 71
3 55
95
361
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5 36
4 41
95
355
847
5 35
9 29
05
395
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5 46
2 71
95
379
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o
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2 53
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499
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2 54
9 46
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705
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1 70
1 87
61
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0 06
45
292
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5 28
2 92
25
286
865
5 32
3 45
55
390
497
5 30
6 90
2
Rep
os -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
S
ocia
l sec
urity
fund
s -
- -
- -
- -
- -
- -
- -
Rep
os -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
L
oans
- -
- -
- -
- -
- -
- -
-
in B
GN
- -
- -
- -
- -
- -
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-
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
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- -
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CLA
IMS
ON
OTH
ER M
FIs
- -
- -
- -
- -
- -
- -
-
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
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CLA
IMS
ON
NO
N-G
OV
ERN
MEN
T SE
CTO
R76
539
76 5
3976
539
76 5
3976
539
76 5
3976
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76 5
3976
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76 5
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539
76 5
3976
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Non-financialcorporations
70 1
9870
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70 1
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70 1
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70 1
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70 1
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70 1
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198
70 1
98
L
oans
- -
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-
in B
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- -
- -
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-
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
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Sha
res a
nd o
ther
equ
ity70
198
70 1
9870
198
70 1
9870
198
70 1
9870
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70 1
9870
198
70 1
9870
198
70 1
9870
198
in
BG
N70
198
70 1
9870
198
70 1
9870
198
70 1
9870
198
70 1
9870
198
70 1
9870
198
70 1
9870
198
in
fore
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curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
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Fin
anci
al c
orpo
ratio
ns6
341
6 34
16
341
6 34
16
341
6 34
16
341
6 34
16
341
6 34
16
341
6 34
16
341
29
11/2016 FINANCIALSECTOR
(con
tinue
d)
1.3.
3. B
NB
AN
ALY
TIC
AL
REP
ORT
ING
(con
tinue
d)
(BG
N’0
00)
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
VIII.
2016
IX.2
016
Loa
ns -
- -
- -
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- -
- -
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in
BG
N -
- -
- -
- -
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- -
- -
in
fore
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curr
ency
- -
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-
o
/w E
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- -
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6 34
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6 34
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341
6 34
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6 34
1
in B
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6 34
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6 34
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6 34
16
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6 34
16
341
6 34
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341
6 34
1
in fo
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cy -
- -
- -
- -
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- -
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o/w
EU
R -
- -
- -
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FIX
ED A
SSET
S29
5 68
629
5 53
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9 36
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9 31
929
9 39
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9 42
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9 79
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9 60
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3 58
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3 50
5 O
THER
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565
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1 52
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1 58
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1 98
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2 01
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027
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2 03
8 24
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3 76
6
in
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47 6
1845
328
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2548
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53 2
2751
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50 4
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60 5
6680
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6351
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in fo
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485
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1 50
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537
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7 04
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2 29
9 79
22
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3 17
0
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6 64
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4 26
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2 67
819
5 58
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7 33
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3 05
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7 23
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6 50
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8 55
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3 37
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9 31
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2 30
9
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1 48
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1 53
9 37
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506
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0 42
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2 11
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2 11
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1
o/w
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328
596
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039
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798
356
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LIA
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ITIE
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083
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29 6
30 9
2730
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602
32 3
03 7
4430
411
339
30 9
23 9
0929
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29 9
75 0
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30 0
10 6
5530
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31 3
78 3
4231
861
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RES
ERV
E M
ON
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24 4
54 3
1925
190
155
27 5
01 5
6125
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018
25 6
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0724
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534
24 7
87 1
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132
24 4
34 4
4025
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25 7
73 4
8526
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C
urre
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in c
ircul
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n11
852
430
11 9
10 3
2412
009
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12 7
24 8
1812
206
871
12 2
09 5
8612
091
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12 4
63 3
6112
429
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57 8
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9213
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856
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12 1
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543
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13 1
80 4
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13 2
24 1
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12 2
17 0
4412
323
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11 7
40 2
8111
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12 2
70 4
6412
452
793
12 7
02 3
56
in
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316
979
9 54
1 08
49
964
223
11 3
81 6
3911
000
359
11 6
19 3
2510
230
482
8 77
1 54
28
084
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7 84
7 84
58
626
629
8 54
3 81
18
212
598
in fo
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878
521
3 00
2 91
13
216
210
3 39
5 10
42
223
788
1 80
7 59
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986
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93
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3 92
8 77
43
643
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3 90
8 98
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489
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o
/w E
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2 87
8 52
13
002
911
3 21
6 21
03
395
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2 22
3 78
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1 98
6 56
23
552
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3 65
6 02
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928
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3 64
3 83
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908
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4 48
9 75
8 L
IAB
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INC
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822
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822
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Ove
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4 92
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2 09
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4 34
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7 09
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51 9
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4 18
115
6 43
117
8 38
419
1 91
431
5 25
2
in B
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337
367
350
717
259
198
218
369
213
831
56 3
7695
638
40 5
8014
0 74
015
3 02
817
0 18
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0 76
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4 09
9
S
ocia
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1 38
317
5 94
088
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47 1
7142
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56 2
5195
623
39 9
9612
3 14
313
5 27
615
2 29
317
2 80
118
1 78
9N
on-financialcorporations
723
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106
251
55 -
-31
7 -
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-54
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F
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175
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1526
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17 5
6217
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17 9
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2 31
0
H
ouse
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- -
- -
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in fo
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8 29
644
4 21
043
2 89
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5 97
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3 26
126
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12 5
1611
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3 44
13
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8 19
51
154
1 15
3
S
ocia
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s -
- -
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N
on-financialcorporations
131
860
144
777
136
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630
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72
336
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21
1
F
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316
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296
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26 5
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11 3
193
105
3 10
58
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1 15
31
152
Hou
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PISH
s -
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- -
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o
/w E
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332
216
326
170
309
971
286
954
284
174
25 7
1311
675
11 3
053
424
3 38
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134
1 13
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131
Soc
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- -
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on-financialcorporations
131
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200
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11
130
Hou
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PISH
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Dep
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with
agr
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mat
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up
to 2
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rs36
716
26 7
2026
778
23 8
8921
895
522
908
517
709
563
188
525
588
546
106
542
652
520
143
529
839
in
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N15
202
5 20
65
264
2 37
538
114
0 31
414
0 29
118
0 33
415
0 34
017
0 29
117
0 28
117
0 28
118
0 29
6
S
ocia
l sec
urity
fund
s15
202
5 20
65
264
2 37
538
131
429
140
334
10 3
4030
291
30 2
8130
281
40 2
96N
on-financialcorporations
- -
- -
- -
- -
- -
- -
-
F
inan
cial
cor
pora
tions
- -
- -
-14
0 00
014
0 00
014
0 00
014
0 00
014
0 00
014
0 00
014
0 00
014
0 00
0
30
MONTHLY BULLETIN 11/20161.
3.3.
BN
B A
NA
LYTI
CA
L R
EPO
RTIN
G(c
ontin
ued)
(B
GN
’000
)
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
VIII.
2016
IX.2
016
Hou
seho
lds a
nd N
PISH
s -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
21 5
1421
514
21 5
1421
514
21 5
1438
2 59
437
7 41
838
2 85
437
5 24
837
5 81
537
2 37
134
9 86
234
9 54
3
S
ocia
l sec
urity
fund
s -
- -
- -
- -
- -
- -
- -
N
on-financialcorporations
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
410
9 52
610
9 52
6
F
inan
cial
cor
pora
tions
- -
- -
-23
3 95
122
8 77
523
4 21
123
6 38
423
6 95
123
3 50
724
0 33
624
0 01
7
H
ouse
hold
s and
NPI
SHs
- -
- -
- -
- -
- -
- -
-
o/w
EU
R21
514
21 5
1421
514
21 5
1421
514
264
037
264
037
264
037
254
258
254
258
256
214
226
876
226
876
Soc
ial s
ecur
ity fu
nds
- -
- -
- -
- -
- -
- -
-N
on-financialcorporations
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
410
9 52
610
9 52
6
F
inan
cial
cor
pora
tions
- -
- -
-11
5 39
411
5 39
411
5 39
411
5 39
411
5 39
411
7 35
011
7 35
011
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
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
4 89
2 80
04
931
926
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
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o
/w E
UR
- -
- -
- -
- -
- -
- -
- C
API
TAL
AN
D R
ESER
VES
4 21
2 87
14
354
961
4 28
8 57
44
153
949
4 34
1 33
44
681
526
4 55
7 10
14
572
802
4 55
0 13
84
873
678
4 94
8 64
74
892
800
4 93
1 92
6
Fun
ds c
ontri
bute
d by
ow
ners
20 0
0020
000
20 0
0020
000
20 0
0020
000
20 0
0020
000
20 0
0020
000
20 0
0020
000
20 0
00
Res
erve
s4
157
517
4 30
2 01
94
231
608
4 10
7 98
34
293
762
4 62
5 66
04
503
845
4 55
0 42
84
530
752
4 83
9 81
34
897
110
4 84
6 92
54
887
697
F
inan
cial
resu
lt35
354
32 9
4236
966
25 9
6627
572
35 8
6633
256
2 37
4-6
1413
865
31 5
3725
875
24 2
29
* 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
11/2016 FINANCIALSECTOR1.
3.4.
AN
ALY
TIC
AL
REP
ORT
ING
OF
OTH
ER M
FIs
(B
GN
’000
)
(con
tinue
d)
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
VIII.
2016
IX.2
016
Exch
ange
rate
BG
N/U
SD 1
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
1.75
694
1.75
238
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
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
0879
713
785
79 7
38 5
86 F
OR
EIG
N A
SSET
S (N
ET)
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
86
609
787
6 32
6 67
4
For
eign
ass
ets
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
6813
735
702
13 2
58 0
32
C
ash
in fo
reig
n cu
rren
cy45
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
049
9 66
839
2 56
6
o/w
EU
R29
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
033
1 78
924
5 71
4
D
epos
its5
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
7 45
5 33
57
216
708
in
BG
N95
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
931
005
922
833
in
fore
ign
curr
ency
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
46
524
330
6 29
3 87
5
o
/w E
UR
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
94
714
449
4 75
1 98
4
R
epos
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
41
733
489
1 52
5 37
7
in B
GN
9 18
011
070
11 0
7011
070
11 0
708
890
8 89
08
890
8 89
09
890
7 00
07
000
7 00
0
in fo
reig
n cu
rren
cy1
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
420
1 83
1 95
91
716
414
1 72
6 48
91
518
377
o/w
EU
R25
8 10
622
2 24
922
8 74
220
9 51
820
3 52
218
5 83
030
6 11
035
0 45
738
4 70
037
8 19
336
6 67
837
3 10
531
9 61
6
L
oans
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
21
821
880
1 82
3 18
6
in B
GN
274
435
270
392
282
985
281
349
259
040
261
037
264
343
263
665
187
357
173
434
170
340
179
815
175
563
in
fore
ign
curr
ency
1 34
3 66
41
356
450
1 38
5 85
31
533
640
1 51
1 58
31
544
142
1 61
6 46
01
651
248
1 64
1 86
21
589
572
1 58
8 12
21
642
065
1 64
7 62
3
o
/w E
UR
834
790
856
145
866
459
1 02
1 65
81
007
055
1 02
1 34
71
087
302
1 11
7 49
21
120
705
1 05
0 29
91
067
507
1 11
2 73
11
119
233
Sec
uriti
es o
ther
than
shar
es1
803
072
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
2 04
3 22
52
116
982
in
BG
N23
519
421
46
062
5 84
65
846
- -
- -
- -
-
in fo
reig
n cu
rren
cy1
802
837
1 88
2 23
91
784
203
1 78
1 59
62
125
717
2 16
6 05
22
092
899
1 80
8 30
31
892
849
2 10
5 44
42
048
018
2 04
3 22
52
116
982
o/w
EU
R1
270
740
1 13
1 99
61
003
951
1 00
8 50
71
344
702
1 34
6 95
41
337
855
993
219
1 00
8 82
71
194
720
1 20
0 42
01
155
793
1 20
1 32
7
S
hare
s and
oth
er e
quity
163
284
165
462
163
314
194
963
227
538
238
336
237
853
237
712
237
839
175
014
181
356
182
105
183
213
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
163
284
165
462
163
314
194
963
227
538
238
336
237
853
237
712
237
839
175
014
181
356
182
105
183
213
o/w
EU
R10
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
4694
978
95 1
69
Les
s: fo
reig
n lia
bilit
ies
8 24
3 54
28
079
800
7 89
9 03
58
053
137
7 84
6 82
47
614
670
7 31
9 49
97
249
392
7 17
9 88
57
252
025
6 99
2 95
07
125
915
6 93
1 35
8
D
epos
its7
712
504
7 62
9 51
47
448
781
7 60
2 97
17
396
658
7 15
5 76
06
869
384
6 79
9 27
26
725
213
6 79
7 74
76
540
627
6 67
3 69
26
479
285
in
BG
N70
6 93
274
7 40
970
6 09
078
9 76
672
0 24
792
6 67
869
0 73
967
9 22
865
7 79
969
0 59
269
4 39
572
6 44
575
0 64
1
in fo
reig
n cu
rren
cy7
005
572
6 88
2 10
56
742
691
6 81
3 20
56
676
411
6 22
9 08
26
178
645
6 12
0 04
46
067
414
6 10
7 15
55
846
232
5 94
7 24
75
728
644
o/w
EU
R6
362
516
6 32
4 47
86
205
208
6 24
5 03
16
054
290
5 59
4 41
65
546
149
5 43
7 94
25
396
527
5 48
6 00
35
234
427
5 30
2 44
75
086
963
Rep
os27
6 34
319
5 62
019
5 62
019
5 62
019
5 62
020
4 45
719
5 65
819
5 65
819
5 65
819
5 58
219
5 58
319
5 58
319
5 58
3
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy27
6 34
319
5 62
019
5 62
019
5 62
019
5 62
020
4 45
719
5 65
819
5 65
819
5 65
819
5 58
219
5 58
319
5 58
319
5 58
3
o
/w E
UR
276
343
195
620
195
620
195
620
195
620
204
457
195
658
195
658
195
658
195
582
195
583
195
583
195
583
Sec
uriti
es*
254
695
254
666
254
634
254
546
254
546
254
453
254
457
254
462
259
014
258
696
256
740
256
640
256
490
in
BG
N39
554
39 5
2539
493
39 4
0539
405
39 3
1239
316
39 3
2143
873
43 5
5541
599
41 4
9941
349
in
fore
ign
curr
ency
215
141
215
141
215
141
215
141
215
141
215
141
215
141
215
141
215
141
215
141
215
141
215
141
215
141
o/w
EU
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**
13 2
65 6
6813
574
783
14 2
50 0
4516
117
448
14 3
07 3
3014
570
655
13 2
77 5
7813
536
052
12 8
40 3
4012
886
071
13 3
82 0
5113
618
248
13 8
81 9
32
C
ash
in B
GN
1 07
3 02
21
030
940
1 07
7 42
71
347
024
1 08
3 34
71
145
006
1 06
6 93
31
202
824
1 11
0 14
41
118
943
1 11
9 11
11
167
013
1 19
0 58
6
D
epos
its12
192
646
12 5
43 8
4313
172
618
14 7
70 4
2413
223
983
13 4
25 6
4912
210
645
12 3
33 2
2811
730
196
11 7
67 1
2812
262
940
12 4
51 2
3512
691
346
in
BG
N9
312
594
9 54
1 14
19
956
921
11 3
85 5
9611
000
601
11 6
19 0
2710
225
621
8 77
3 34
48
074
193
7 84
2 88
98
620
561
8 54
3 23
68
201
212
in
fore
ign
curr
ency
2 88
0 05
23
002
702
3 21
5 69
73
384
828
2 22
3 38
21
806
622
1 98
5 02
43
559
884
3 65
6 00
33
924
239
3 64
2 37
93
907
999
4 49
0 13
4
o
/w E
UR
2 88
0 05
23
002
702
3 21
5 69
73
384
828
2 22
3 38
21
806
622
1 98
5 02
43
559
884
3 65
6 00
33
924
239
3 64
2 37
93
907
999
4 49
0 13
4
32
MONTHLY BULLETIN 11/20161.
3.4.
AN
ALY
TIC
AL
REP
ORT
ING
OF
OTH
ER M
FIs
(con
tinue
d)
(BG
N’0
00)
(con
tinue
d)
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
VIII.
2016
IX.2
016
CLA
IMS
ON
GEN
ERA
L G
OV
ERN
MEN
T7
882
171
8 49
6 97
38
748
062
8 44
3 71
68
558
493
8 70
9 22
69
420
338
9 53
4 08
49
806
617
9 80
8 52
39
884
379
10 0
04 5
279
895
864
C
entra
l gov
ernm
ent (
net)
7 58
8 09
28
200
488
8 45
3 18
98
150
125
8 27
4 64
78
430
732
9 14
8 27
09
264
790
9 51
8 68
59
516
144
9 59
3 92
19
713
404
9 60
0 38
9
C
laim
s8
695
921
9 32
4 08
19
571
650
9 19
4 04
99
228
428
9 36
0 56
310
089
563
10 0
85 5
0810
246
179
10 2
80 0
0010
353
163
10 4
54 2
8710
384
603
G
over
nmen
t sec
uriti
es8
258
538
8 75
8 73
28
997
934
8 58
9 45
18
679
118
8 88
8 45
19
623
076
9 63
8 74
99
771
774
9 81
3 16
99
891
983
10 0
01 7
069
928
842
in
BG
N3
103
386
3 37
2 81
33
508
730
3 65
2 07
53
609
179
3 77
5 90
63
794
721
3 81
5 04
43
912
028
3 89
6 49
93
924
683
3 91
9 01
13
762
841
in
fore
ign
curr
ency
5 15
5 15
25
385
919
5 48
9 20
44
937
376
5 06
9 93
95
112
545
5 82
8 35
55
823
705
5 85
9 74
65
916
670
5 96
7 30
06
082
695
6 16
6 00
1
o/w
EU
R5
119
378
5 34
9 60
55
451
342
4 90
0 84
95
042
417
5 08
4 87
75
801
968
5 79
7 21
15
832
787
5 88
9 59
05
940
248
6 05
5 67
76
139
078
R
epos
-12
0 36
612
2 53
412
4 66
976
906
- -
- -
- -
- -
in
BG
N -
120
366
122
534
124
669
31 9
69 -
- -
- -
- -
-
i
n fo
reig
n cu
rren
cy -
- -
-44
937
- -
- -
- -
- -
o
/w E
UR
- -
- -
44 9
37 -
- -
- -
- -
-
Loa
ns43
7 38
344
4 98
345
1 18
247
9 92
947
2 40
447
2 11
246
6 48
744
6 75
947
4 40
546
6 83
146
1 18
045
2 58
145
5 76
1
i
n B
GN
66 9
4664
610
70 8
2498
328
91 2
0790
909
85 2
6465
544
92 8
7185
471
86 3
5987
274
89 4
26
i
n fo
reig
n cu
rren
cy37
0 43
738
0 37
338
0 35
838
1 60
138
1 19
738
1 20
338
1 22
338
1 21
538
1 53
438
1 36
037
4 82
136
5 30
736
6 33
5
o/w
EU
R37
0 43
738
0 37
338
0 35
838
1 60
138
1 19
738
1 20
338
1 22
338
1 21
538
1 53
438
1 36
037
4 82
136
5 30
736
6 33
5
L
ess:
liab
ilitie
s1
107
829
1 12
3 59
31
118
461
1 04
3 92
495
3 78
192
9 83
194
1 29
382
0 71
872
7 49
476
3 85
675
9 24
274
0 88
378
4 21
4
Dep
osits
1 10
7 82
91
123
593
1 11
8 46
11
043
924
953
781
929
831
941
293
820
718
727
494
763
856
759
242
740
883
784
214
in
BG
N90
7 61
392
8 75
591
9 36
784
1 71
375
0 04
571
9 98
373
3 28
861
3 08
448
5 94
753
0 02
554
1 80
253
4 11
457
2 18
3
i
n fo
reig
n cu
rren
cy20
0 21
619
4 83
819
9 09
420
2 21
120
3 73
620
9 84
820
8 00
520
7 63
424
1 54
723
3 83
121
7 44
020
6 76
921
2 03
1
o/w
EU
R18
3 62
617
7 51
318
1 27
718
4 85
018
6 53
119
0 92
318
9 37
318
7 48
022
2 12
721
5 53
419
9 16
118
6 50
019
1 35
7
Rep
os -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
L
ocal
gov
ernm
ent a
nd S
SFs
294
079
296
485
294
873
293
591
283
846
278
494
272
068
269
294
287
932
292
379
290
458
291
123
295
475
Sec
uriti
es o
ther
than
shar
es65
467
65 3
2063
049
63 0
5062
916
62 9
0262
805
62 7
4585
382
89 3
8989
112
96 9
5610
4 11
4
in B
GN
25 6
8925
541
25 5
4125
542
25 3
9325
394
28 1
9828
138
53 0
4857
055
56 9
3966
455
73 6
13
in fo
reig
n cu
rren
cy39
778
39 7
7937
508
37 5
0837
523
37 5
0834
607
34 6
0732
334
32 3
3432
173
30 5
0130
501
o/w
EU
R39
778
39 7
7937
508
37 5
0837
523
37 5
0834
607
34 6
0732
334
32 3
3432
173
30 5
0130
501
Rep
os -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
L
oans
228
612
231
165
231
824
230
541
220
930
215
592
209
263
206
549
202
550
202
990
201
346
194
167
191
361
in
BG
N17
9 38
518
2 50
618
3 85
018
2 05
017
3 01
016
8 37
016
9 13
316
7 21
416
3 84
017
1 41
517
0 03
616
3 71
916
1 03
0
in fo
reig
n cu
rren
cy49
227
48 6
5947
974
48 4
9147
920
47 2
2240
130
39 3
3538
710
31 5
7531
310
30 4
4830
331
o/w
EU
R49
227
48 6
5947
974
48 4
9147
920
47 2
2240
130
39 3
3538
710
31 5
7531
310
30 4
4830
331
CLA
IMS
ON
NO
N-G
OV
ERN
MEN
T SE
CTO
R51
455
279
51 2
13 0
4651
464
566
50 6
96 3
5550
144
688
50 0
01 9
9450
137
098
50 2
75 7
8450
279
853
50 8
96 3
3351
160
668
51 2
04 6
4851
369
619
Non-financialcorporations
31 3
05 9
1531
251
373
31 4
96 2
0930
867
774
30 5
68 6
4930
431
961
30 4
30 5
2830
518
121
30 4
36 9
7430
743
855
30 9
49 4
9530
860
761
R30
936
663
Rep
os16
2 51
716
0 13
216
5 47
314
0 82
718
0 23
617
7 97
118
5 46
519
0 42
717
0 96
218
6 89
820
6 90
719
6 40
619
8 63
9
in B
GN
162
517
160
132
163
508
140
827
180
236
177
971
185
465
190
427
170
962
167
340
187
349
176
848
179
081
in
fore
ign
curr
ency
- -
1 96
5 -
- -
- -
-19
558
19 5
5819
558
19 5
58
o
/w E
UR
- -
1 96
5 -
- -
- -
-19
558
19 5
5819
558
19 5
58
L
oans
30 8
58 8
5430
823
696
31 0
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9330
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749
30 1
40 5
3730
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227
29 9
96 3
0330
075
958
30 0
17 4
7530
314
977
30 4
91 8
2830
394
812
30 4
37 3
96
in B
GN
11 4
72 3
4011
576
421
11 7
44 4
3911
797
533
11 6
19 5
3911
679
828
11 7
97 2
2211
835
414
11 9
07 1
3112
307
408
12 5
52 3
5612
598
932
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30 5
10
in fo
reig
n cu
rren
cy19
386
514
19 2
47 2
7519
326
454
18 6
76 2
1618
520
998
18 3
28 3
9918
199
081
18 2
40 5
4418
110
344
18 0
07 5
6917
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472
17 7
95 8
8017
606
886
o/w
EU
R18
701
172
18 5
69 2
6018
612
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18 0
19 5
7117
825
311
17 6
32 3
1817
552
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17 5
78 9
1717
440
857
17 3
85 0
5117
301
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17 1
64 3
5616
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797
Sec
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ther
than
shar
es13
3 91
011
6 57
710
8 70
195
585
95 3
8994
096
93 4
5493
745
93 5
7991
327
95 8
2911
3 23
014
4 10
6
in B
GN
16 8
6516
862
16 8
6312
211
12 1
8112
180
12 5
7812
577
12 5
7612
573
12 5
7012
570
12 5
70
in fo
reig
n cu
rren
cy11
7 04
599
715
91 8
3883
374
83 2
0881
916
80 8
7681
168
81 0
0378
754
83 2
5910
0 66
013
1 53
6
33
11/2016 FINANCIALSECTOR1.
3.4.
AN
ALY
TIC
AL
REP
ORT
ING
OF
OTH
ER M
FIs
(con
tinue
d)
(BG
N’0
00)
(con
tinue
d)
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
VIII.
2016
IX.2
016
o/w
EU
R11
7 04
599
715
91 8
3883
374
83 2
0881
916
80 8
7681
168
81 0
0378
754
83 2
5910
0 66
013
1 53
6
S
hare
s and
oth
er e
quity
150
634
150
968
151
142
157
613
152
487
151
667
155
306
157
991
154
958
150
653
154
931
156
313R
156
522
in
BG
N15
0 63
415
0 96
815
1 14
215
7 61
315
2 48
715
1 66
715
5 30
615
7 99
115
4 95
815
0 65
315
4 93
115
6 31
3R15
6 52
2
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
F
inan
cial
cor
pora
tions
1 80
9 90
71
640
548
1 65
0 11
11
686
727
1 69
2 08
01
700
987
1 75
5 86
71
758
325
1 76
3 99
01
977
052
1 98
0 60
82
011
425R
2 01
0 24
3
R
epos
211
826
88 0
1788
706
102
038
112
631
115
710
146
925
127
730
135
774
95 8
9210
3 88
710
2 94
610
2 11
8
in B
GN
157
683
32 5
9135
631
45 6
8349
824
52 8
4664
890
56 2
3667
233
59 6
3448
888
47 9
2746
201
in
fore
ign
curr
ency
54 1
4355
426
53 0
7556
355
62 8
0762
864
82 0
3571
494
68 5
4136
258
54 9
9955
019
55 9
17
o
/w E
UR
54 1
4355
426
53 0
7556
355
62 8
0762
864
82 0
3571
494
68 5
4136
258
54 9
9955
019
55 9
17
L
oans
1 21
0 70
41
164
531
1 17
3 03
21
190
777
1 18
8 73
21
194
256
1 21
5 39
61
236
531
1 23
1 29
61
472
182
1 46
7 60
21
498
575
1 49
4 79
8
in B
GN
361
987
369
432
382
738
387
207
386
559
382
991
383
861
396
723
390
894
389
743
408
624
419
158
425
023
in
fore
ign
curr
ency
848
717
795
099
790
294
803
570
802
173
811
265
831
535
839
808
840
402
1 08
2 43
91
058
978
1 07
9 41
71
069
775
o/w
EU
R84
8 26
979
4 65
878
9 62
780
2 95
280
1 70
481
0 73
083
0 93
983
8 29
983
8 91
61
081
251
1 05
7 38
81
078
452
1 06
9 28
1
S
ecur
ities
oth
er th
an sh
ares
36 9
9136
991
36 8
9336
140
35 2
7234
868
34 8
4434
658
34 5
6133
101
32 9
0632
808
32 7
84
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy36
991
36 9
9136
893
36 1
4035
272
34 8
6834
844
34 6
5834
561
33 1
0132
906
32 8
0832
784
o/w
EU
R36
991
36 9
9136
893
36 1
4035
272
34 8
6834
844
34 6
5834
561
33 1
0132
906
32 8
0832
784
Sha
res a
nd o
ther
equ
ity35
0 38
635
1 00
935
1 48
035
7 77
235
5 44
535
6 15
335
8 70
235
9 40
636
2 35
937
5 87
737
6 21
337
7 09
6R38
0 54
3
in B
GN
350
200
350
822
351
292
357
585
355
259
355
967
358
516
359
219
362
172
374
946
375
283
376
192R
379
651
in
fore
ign
curr
ency
186
187
188
187
186
186
186
187
187
931
930
904
892
o/w
EU
R18
618
718
818
718
618
618
618
718
793
193
090
489
2
Hou
seho
lds a
nd N
PISH
s18
339
457
18 3
21 1
2518
318
246
18 1
41 8
5417
883
959
17 8
69 0
4617
950
703
17 9
99 3
3818
078
889
18 1
75 4
2618
230
565
18 3
32 4
6218
422
713
Rep
os1
427
1 47
71
464
1 40
91
313
1 36
01
433
1 42
11
348
1 35
81
356
1 25
71
294
in
BG
N1
427
1 47
71
464
1 40
91
313
1 36
01
433
1 42
11
348
1 35
81
356
1 25
71
294
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
L
oans
18 3
38 0
3018
319
648
18 3
16 7
8218
140
445
17 8
82 6
4617
867
686
17 9
49 2
7017
997
917
18 0
77 5
4118
174
068
18 2
29 2
0918
331
205
18 4
21 4
19
in B
GN
12 6
56 9
8212
711
955
12 7
96 7
9912
703
429
12 5
30 5
7812
588
574
12 7
45 9
7312
870
830
13 0
33 0
1013
230
175
13 3
77 5
5713
575
829
13 7
44 5
77
in fo
reig
n cu
rren
cy5
681
048
5 60
7 69
35
519
983
5 43
7 01
65
352
068
5 27
9 11
25
203
297
5 12
7 08
75
044
531
4 94
3 89
34
851
652
4 75
5 37
64
676
842
o/w
EU
R5
532
072
5 45
9 37
65
374
320
5 28
1 76
95
202
530
5 12
7 81
15
046
509
4 97
3 95
54
894
081
4 79
0 51
34
698
641
4 60
3 68
34
524
530
FIX
ED A
SSET
S3
948
838
3 97
7 37
13
937
651
4 50
8 49
14
538
962
4 55
4 94
84
557
212
4 57
6 49
84
731
013
4 81
3 71
94
874
982
4 88
3 93
84
897
966
OTH
ER IT
EMS
(NET
)-6
283
038
-6 0
58 5
33-6
098
431
-6 2
23 4
01-6
185
788
-6 3
97 6
38-7
009
101
-6 8
97 2
81-6
677
371
-6 7
37 6
66-6
871
890
-6 6
07 3
63-6
633
469
A
ccou
nts b
etw
een
othe
r MFI
s (ne
t)40
504
25 6
1439
702
26 9
5532
548
40 5
758
052
10 9
3918
559
132
-5 8
57-1
786
20 9
91
C
laim
s on
othe
r MFI
s1
146
510
776
144
783
798
922
168
775
413
830
857
897
440
837
247
1 08
2 15
390
8 18
696
6 78
894
6 06
889
7 00
5
in B
GN
545
516
340
844
359
680
319
164
333
789
340
807
364
322
412
329
552
375
430
243
400
649
373
526
376
906
in
fore
ign
curr
ency
600
994
435
300
424
118
603
004
441
624
490
050
533
118
424
918
529
778
477
943
566
139
572
542
520
099
o/w
EU
R15
9 96
311
8 39
010
9 67
415
6 19
211
2 73
611
9 31
411
2 72
561
252
79 5
2310
3 06
971
450
80 7
7271
128
Les
s: li
abili
ties t
o ot
her M
FIs
1 10
6 00
675
0 53
074
4 09
689
5 21
374
2 86
579
0 28
288
9 38
882
6 30
81
063
594
908
054
972
645
947
854
876
014
in
BG
N51
9 04
431
3 60
633
0 33
728
9 51
629
6 05
029
5 91
632
7 75
736
7 60
449
9 78
539
4 13
836
6 73
333
6 81
234
2 86
1
in fo
reig
n cu
rren
cy58
6 96
243
6 92
441
3 75
960
5 69
744
6 81
549
4 36
656
1 63
145
8 70
456
3 80
951
3 91
660
5 91
261
1 04
253
3 15
3
o
/w E
UR
145
842
119
731
99 0
8214
0 63
699
898
105
529
104
926
56 2
1871
341
96 7
4071
602
79 7
1263
910
O
ther
(net
)-6
323
542
-6 0
84 1
47-6
138
133
-6 2
50 3
56-6
218
336
-6 4
38 2
13-7
017
153
-6 9
08 2
20-6
695
930
-6 7
37 7
98-6
866
033
-6 6
05 5
77-6
654
460
Otherunclassifiedassets
3 02
4 45
43
072
380
3 14
3 20
02
651
310
2 66
8 60
42
631
429
2 49
9 82
22
551
419
2 67
5 76
12
689
866
2 62
1 21
82
580
379
2 60
6 80
8
in B
GN
1 27
9 92
31
282
118
1 30
7 52
91
231
962
1 32
0 16
11
277
175
1 27
2 35
81
270
355
1 36
9 46
71
340
244
1 30
6 56
91
263
360
1 28
3 76
5
in fo
reig
n cu
rren
cy1
744
531
1 79
0 26
21
835
671
1 41
9 34
81
348
443
1 35
4 25
41
227
464
1 28
1 06
41
306
294
1 34
9 62
21
314
649
1 31
7 01
91
323
043
o/w
EU
R1
577
783
1 60
6 12
31
637
756
1 22
1 39
21
213
117
1 22
3 14
11
136
567
1 18
5 72
61
203
539
1 22
8 86
41
192
051
1 19
9 56
21
188
383
Less:otherunclassifiedliabilities
9 34
7 99
69
156
527
9 28
1 33
38
901
666
8 88
6 94
09
069
642
9 51
6 97
59
459
639
9 37
1 69
19
427
664
9 48
7 25
19
185
956
9 26
1 26
8
in B
GN
6 25
5 41
16
168
827
6 21
6 71
45
859
989
5 82
2 71
75
910
925
6 26
1 16
56
113
263
6 14
9 24
76
139
044
6 18
2 19
45
919
754
5 96
3 40
2
34
MONTHLY BULLETIN 11/20161.
3.4.
AN
ALY
TIC
AL
REP
ORT
ING
OF
OTH
ER M
FIs
(con
tinue
d)
(BG
N’0
00)
(con
tinue
d)
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
VIII.
2016
IX.2
016
in
fore
ign
curr
ency
3 09
2 58
52
987
700
3 06
4 61
93
041
677
3 06
4 22
33
158
717
3 25
5 81
03
346
376
3 22
2 44
43
288
620
3 30
5 05
73
266
202
3 29
7 86
6
o
/w E
UR
2 78
2 10
12
749
906
2 81
1 56
02
756
976
2 78
8 32
22
863
610
2 91
1 73
42
985
991
2 90
7 97
32
963
612
2 93
7 61
12
932
024
2 96
5 13
9
L
IAB
ILIT
IES
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
0879
713
785
79 7
38 5
86 L
IAB
ILIT
IES
TO T
HE
BN
B -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
- L
IAB
ILIT
IES
INC
LUD
ED IN
MO
NEY
SU
PPLY
59 7
79 6
9960
257
510
61 1
09 9
4761
935
370
61 7
88 6
8762
199
330
61 6
13 8
8562
140
173
62 4
73 7
1163
283
471
63 9
98 6
9064
647
788
64 5
22 7
00
DEP
OSI
TS59
717
819
60 1
98 0
4061
045
022
61 8
65 1
3361
717
064
62 1
26 8
5861
539
029
62 0
68 6
2862
400
441
63 2
14 9
1763
912
838
64 5
61 3
8964
434
749
Ove
rnig
ht d
epos
its22
717
292
23 0
55 9
7723
571
368
23 9
67 8
1123
637
976
24 1
74 0
0123
759
808
24 1
31 3
4724
605
238
25 4
77 2
9226
257
787
26 7
48 2
4626
785
235
in
BG
N15
654
552
15 9
14 7
2416
292
370
16 9
43 3
7816
425
902
16 7
33 5
8516
352
388
16 8
57 1
0717
068
708
17 4
06 9
7117
817
603
18 2
54 1
9918
311
569
Loc
al g
over
nmen
t and
SSF
s89
5 63
685
4 81
587
4 30
459
1 01
263
7 78
175
6 03
180
7 11
591
2 53
686
8 86
483
9 69
278
9 02
078
2 68
471
2 72
5N
on-financialcorporations
8 16
2 11
78
340
351
8 66
7 03
09
378
320
8 45
5 41
28
632
580
8 28
9 36
28
355
816
8 57
1 32
38
713
988
8 93
6 23
79
352
250
9 28
3 64
4
F
inan
cial
cor
pora
tions
1 05
9 64
199
6 83
894
3 39
978
8 89
098
8 35
31
009
631
828
403
808
098
968
183
1 00
9 61
61
016
840
1 07
7 75
41
164
037
Hou
seho
lds a
nd N
PISH
s5
537
158
5 72
2 72
05
807
637
6 18
5 15
66
344
356
6 33
5 34
36
427
508
6 78
0 65
76
660
338
6 84
3 67
57
075
506
7 04
1 51
17
151
163
in
fore
ign
curr
ency
7 06
2 74
07
141
253
7 27
8 99
87
024
433
7 21
2 07
47
440
416
7 40
7 42
07
274
240
7 53
6 53
08
070
321
8 44
0 18
48
494
047
8 47
3 66
6
L
ocal
gov
ernm
ent a
nd S
SFs
62 7
4465
205
35 5
1232
942
31 3
2050
615
49 5
7739
462
34 0
1433
616
61 7
7038
671
45 7
49N
on-financialcorporations
4 77
3 39
64
738
449
4 84
1 64
14
618
743
4 66
7 12
04
650
695
4 77
8 77
84
539
195
4 68
5 77
44
807
528
4 92
7 78
45
053
362
4 92
5 42
5
F
inan
cial
cor
pora
tions
716
910
802
344
828
479
746
669
886
803
1 08
0 91
189
9 22
898
3 37
81
051
937
1 42
3 78
81
593
293
1 52
3 52
11
543
567
Hou
seho
lds a
nd N
PISH
s1
509
690
1 53
5 25
51
573
366
1 62
6 07
91
626
831
1 65
8 19
51
679
837
1 71
2 20
51
764
805
1 80
5 38
91
857
337
1 87
8 49
31
958
925
o/w
EU
R5
154
739
5 29
9 56
45
532
489
5 24
6 98
75
409
228
5 64
5 37
15
397
813
5 47
4 87
15
732
560
6 24
8 13
46
523
942
6 57
5 37
86
680
366
Loc
al g
over
nmen
t and
SSF
s62
629
65 0
8435
361
32 8
0331
199
50 4
9449
464
39 3
4733
891
33 4
9961
653
38 5
5145
628
N
on-financialcorporations
3 48
9 69
73
451
093
3 64
2 68
23
470
569
3 47
0 67
03
477
078
3 41
0 68
13
312
159
3 49
1 71
23
616
892
3 63
5 62
43
794
520
3 78
2 85
0
F
inan
cial
cor
pora
tions
431
228
584
699
624
635
479
580
645
290
838
705
632
099
797
830
843
498
1 18
8 06
41
372
716
1 28
8 79
41
326
620
Hou
seho
lds a
nd N
PISH
s1
171
185
1 19
8 68
81
229
811
1 26
4 03
51
262
069
1 27
9 09
41
305
569
1 32
5 53
51
363
459
1 40
9 67
91
453
949
1 45
3 51
31
525
268
Dep
osits
with
agr
eed
mat
urity
up
to 2
yea
rs26
446
889
26 5
68 1
8826
803
035
26 9
65 4
3227
122
169
26 9
92 1
2026
873
858
26 9
77 5
7126
812
509
26 7
04 5
4226
560
722
26 7
42 8
7626
574
156
in
BG
N12
878
236
12 9
60 5
7812
926
785
13 2
25 5
9713
592
782
13 5
43 7
0313
554
302
13 5
20 5
4413
447
044
13 4
67 2
6613
416
726
13 4
56 7
1013
382
230
Loc
al g
over
nmen
t and
SSF
s27
1 21
025
3 24
721
8 71
519
0 31
718
7 90
919
9 68
520
5 91
721
6 15
122
2 45
522
9 69
921
6 12
320
6 96
820
1 70
1N
on-financialcorporations
1 71
5 38
31
755
447
1 71
9 64
91
816
200
2 17
8 18
52
158
321
2 17
2 70
62
185
685
2 10
6 84
22
089
681
2 06
9 12
32
066
602
2 00
4 64
9
F
inan
cial
cor
pora
tions
624
485
604
496
552
915
700
900
648
907
603
485
608
611
548
638
546
555
566
905
568
216
580
542
559
755
Hou
seho
lds a
nd N
PISH
s10
267
158
10 3
47 3
8810
435
506
10 5
18 1
8010
577
781
10 5
82 2
1210
567
068
10 5
70 0
7010
571
192
10 5
80 9
8110
563
264
10 6
02 5
9810
616
125
in
fore
ign
curr
ency
13 5
68 6
5313
607
610
13 8
76 2
5013
739
835
13 5
29 3
8713
448
417
13 3
19 5
5613
457
027
13 3
65 4
6513
237
276
13 1
43 9
9613
286
166
13 1
91 9
26
L
ocal
gov
ernm
ent a
nd S
SFs
436
439
447
440
440
441
433
433
436
429
429
429
428
N
on-financialcorporations
1 86
3 09
41
852
829
2 07
4 32
62
031
358
1 96
1 47
01
881
533
1 81
1 97
81
875
098
1 88
0 15
51
881
774
1 83
1 88
01
980
889
1 91
4 38
2
F
inan
cial
cor
pora
tions
431
374
448
170
467
228
476
701
436
390
417
285
490
859
547
158
539
408
495
309
492
368
509
884
522
557
Hou
seho
lds a
nd N
PISH
s11
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
10 7
94 9
6410
754
559
o/w
EU
R11
011
639
10 9
82 8
8311
212
059
11 0
06 4
2910
935
685
10 7
87 0
0410
830
735
10 8
39 8
9310
782
343
10 7
08 3
1610
742
894
10 7
88 4
9610
753
780
Loc
al g
over
nmen
t and
SSF
s22
722
722
722
722
722
722
722
722
722
722
722
722
7N
on-financialcorporations
1 47
9 88
61
446
855
1 59
6 88
21
586
550
1 53
6 96
51
422
635
1 44
7 61
21
463
233
1 44
9 66
61
449
941
1 52
3 31
11
632
833
1 62
3 01
7
F
inan
cial
cor
pora
tions
409
734
425
988
443
832
429
888
401
125
393
589
465
722
524
878
515
046
470
266
468
809
485
937
494
640
Hou
seho
lds a
nd N
PISH
s9
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
8 66
9 49
98
635
896
Dep
osits
rede
emab
le a
t not
ice
up to
3 m
onth
s10
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
11 0
70 2
6711
075
358
in
BG
N6
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
6 84
7 88
76
846
977
Loc
al g
over
nmen
t and
SSF
s -
- -
- -
- -
- -
- -
- -
N
on-financialcorporations
14 4
5113
956
17 2
9915
886
13 7
0213
177
15 3
2319
592
20 8
0421
309
20 7
8623
326
26 3
01
F
inan
cial
cor
pora
tions
- -
- -
- -
- -
- -
- -
-
35
11/2016 FINANCIALSECTOR1.
3.4.
AN
ALY
TIC
AL
REP
ORT
ING
OF
OTH
ER M
FIs
(con
tinue
d)
(BG
N’0
00)
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
VIII.
2016
IX.2
016
Hou
seho
lds a
nd N
PISH
s6
407
640
6 44
1 76
76
524
538
6 75
9 66
36
793
570
6 78
7 45
46
759
526
6 78
9 86
06
784
425
6 82
0 13
66
839
981
6 82
4 56
16
820
676
in
fore
ign
curr
ency
4 13
1 54
74
118
152
4 12
8 78
24
156
341
4 14
9 64
74
160
106
4 13
0 51
44
150
258
4 17
7 46
54
191
638
4 23
3 56
24
222
380
4 22
8 38
1
L
ocal
gov
ernm
ent a
nd S
SFs
- -
- -
- -
- -
- -
- -
-N
on-financialcorporations
2 23
62
306
10 8
182
683
2 08
32
017
1 91
02
561
2 55
61
831
1 75
81
753
1 85
3
F
inan
cial
cor
pora
tions
- -
- -
- -
- -
- -
- -
-
H
ouse
hold
s and
NPI
SHs
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
44
220
627
4 22
6 52
8
o/
w E
UR
3 36
9 75
53
355
703
3 34
9 01
83
384
754
3 38
2 81
53
376
545
3 35
7 92
63
363
954
3 38
2 07
23
396
980
3 41
9 00
43
391
658
3 40
4 20
7
L
ocal
gov
ernm
ent a
nd S
SFs
- -
- -
- -
- -
- -
- -
-N
on-financialcorporations
965
999
4 62
61
411
854
822
724
724
705
695
646
646
763
Fin
anci
al c
orpo
ratio
ns -
- -
- -
- -
- -
- -
- -
Hou
seho
lds a
nd N
PISH
s3
368
790
3 35
4 70
43
344
392
3 38
3 34
33
381
961
3 37
5 72
33
357
202
3 36
3 23
03
381
367
3 39
6 28
53
418
358
3 39
1 01
23
403
444
M
AR
KET
AB
LE IN
STR
UM
ENTS
(deb
t sec
uriti
es is
sued
up
to 2
yea
rs +
MM
Fs sh
ares
/uni
ts +
repo
s)61
880
59 4
7064
925
70 2
3771
623
72 4
7274
856
71 5
4573
270
68 5
5485
852
86 3
9987
951
in
BG
N61
880
59 4
7064
925
61 2
3762
623
63 4
7265
856
62 5
4564
270
63 9
5472
402
72 9
4974
501
in
fore
ign
curr
ency
- -
-9
000
9 00
09
000
9 00
09
000
9 00
04
600
13 4
5013
450
13 4
50
o/w
EU
R -
- -
9 00
09
000
9 00
09
000
9 00
09
000
4 60
013
450
13 4
5013
450
LO
NG
ER-T
ERM
LIA
BIL
ITIE
S N
OT
INC
LUD
ED
IN
MO
NEY
SU
PPLY
13 5
94 9
7513
800
121
13 8
18 4
3614
193
265
14 2
71 8
4214
521
502
14 4
03 6
6414
416
004
14 4
86 1
0714
598
233
14 8
07 4
1815
065
997
15 2
15 8
86
D
epos
its w
ith a
gree
d m
atur
ity o
ver 2
yea
rs a
nd
dep
osits
rede
emab
le a
t not
ice
over
3 m
onth
s2
446
714
2 49
1 08
02
492
313
2 67
6 10
12
671
022
2 72
7 01
12
770
907
2 68
1 53
12
844
049
2 77
4 45
32
800
439
2 89
3 48
52
905
856
in
BG
N1
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
1 34
0 33
91
347
743
in
fore
ign
curr
ency
1 33
0 05
71
357
728
1 35
4 46
61
468
914
1 45
9 02
21
492
335
1 52
9 95
11
419
739
1 51
7 54
61
490
552
1 48
9 16
61
553
146
1 55
8 11
3
o/w
EU
R1
089
992
1 10
7 29
61
105
471
1 22
6 89
21
173
522
1 16
9 36
21
232
848
1 17
4 22
01
200
294
1 25
9 08
71
200
957
1 22
1 44
61
296
591
D
ebt s
ecur
ities
issu
ed o
ver 2
yea
rs10
7 09
710
7 09
810
7 09
878
740
78 7
4178
742
78 0
8778
087
78 0
8878
088
78 0
8978
090
77 3
40
in
BG
N -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy10
7 09
710
7 09
810
7 09
878
740
78 7
4178
742
78 0
8778
087
78 0
8878
088
78 0
8978
090
77 3
40
o/
w E
UR
107
097
107
098
107
098
78 7
4078
741
78 7
4278
087
78 0
8778
088
78 0
8878
089
78 0
9077
340
C
API
TAL
AN
D R
ESER
VES
11 0
41 1
6411
201
943
11 2
19 0
2511
438
424
11 5
22 0
7911
715
749
11 5
54 6
7011
656
386
11 5
63 9
7011
745
692
11 9
28 8
9012
094
422
12 2
32 6
90
F
unds
con
tribu
ted
by o
wne
rs3
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
4 08
1 11
04
081
110
Res
erve
s5
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
5 70
4 48
15
735
330
Fin
anci
al re
sult
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
52
308
831
2 41
6 25
0
* 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
ces:
oth
er M
FIs.
36
MONTHLY BULLETIN 11/20161.
3.5.
FO
REI
GN
ASS
ETS
AN
D L
IAB
ILIT
IES
OF
THE
BN
B
(BG
N’0
00)
(con
tinue
d)
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
VIII.
2016
IX.2
016
Exch
ange
rate
BG
N/U
SD 1
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
1.75
694
1.75
238
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
B39
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
45 6
18 8
3145
981
300
Int
erna
tiona
l res
erve
s39
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
45 5
87 1
4945
949
618
C
ash
in fo
reig
n cu
rren
cy25
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
625
5 99
423
7 71
3
o
/w E
UR
257
616
245
422
228
575
216
151
205
475
198
896
192
821
185
651
180
035
169
158
263
077
254
565
236
611
S
DR
hol
ding
s1
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
1 49
8 22
91
495
917
M
onet
ary
gold
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
02
987
121
3 00
8 96
5
M
onet
ary
gold
in B
NB
trea
sure
1 00
4 23
01
046
269
1 00
1 62
498
0 61
01
023
377
1 13
5 33
81
089
221
1 11
0 23
51
091
114
1 18
7 64
31
204
291
1 18
3 23
11
191
742
Mon
etar
y go
ld d
epos
ited
with
non
-res
iden
ts1
522
226
1 58
7 35
01
520
799
1 48
9 30
61
555
924
1 72
7 86
41
657
678
1 69
1 47
01
662
514
1 81
0 03
91
835
659
1 80
3 89
01
817
223
C
laim
s on
non-
resi
dent
ban
ks24
018
065
24 6
60 0
0325
541
617
25 2
66 8
8624
855
585
23 7
07 2
9425
756
731
25 8
22 5
3325
860
756
27 6
71 4
7730
388
728
30 3
53 2
5130
694
804
Res
erve
pos
ition
in th
e IM
F83
571
84 5
6686
510
84 6
5984
317
243
478
237
486
238
834
241
383
241
815
240
633
240
387
240
016
Dep
osits
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
7411
093
471
11 5
28 1
72
Ove
rnig
ht4
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
88
009
991
5 53
6 95
9
in
BG
N -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy4
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
88
009
991
5 53
6 95
9
o
/w E
UR
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
8 00
8 01
45
534
630
D
epos
its w
ith a
gree
d m
atur
ity5
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
3 08
3 48
05
991
213
in B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
5 61
2 83
28
574
065
3 70
3 78
37
694
880
9 66
8 48
12
674
474
2 11
3 21
98
796
256
1 90
2 61
54
633
799
11 4
12 6
063
083
480
5 99
1 21
3
o
/w E
UR
5 42
9 52
28
387
306
3 50
9 29
07
504
238
9 47
7 68
22
483
042
1 92
9 97
28
610
971
1 71
1 48
64
441
775
11 2
20 7
712
887
756
5 79
5 99
8
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
- -
- -
- -
- -
- -
- -
-
S
ecur
ities
oth
er th
an sh
ares
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
2119
019
393
18 9
26 6
16
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy13
762
635
14 6
13 3
8915
554
455
16 0
36 9
1914
833
796
14 5
85 6
2315
951
792
16 5
19 9
1916
703
220
17 9
20 2
7518
551
421
19 0
19 3
9318
926
616
o/w
EU
R13
762
635
14 6
13 3
8915
554
455
16 0
36 9
1914
833
796
14 5
85 6
2315
951
792
16 5
19 9
1916
703
220
17 9
20 2
7518
551
421
19 0
19 3
9318
926
616
C
laim
s on
non-
resi
dent
gov
ernm
ents
8 55
6 75
88
190
981
8 17
9 91
97
729
540
6 62
9 84
87
830
728
9 08
4 84
49
433
616
9 62
6 65
89
447
393
8 91
3 44
49
643
441
9 59
8 38
4
S
ecur
ities
oth
er th
an sh
ares
8 55
6 75
88
190
981
8 17
9 91
97
729
540
6 62
9 84
87
830
728
9 08
4 84
49
433
616
9 62
6 65
89
447
393
8 91
3 44
49
643
441
9 59
8 38
4
in
BG
N -
- -
- -
- -
- -
- -
- -
i
n fo
reig
n cu
rren
cy8
556
758
8 19
0 98
18
179
919
7 72
9 54
06
629
848
7 83
0 72
89
084
844
9 43
3 61
69
626
658
9 44
7 39
38
913
444
9 64
3 44
19
598
384
o/w
EU
R8
556
758
8 19
0 98
18
179
919
7 72
9 54
06
629
848
7 83
0 72
89
084
844
9 43
3 61
69
626
658
9 44
7 39
38
913
444
9 64
3 44
19
598
384
C
laim
s on
othe
r non
-res
iden
ts2
503
617
2 43
7 96
02
413
327
2 45
4 79
22
472
881
2 49
1 92
52
493
911
2 56
2 79
42
599
126
2 08
8 82
11
071
108
836
768
906
168
Sec
uriti
es o
ther
than
shar
es2
503
617
2 43
7 96
02
413
327
2 45
4 79
22
472
881
2 49
1 92
52
493
911
2 56
2 79
42
599
126
2 08
8 82
11
071
108
836
768
906
168
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
2 50
3 61
72
437
960
2 41
3 32
72
454
792
2 47
2 88
12
491
925
2 49
3 91
12
562
794
2 59
9 12
62
088
821
1 07
1 10
883
6 76
890
6 16
8
o
/w E
UR
2 50
3 61
72
437
960
2 41
3 32
72
454
792
2 47
2 88
12
491
925
2 49
3 91
12
562
794
2 59
9 12
62
088
821
1 07
1 10
883
6 76
890
6 16
8
Acc
rued
inte
rest
rece
ivab
le15
081
12 1
9915
077
18 0
4215
264
12 5
2220
140
11 8
6810
655
10 9
8810
372
12 3
457
667
in B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
15 0
8112
199
15 0
7718
042
15 2
6412
522
20 1
4011
868
10 6
5510
988
10 3
7212
345
7 66
7
o/w
EU
R14
428
11 5
6114
598
17 0
4013
595
11 4
9818
158
11 2
709
981
10 4
069
712
11 8
086
821
37
11/2016 FINANCIALSECTOR1.
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)
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
VIII.
2016
IX.2
016
Oth
er fo
reig
n as
sets
30 1
5230
152
30 1
5231
682
31 6
8231
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
631
646
31 6
4631
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 -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
Sha
res a
nd o
ther
equ
ity30
116
30 11
630
116
31 6
4631
646
31 6
4631
646
31 6
4631
646
31 6
4631
646
31 6
4631
646
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
30 11
630
116
30 11
631
646
31 6
4631
646
31 6
4631
646
31 6
4631
646
31 6
4631
646
31 6
46
o
/w E
UR
6 82
06
820
6 82
06
820
6 82
06
820
6 82
06
820
6 82
06
820
6 82
06
820
6 82
0
Cla
ims o
n no
n-re
side
nt g
over
nmen
ts -
- -
- -
- -
- -
- -
- -
Sec
uriti
es o
ther
than
shar
es -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
S
hare
s and
oth
er e
quity
- -
- -
- -
- -
- -
- -
-
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
C
laim
s on
othe
r non
-res
iden
ts36
3636
3636
3636
3636
3636
3636
Dep
osits
- -
- -
- -
- -
- -
- -
-
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
Sec
uriti
es o
ther
than
shar
es -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
S
hare
s and
oth
er e
quity
3636
3636
3636
3636
3636
3636
36
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy36
3636
3636
3636
3636
3636
3636
o/w
EU
R36
3636
3636
3636
3636
3636
3636
FOR
EIG
N L
IAB
ILIT
IES
OF
TH
E B
NB
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
11
616
421
1 61
2 49
8 L
iabi
litie
s to
non-
resi
dent
ban
ks1
497
048
1 51
4 87
41
549
700
1 51
6 54
81
510
414
1 51
5 74
71
478
447
1 48
6 84
11
502
705
1 50
5 39
31
498
038
1 49
6 50
51
494
196
D
epos
its -
- -
- -
- -
- -
- -
- -
Ove
rnig
ht -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
D
epos
its w
ith a
gree
d m
atur
ity -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
D
epos
its re
deem
able
at n
otic
e -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
Lia
bilit
ies t
o th
e IM
F1
497
048
1 51
4 87
41
549
700
1 51
6 54
81
510
414
1 51
5 74
71
478
447
1 48
6 84
11
502
705
1 50
5 39
31
498
038
1 49
6 50
51
494
196
38
MONTHLY BULLETIN 11/20161.
3.5.
FO
REI
GN
ASS
ETS
AN
D L
IAB
ILIT
IES
OF
THE
BN
B(c
ontin
ued)
(B
GN
’000
)
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
VIII.
2016
IX.2
016
Loa
ns -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
SD
R h
oldi
ngs
1 49
7 04
81
514
874
1 54
9 70
01
516
548
1 51
0 41
41
515
747
1 47
8 44
71
486
841
1 50
2 70
51
505
393
1 49
8 03
81
496
505
1 49
4 19
6
Lia
bilit
ies t
o no
n-re
side
nt g
over
nmen
ts13
5 07
917
0 97
142
8 18
498
459
68 3
5015
1 59
155
341
42 2
9048
670
77 8
8110
2 44
511
9 85
311
8 17
7
D
epos
its13
5 07
917
0 97
142
8 18
498
459
68 3
5015
1 59
155
341
42 2
9048
670
77 8
8110
2 44
511
9 85
311
8 17
7
Ove
rnig
ht13
5 07
917
0 97
142
8 18
498
459
68 3
5015
1 59
155
341
42 2
9048
670
77 8
8110
2 44
511
9 85
311
8 17
7
i
n B
GN
131
856
168
334
419
408
7 19
729
089
143
478
47 2
2238
232
45 0
1174
064
96 4
7211
4 47
410
9 39
4
i
n fo
reig
n cu
rren
cy3
223
2 63
78
776
91 2
6239
261
8 11
38
119
4 05
83
659
3 81
75
973
5 37
98
783
o
/w E
UR
3 22
32
637
8 77
691
262
39 2
618
113
8 11
94
058
3 65
93
817
5 97
35
379
8 78
3
Dep
osits
with
agr
eed
mat
urity
- -
- -
- -
- -
- -
- -
-
i
n B
GN
- -
- -
- -
- -
- -
- -
-
i
n fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
Dep
osits
rede
emab
le a
t not
ice
- -
- -
- -
- -
- -
- -
-
i
n B
GN
- -
- -
- -
- -
- -
- -
-
i
n fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
Liab
ilitie
s to
othe
r non
-res
iden
ts4
44
4 -
- -
- -
- -
- -
Dep
osits
44
44
- -
- -
- -
- -
-
Ove
rnig
ht4
44
4 -
- -
- -
- -
- -
in
BG
N4
44
4 -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
D
epos
its w
ith a
gree
d m
atur
ity -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
D
epos
its re
deem
able
at n
otic
e -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
A
ccru
ed in
tere
st p
ayab
le76
998
771
416
949
127
413
019
262
125
188
6312
5
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy76
998
771
416
949
127
413
019
262
125
188
6312
5
o
/w E
UR
644
796
650
4229
820
7 -
- -
- -
- -
Sour
ce: B
NB
.
39
11/2016 FINANCIALSECTOR1.
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
’000
)
(con
tinue
d)
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
VIII.
2016
IX.2
016
Exch
ange
rate
BG
N/U
SD 1
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
1.75
694
1.75
238
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
L
OA
NS
TO N
ON
-FIN
AN
CIA
L C
OR
POR
ATIO
NS
30 8
58 8
5430
823
696
31 0
70 8
9330
473
749
30 1
40 5
3730
008
227
29 9
96 3
0330
075
958
30 0
17 4
7530
314
977
30 4
91 8
2830
394
812
30 4
37 3
96 O
verd
raft
9 50
6 67
39
426
766
9 65
0 60
89
396
875
9 27
8 42
29
238
795
9 19
8 17
19
106
514
9 02
6 49
78
944
240
9 05
5 10
48
902
287
8 95
6 66
0
in B
GN
4 96
2 00
64
944
170
5 08
2 28
14
951
337
4 88
0 02
94
925
894
4 98
9 80
14
952
888
4 93
6 76
04
928
845
5 02
5 75
55
010
817
5 11
7 06
6
in fo
reig
n cu
rren
cy4
544
667
4 48
2 59
64
568
327
4 44
5 53
84
398
393
4 31
2 90
14
208
370
4 15
3 62
64
089
737
4 01
5 39
54
029
349
3 89
1 47
03
839
594
o/w
EU
R4
231
696
4 17
9 77
84
246
559
4 14
6 96
74
071
484
3 98
6 54
23
908
317
3 83
2 30
83
768
083
3 73
1 42
63
728
448
3 59
0 08
53
548
158
Loa
ns21
352
181
21 3
96 9
3021
420
285
21 0
76 8
7420
862
115
20 7
69 4
3220
798
132
20 9
69 4
4420
990
978
21 3
70 7
3721
436
724
21 4
92 5
2521
480
736
R
egul
ar15
454
593
15 4
89 9
0115
575
101
15 2
87 7
5915
049
247
15 0
64 3
5015
147
260
15 3
34 9
8215
335
632
15 8
15 3
4316
007
865
16 1
27 0
1716
056
620
Loa
ns w
ith m
atur
ity u
p to
1 y
ear
615
744
649
248
717
949
695
652
627
145
636
995
627
479
622
429
634
438
745
443
768
835
775
214
733
265
in
BG
N35
7 93
839
2 62
339
8 71
241
4 99
635
2 44
933
8 47
532
0 80
526
5 64
628
3 96
240
5 68
044
0 39
943
7 66
043
2 41
9
in fo
reig
n cu
rren
cy25
7 80
625
6 62
531
9 23
728
0 65
627
4 69
629
8 52
030
6 67
435
6 78
335
0 47
633
9 76
332
8 43
633
7 55
430
0 84
6
o
/w E
UR
255
447
256
017
317
042
278
715
269
305
279
409
304
575
350
931
340
607
335
567
323
087
328
771
296
163
Loa
ns w
ith m
atur
ity o
ver 1
up
to 5
yea
rs4
334
299
4 35
0 00
14
310
078
4 31
9 62
84
289
656
4 27
4 16
54
220
386
4 34
7 01
04
321
772
4 41
8 61
04
506
169
4 53
2 18
44
497
701
in
BG
N2
028
410
2 08
1 51
32
126
684
2 13
0 23
42
099
638
2 08
6 99
72
039
966
2 10
6 94
12
080
996
2 13
2 06
02
173
060
2 17
9 62
82
224
787
in
fore
ign
curr
ency
2 30
5 88
92
268
488
2 18
3 39
42
189
394
2 19
0 01
82
187
168
2 18
0 42
02
240
069
2 24
0 77
62
286
550
2 33
3 10
92
352
556
2 27
2 91
4
o
/w E
UR
2 24
6 16
12
205
981
2 11
3 41
62
127
814
2 11
5 49
12
115
462
2 10
3 03
72
171
395
2 16
9 85
92
220
921
2 26
9 07
32
297
493
2 21
9 88
6
L
oans
with
mat
urity
ove
r 5 y
ears
10 5
04 5
5010
490
652
10 5
47 0
7410
272
479
10 1
32 4
4610
153
190
10 2
99 3
9510
365
543
10 3
79 4
2210
651
290
10 7
32 8
6110
819
619
10 8
25 6
54
in B
GN
2 93
2 00
62
966
572
2 96
7 64
43
142
671
3 12
4 06
93
159
458
3 25
7 71
43
349
934
3 43
0 33
83
683
670
3 75
1 81
63
804
426
3 88
0 63
3
in fo
reig
n cu
rren
cy7
572
544
7 52
4 08
07
579
430
7 12
9 80
87
008
377
6 99
3 73
27
041
681
7 01
5 60
96
949
084
6 96
7 62
06
981
045
7 01
5 19
36
945
021
o/w
EU
R7
302
111
7 25
3 15
47
300
758
6 87
4 52
06
754
574
6 75
0 43
16
809
236
6 78
4 22
86
717
493
6 73
4 49
46
748
510
6 78
4 19
56
716
412
B
ad a
nd re
stru
ctur
ed*
5 89
7 58
85
907
029
5 84
5 18
45
789
115
5 81
2 86
85
705
082
5 65
0 87
25
634
462
5 65
5 34
65
555
394
5 42
8 85
95
365
508
5 42
4 11
6
in B
GN
1 19
1 98
01
191
543
1 16
9 11
81
158
295
1 16
3 35
41
169
004
1 18
8 93
61
160
005
1 17
5 07
51
157
153
1 16
1 32
61
166
401
1 17
5 60
5
in fo
reig
n cu
rren
cy4
705
608
4 71
5 48
64
676
066
4 63
0 82
04
649
514
4 53
6 07
84
461
936
4 47
4 45
74
480
271
4 39
8 24
14
267
533
4 19
9 10
74
248
511
o/w
EU
R4
665
757
4 67
4 33
04
635
175
4 59
1 55
54
614
457
4 50
0 47
44
427
391
4 44
0 05
54
444
815
4 36
2 64
34
231
935
4 16
3 81
24
213
178
LO
AN
S TO
HO
USE
HO
LD
S A
ND
NPI
SHs
18 3
38 0
3018
319
648
18 3
16 7
8218
140
445
17 8
82 6
4617
867
686
17 9
49 2
7017
997
917
18 0
77 5
4118
174
068
18 2
29 2
0918
331
205
18 4
21 4
19 O
verd
raft
1 53
7 15
31
520
328
1 52
8 40
41
498
629
1 45
1 83
31
443
743
1 45
2 09
21
426
508
1 44
9 76
61
451
744
1 42
9 57
11
445
355
1 45
6 36
0
in B
GN
1 35
7 47
41
340
987
1 34
4 58
01
321
528
1 27
9 52
01
275
585
1 28
6 76
51
262
603
1 28
6 39
51
292
298
1 27
6 36
21
294
172
1 30
5 51
9
in fo
reig
n cu
rren
cy17
9 67
917
9 34
118
3 82
417
7 10
117
2 31
316
8 15
816
5 32
716
3 90
516
3 37
115
9 44
615
3 20
915
1 18
315
0 84
1
o
/w E
UR
176
092
175
682
179
994
173
532
168
547
164
151
161
318
159
969
159
238
155
560
149
331
147
074
146
738
Con
sum
er lo
ans
7 36
8 51
17
381
007
7 35
7 66
27
268
441
7 09
6 98
87
101
584
7 15
0 77
07
195
788
7 21
6 18
57
250
139
7 27
9 29
17
309
923
7 32
3 17
0
Reg
ular
6 19
4 43
06
208
319
6 20
6 85
16
186
475
6 14
5 42
66
145
084
6 19
3 03
76
232
671
6 24
7 93
46
301
173
6 32
4 56
06
350
475
6 35
9 17
4
L
oans
with
mat
urity
up
to 1
yea
r40
111
42 1
7343
256
45 8
2243
884
43 4
5743
754
45 4
1446
977
49 9
6951
036
52 4
9952
971
in
BG
N38
159
40 0
6341
105
44 4
8542
529
42 2
1142
705
44 3
9445
755
48 5
8649
694
51 2
3851
877
in
fore
ign
curr
ency
1 95
22
110
2 15
11
337
1 35
51
246
1 04
91
020
1 22
21
383
1 34
21
261
1 09
4
o
/w E
UR
1 90
22
064
2 09
51
283
1 30
11
192
998
973
1 17
61
338
1 30
11
234
1 06
7
L
oans
with
mat
urity
ove
r 1 u
p to
5 y
ears
1 15
9 71
01
166
784
1 17
0 38
81
175
241
1 16
4 33
31
169
979
1 19
1 92
01
212
861
1 22
3 84
91
247
666
1 26
2 35
71
279
005
1 28
8 78
3
in B
GN
1 08
2 91
01
092
479
1 09
6 34
11
095
824
1 08
7 36
11
094
916
1 12
0 34
21
142
300
1 15
4 86
91
180
044
1 19
6 64
61
215
229
1 22
6 61
8
in fo
reig
n cu
rren
cy76
800
74 3
0574
047
79 4
1776
972
75 0
6371
578
70 5
6168
980
67 6
2265
711
63 7
7662
165
o/w
EU
R76
621
74 1
5573
897
79 2
8076
854
74 9
5071
401
70 3
7968
797
67 4
4565
544
63 6
1562
013
Loa
ns w
ith m
atur
ity o
ver 5
yea
rs4
994
609
4 99
9 36
24
993
207
4 96
5 41
24
937
209
4 93
1 64
84
957
363
4 97
4 39
64
977
108
5 00
3 53
85
011
167
5 01
8 97
15
017
420
in
BG
N4
050
900
4 07
7 10
94
090
564
4 08
1 85
04
071
775
4 08
6 65
04
131
249
4 16
9 10
34
191
779
4 24
3 97
04
273
682
4 30
3 55
84
323
277
in
fore
ign
curr
ency
943
709
922
253
902
643
883
562
865
434
844
998
826
114
805
293
785
329
759
568
737
485
715
413
694
143
o/w
EU
R93
1 36
490
9 95
089
0 19
287
1 23
985
3 81
683
3 96
781
5 65
879
6 32
077
7 22
775
1 56
572
9 97
270
8 31
568
7 16
9
Bad
and
rest
ruct
ured
*1
174
081
1 17
2 68
81
150
811
1 08
1 96
695
1 56
295
6 50
095
7 73
396
3 11
796
8 25
194
8 96
695
4 73
195
9 44
896
3 99
6
in B
GN
931
938
930
249
925
614
855
029
732
903
737
212
738
608
744
595
751
574
737
560
743
547
748
778
753
304
in
fore
ign
curr
ency
242
143
242
439
225
197
226
937
218
659
219
288
219
125
218
522
216
677
211
406
211
184
210
670
210
692
o/w
EU
R22
6 52
422
7 52
121
0 89
920
9 88
320
1 75
820
2 23
620
1 31
520
0 81
419
8 55
619
2 32
219
1 59
719
1 28
819
1 31
2
40
MONTHLY BULLETIN 11/20161.
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
(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
erfo
rmin
g lo
ans p
ast d
ue o
ver 9
0 da
ys (i
nclu
ding
non
-per
form
ing
expo
sure
s, exposuresclassifiedaslossandallrestructuredexposures
with
in th
e m
eani
ng o
f therepealedOrdinanceNo9oftheBNBontheEvaluationandClassificationofRiskExposureso
fBanksandtheA
llocationofSpecificProvisionsforCreditR
iskof3April2008
). N
ote:
Pre
limin
ary
data
.
Sour
ces:
oth
er M
FIs.
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
VIII.
2016
IX.2
016
Loa
ns fo
r hou
se p
urch
ase
8 68
7 81
28
679
536
8 66
8 40
28
647
391
8 63
3 70
98
627
208
8 64
2 13
88
661
901
8 68
0 05
38
713
297
8 73
3 75
28
749
981
8 76
2 34
9
Reg
ular
6 89
4 60
36
902
114
6 90
9 81
56
928
404
6 92
3 38
16
926
689
6 94
0 97
66
963
371
6 99
1 53
77
036
633
7 06
4 38
27
087
155
7 11
3 36
6
L
oans
with
mat
urity
up
to 1
yea
r78
860
243
132
727
020
719
815
713
187
8587
81
in B
GN
761
598
430
327
270
207
120
7953
97
93
in
fore
ign
curr
ency
274
1 -
- -
7878
7878
7878
78
o
/w E
UR
274
1 -
- -
7878
7878
7878
78
L
oans
with
mat
urity
ove
r 1 u
p to
5 y
ears
43 7
0544
252
44 1
2543
962
44 5
0644
688
44 6
7144
902
44 9
3745
759
45 2
4046
428
46 11
3
in B
GN
28 0
8028
788
28 9
2329
029
29 4
6429
892
30 1
2830
844
31 1
8631
267
31 4
9532
642
32 7
85
in fo
reig
n cu
rren
cy15
625
15 4
6415
202
14 9
3315
042
14 7
9614
543
14 0
5813
751
14 4
9213
745
13 7
8613
328
o/w
EU
R14
440
14 3
0614
044
13 7
6613
911
13 6
6213
704
12 8
6312
566
13 2
8512
535
12 5
9012
124
Loa
ns w
ith m
atur
ity o
ver 5
yea
rs6
850
110
6 85
7 26
06
865
259
6 88
4 11
56
878
605
6 88
1 79
46
896
107
6 91
8 31
26
946
469
6 99
0 78
77
019
057
7 04
0 64
07
067
172
in
BG
N3
801
438
3 85
2 21
33
907
125
3 97
6 72
94
012
812
4 05
7 14
24
124
778
4 19
4 63
74
268
209
4 36
2 63
64
446
250
4 52
5 15
24
598
592
in
fore
ign
curr
ency
3 04
8 67
23
005
047
2 95
8 13
42
907
386
2 86
5 79
32
824
652
2 77
1 32
92
723
675
2 67
8 26
02
628
151
2 57
2 80
72
515
488
2 46
8 58
0
o
/w E
UR
3 00
6 12
02
962
657
2 91
6 78
12
866
327
2 82
7 26
12
786
283
2 73
5 44
02
689
621
2 64
6 60
12
596
390
2 54
0 88
92
484
102
2 43
8 16
9
Bad
and
rest
ruct
ured
*1
793
209
1 77
7 42
21
758
587
1 71
8 98
71
710
328
1 70
0 51
91
701
162
1 69
8 53
01
688
516
1 67
6 66
41
669
370
1 66
2 82
61
648
983
in
BG
N85
3 57
284
4 89
783
6 56
980
3 68
080
2 35
580
0 20
779
5 32
979
6 28
679
9 01
079
4 77
579
2 77
579
5 21
578
7 60
3
in fo
reig
n cu
rren
cy93
9 63
793
2 52
592
2 01
891
5 30
790
7 97
390
0 31
290
5 83
390
2 24
488
9 50
688
1 88
987
6 59
586
7 61
186
1 38
0
o
/w E
UR
867
138
859
792
850
610
836
384
831
487
821
719
819
217
816
141
803
412
793
591
788
818
780
184
772
229
Oth
er lo
ans
744
554
738
777
762
314
725
984
700
116
695
151
704
270
713
720
731
537
758
888
786
595
825
946
879
540
R
egul
ar53
5 88
053
1 68
455
7 62
453
2 47
551
4 46
351
0 32
652
0 62
353
0 26
154
8 55
357
8 63
260
7 41
564
7 80
670
1 79
9
L
oans
with
mat
urity
up
to 1
yea
r18
732
21 0
9721
748
17 9
8612
905
9 64
19
176
6 29
65
882
5 75
47
633
9 96
211
858
in
BG
N18
456
20 5
6420
970
17 3
4712
364
9 23
68
765
5 99
25
607
5 47
97
381
9 79
311
537
in
fore
ign
curr
ency
276
533
778
639
541
405
411
304
275
275
252
169
321
o/w
EU
R27
653
377
863
954
140
541
130
427
527
525
216
932
1
L
oans
with
mat
urity
ove
r 1 u
p to
5 y
ears
200
773
196
398
220
118
208
981
199
619
198
645
208
668
220
878
240
437
271
083
297
147
334
191
377
443
in
BG
N15
6 67
915
1 62
817
3 58
316
3 36
915
4 94
315
0 96
216
1 00
817
2 35
619
1 46
422
6 40
825
2 06
529
0 23
733
5 04
5
in fo
reig
n cu
rren
cy44
094
44 7
7046
535
45 6
1244
676
47 6
8347
660
48 5
2248
973
44 6
7545
082
43 9
5442
398
o/w
EU
R44
094
44 7
7046
535
45 6
1244
676
47 6
8347
660
48 5
2248
973
44 6
7545
082
43 9
5442
398
Loa
ns w
ith m
atur
ity o
ver 5
yea
rs31
6 37
531
4 18
931
5 75
830
5 50
830
1 93
930
2 04
030
2 77
930
3 08
730
2 23
430
1 79
530
2 63
530
3 65
331
2 49
8
in B
GN
210
331
207
277
207
295
197
799
195
195
195
447
197
719
200
068
200
135
202
030
203
293
205
354
214
359
in
fore
ign
curr
ency
106
044
106
912
108
463
107
709
106
744
106
593
105
060
103
019
102
099
99 7
6599
342
98 2
9998
139
o/w
EU
R10
5 80
210
6 67
210
8 22
610
7 47
310
6 51
810
6 36
510
4 83
510
2 79
810
1 88
299
567
99 1
4698
108
97 9
49
Bad
and
rest
ruct
ured
*20
8 67
420
7 09
320
4 69
019
3 50
918
5 65
318
4 82
518
3 64
718
3 45
918
2 98
418
0 25
617
9 18
017
8 14
017
7 74
1
in B
GN
126
284
125
103
123
700
116
433
109
087
108
907
108
457
107
573
106
974
105
113
104
360
104
452
104
058
in
fore
ign
curr
ency
82 3
9081
990
80 9
9077
076
76 5
6675
918
75 1
9075
886
76 0
1075
143
74 8
2073
688
73 6
83
o
/w E
UR
81 6
7281
270
80 2
6876
351
75 8
6075
198
74 4
7475
173
75 3
0074
422
74 0
9672
972
72 9
63
41
11/2016 FINANCIALSECTOR1.
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)
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
VIII.
2016
IX.2
016
Exch
ange
rate
BG
N/U
SD 1
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
1.75
694
1.75
238
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
/w
Acc
rued
inte
rest
– to
tal
15 0
8112
199
15 0
7718
042
15 2
6412
522
20 1
4011
868
10 6
5510
988
10 3
7212
345
7 66
7
in
BG
N -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy15
081
12 1
9915
077
18 0
4215
264
12 5
2220
140
11 8
6810
655
10 9
8810
372
12 3
457
667
o
/w E
UR
14 4
2811
561
14 5
9817
040
13 5
9511
498
18 1
5811
270
9 98
110
406
9 71
211
808
6 82
1
o/w
Acc
rued
inte
rest
on
depo
sits
798
733
565
1 09
71
765
1 05
31
345
-357
-748
-524
-1 4
97-1
841
50
in
BG
N -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy79
873
356
51
097
1 76
51
053
1 34
5-3
57-7
48-5
24-1
497
-1 8
4150
o
/w E
UR
145
9586
9596
29-6
37-9
55-1
422
-1 1
06-2
157
-2 3
78-7
96
o/w
Acc
rued
inte
rest
on
secu
ritie
s oth
er th
an sh
ares
14 2
8311
466
14 5
1216
945
13 4
9911
469
18 7
9512
225
11 4
0311
512
11 8
6914
186
7 61
7
in
BG
N -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy14
283
11 4
6614
512
16 9
4513
499
11 4
6918
795
12 2
2511
403
11 5
1211
869
14 1
867
617
o
/w E
UR
14 2
8311
466
14 5
1216
945
13 4
9911
469
18 7
9512
225
11 4
0311
512
11 8
6914
186
7 61
7O
TH
ER
ASS
ET
S, o
/w
Der
ivat
ives
with
a p
ositi
ve fa
ir va
lue
- -
- -
- -
- -
- -
- -
-
in B
GN
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
FO
RE
IGN
LIA
BIL
ITIE
S, o
/w
Acc
rued
inte
rest
– to
tal
769
987
714
169
491
274
130
192
6212
518
863
125
in B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
769
987
714
169
491
274
130
192
6212
518
863
125
o
/w E
UR
644
796
650
4229
820
7 -
- -
- -
- -
o
/w A
ccru
ed in
tere
st o
n de
posi
ts64
076
450
738
212
141
- -
- -
- -
-
in
BG
N -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy64
076
450
738
212
141
- -
- -
- -
-
o/w
EU
R64
076
450
738
212
141
- -
- -
- -
-
o/w
Acc
rued
inte
rest
on
loan
s and
SD
R a
lloca
ted
to IM
F12
922
320
713
127
913
313
019
262
125
188
6312
5
in
BG
N -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy12
922
320
713
127
913
313
019
262
125
188
6312
5
o/w
EU
R4
3214
34
8666
- -
- -
- -
-O
TH
ER
LIA
BIL
ITIE
S, o
/w
Acc
rued
inte
rest
– to
tal
3343
558
4013
222
130
137
942
741
946
146
7
in
BG
N -
- -
- -
--7
-5-2
8-6
9-1
52-2
06-2
85
in
fore
ign
curr
ency
3343
558
4013
222
830
640
749
657
166
775
2
o/w
EU
R -
- -
- -
--1
4-4
4-8
0-1
13-1
46-1
80-2
12
o/w
Acc
rued
inte
rest
on
over
nigh
t dep
osits
- -
- -
- -
-1-2
-11
-7-4
5-5
2-1
18
in
BG
N -
- -
- -
- -
--1
0-6
-42
-48
-114
in fo
reig
n cu
rren
cy -
- -
- -
--1
-2-1
-1-3
-4-4
o
/w E
UR
- -
- -
- -
- -
- -
-2-3
-3
o/w
Acc
rued
inte
rest
on
depo
sits
with
agr
eed
mat
urity
3343
558
4013
222
230
339
043
446
451
358
5
in
BG
N -
- -
- -
--7
-5-1
8-6
3-1
10-1
58-1
71
in
fore
ign
curr
ency
3343
558
4013
222
930
840
849
757
467
175
6
o/w
EU
R -
- -
- -
--1
4-4
4-8
0-1
13-1
44-1
77-2
09
42
MONTHLY BULLETIN 11/20161.
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)
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
VIII.
2016
IX.2
016
o
/w A
ccru
ed in
tere
st o
n de
posi
ts re
deem
able
at n
otic
e -
- -
- -
- -
- -
- -
- -
in B
GN
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
Pro
visi
ons
- -
- -
- -
- -
- -
- -
- D
epre
ciat
ion
151
878
152
892
153
703
154
949
156
242
157
432
158
663
159
831
160
985
161
996
162
809
163
827
164
696
Der
ivat
ives
with
a n
egat
ive
fair
valu
e -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
-
Sour
ce: B
NB
.
43
11/2016 FINANCIALSECTOR1.
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.
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
VIII.
2016
IX.2
016
Exch
ange
rate
BG
N/U
SD 1
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
1.75
694
1.75
238
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
O
TH
ER
ASS
ET
S, o
/w
Acc
rued
inte
rest
– to
tal
1 42
1 58
91
448
098
1 46
2 75
81
298
436
1 26
2 43
71
268
025
1 16
9 30
91
219
659
1 24
8 93
71
253
311
1 20
6 62
21
224
555
1 21
7 69
1
in
BG
N39
2 51
340
2 29
741
6 07
741
1 15
437
1 60
937
4 34
237
2 17
038
5 53
439
4 74
339
5 65
536
7 94
937
0 53
137
8 22
1
in
fore
ign
curr
ency
1 02
9 07
61
045
801
1 04
6 68
188
7 28
289
0 82
889
3 68
379
7 13
983
4 12
585
4 19
485
7 65
683
8 67
385
4 02
483
9 47
0
o/w
EU
R98
4 89
299
5 55
999
2 19
982
9 37
985
5 14
987
0 00
377
8 22
581
1 78
382
9 16
882
9 99
480
9 56
582
2 84
580
7 09
8
o/w
Acc
rued
inte
rest
on
depo
sits
30 1
0431
895
34 1
7233
339
13 4
9915
674
12 1
5813
719
16 3
5215
734
17 7
7920
802
23 1
33
in
BG
N9
058
8 10
88
443
6 23
26
945
7 72
86
652
6 67
97
608
5 40
45
418
6 55
87
271
in fo
reig
n cu
rren
cy21
046
23 7
8725
729
27 1
076
554
7 94
65
506
7 04
08
744
10 3
3012
361
14 2
4415
862
o
/w E
UR
1 96
12
096
2 43
31
621
1 16
080
363
156
058
348
645
141
721
1
o/w
Acc
rued
inte
rest
on
loan
s1
302
628
1 30
9 42
21
311
017
1 12
4 18
01
132
400
1 11
8 69
81
069
340
1 09
9 89
51
098
123
1 07
9 72
41
090
474
1 08
8 83
41
086
507
in B
GN
364
109
366
173
370
505
357
968
351
363
352
174
343
157
349
161
346
985
341
015
348
015
348
337
347
174
in fo
reig
n cu
rren
cy93
8 51
994
3 24
994
0 51
276
6 21
278
1 03
776
6 52
472
6 18
375
0 73
475
1 13
873
8 70
974
2 45
974
0 49
773
9 33
3
o/w
EU
R91
5 56
591
8 84
491
4 82
574
0 39
075
5 09
075
5 50
171
5 55
473
9 23
773
9 57
972
6 85
772
9 46
172
7 85
972
6 08
6
o/w
Acc
rued
inte
rest
on
secu
ritie
s oth
er th
an sh
ares
88 6
7910
6 78
011
7 54
714
0 89
311
6 51
313
3 63
087
788
106
026
134
443
157
734
98 2
4311
4 78
710
7 91
1
in
BG
N19
325
28 0
1537
108
46 9
3913
285
14 4
2622
347
29 6
8240
138
49 1
2414
397
15 5
1123
643
in fo
reig
n cu
rren
cy69
354
78 7
6580
439
93 9
5410
3 22
811
9 20
465
441
76 3
4494
305
108
610
83 8
4699
276
84 2
68
o/w
EU
R67
209
74 6
1974
940
87 3
6098
891
113
691
62 0
3271
980
89 0
0010
2 64
579
647
94 5
6380
795
Der
ivat
ives
with
a p
ositi
ve fa
ir va
lue
181
159
217
986
293
848
193
729
186
460
204
191
169
068
157
483
173
747
169
968
134
952
139
281
156
170
in
BG
N22
728
38 1
5869
494
35 9
7551
803
59 2
2252
070
43 5
8235
580
29 9
0513
138
18 2
1218
490
in
fore
ign
curr
ency
158
431
179
828
224
354
157
754
134
657
144
969
116
998
113
901
138
167
140
063
121
814
121
069
137
680
o/w
EU
R12
8 64
514
7 76
718
7 00
513
1 02
411
1 61
812
0 85
010
1 49
798
835
120
495
125
120
110
124
110
059
103
181
OT
HE
R L
IAB
ILIT
IES,
o/w
A
ccru
ed in
tere
st –
tota
l39
7 42
138
9 44
536
7 83
528
1 06
126
6 00
426
0 24
325
6 32
725
0 15
824
8 03
124
4 78
624
0 04
523
6 76
023
7 18
0
in
BG
N18
8 46
918
4 29
216
4 43
511
0 15
710
1 42
198
448
98 8
4610
0 77
998
103
96 0
6995
369
94 7
3494
840
in fo
reig
n cu
rren
cy20
8 95
220
5 15
320
3 40
017
0 90
416
4 58
316
1 79
515
7 48
114
9 37
914
9 92
814
8 71
714
4 67
614
2 02
614
2 34
0
o/w
EU
R19
0 84
118
7 02
218
4 56
515
6 02
615
0 95
114
8 29
314
5 10
213
6 61
713
6 71
513
5 52
813
2 25
912
9 94
013
0 41
6
o/w
Acc
rued
inte
rest
on
over
nigh
t dep
osits
19 2
8620
234
20 9
923
743
4 79
85
595
5 48
46
322
8 86
97
914
8 76
39
461
9 94
2
in
BG
N12
453
13 4
2214
072
1 87
93
133
3 79
23
524
4 14
46
457
5 37
15
958
6 47
46
965
in fo
reig
n cu
rren
cy6
833
6 81
26
920
1 86
41
665
1 80
31
960
2 17
82
412
2 54
32
805
2 98
72
977
o
/w E
UR
6 33
96
288
6 37
21
775
1 56
51
674
1 80
51
999
2 20
32
311
2 54
82
719
2 69
2
o/w
Acc
rued
inte
rest
on
depo
sits
with
agr
eed
mat
urity
332
645
320
847
295
533
264
940
246
102
237
175
230
747
231
962
226
040
223
213
216
474
211
259
211
606
in B
GN
151
674
145
483
124
079
105
048
94 1
3989
576
89 4
2990
089
84 4
8183
486
81 7
5679
997
80 2
86
in
fore
ign
curr
ency
180
971
175
364
171
454
159
892
151
963
147
599
141
318
141
873
141
559
139
727
134
718
131
262
131
320
o
/w E
UR
165
672
160
193
155
775
145
489
138
899
134
803
129
740
130
014
129
331
127
594
123
452
120
436
120
696
o
/w A
ccru
ed in
tere
st o
n de
posi
ts re
deem
able
at n
otic
e39
167
40 2
9341
991
4 98
96
383
7 88
69
248
10 4
8011
533
11 7
3312
534
13 5
7112
991
in B
GN
24 1
0825
030
26 11
52
991
4 05
95
003
5 81
66
546
7 16
57
212
7 65
58
263
7 58
8
in
fore
ign
curr
ency
15 0
5915
263
15 8
761
998
2 32
42
883
3 43
23
934
4 36
84
521
4 87
95
308
5 40
3
o/w
EU
R12
741
12 8
2713
269
1 61
31
857
2 30
72
786
3 21
03
592
3 69
73
985
4 31
64
388
o
/w A
ccru
ed in
tere
st o
n de
bt se
curit
ies i
ssue
d6
106
7 84
69
078
7 11
08
404
9 58
610
848
1 39
41
589
1 92
62
274
2 46
92
640
in B
GN
205
336
165
231
7777
77 -
- -
- -
-
in
fore
ign
curr
ency
5 90
17
510
8 91
36
879
8 32
79
509
10 7
711
394
1 58
91
926
2 27
42
469
2 64
0
o/w
EU
R5
901
7 51
08
913
6 87
98
327
9 50
910
771
1 39
41
589
1 92
62
274
2 46
92
640
Pro
visi
ons
5 92
0 84
45
898
003
5 92
9 94
25
809
328
5 70
8 89
45
755
807
5 78
5 03
75
811
311
5 83
4 09
25
784
471
5 78
3 36
85
815
109
5 85
8 92
0 D
epre
ciat
ion
1 70
6 48
01
716
298
1 69
0 30
11
677
175
1 68
7 31
51
694
840
1 67
9 10
31
685
184
1 67
9 09
91
679
077
1 68
5 23
51
690
096
1 69
8 20
5 D
eriv
ativ
es w
ith a
neg
ativ
e fa
ir va
lue
204
803
217
007
248
912
207
613
233
320
266
187
285
760
240
911
229
108
257
273
264
156
269
060
259
660
in
BG
N47
757
58 5
0275
098
51 4
6956
537
68 0
5275
035
74 3
4847
727
31 6
2235
448
33 4
0337
056
in
fore
ign
curr
ency
157
046
158
505
173
814
156
144
176
783
198
135
210
725
166
563
181
381
225
651
228
708
235
657
222
604
o/w
EU
R12
7 06
613
0 09
714
0 73
712
7 33
715
0 81
217
7 53
219
3 22
715
1 16
416
6 27
021
0 80
821
6 42
622
6 23
221
4 49
9
44
MONTHLY BULLETIN 11/2016
(con
tinue
d)
1.4.
SE
CTO
RA
L SU
RV
EY
OF
MO
NE
TAR
Y F
INA
NC
IAL
INST
ITU
TIO
NS
1.4.
1. M
ON
THLY
SEC
TOR
AL
SURV
EY O
F TH
E B
NB
AS
OF
SEPT
EMB
ER 2
016
(B
GN
’000
)To
tal
Res
iden
t sec
tor
Non
-res
iden
t sec
tor
Not
allo-
ca
tedO
ther
M
FIs
Gen
eral
gov
ernm
ent
Oth
er re
side
nt se
ctor
sEU
Rest
of th
e wo
rldC
entra
l go
vern
-m
ent
SSFs
Non-
financia
lco
rpor
a-tio
ns
Fina
ncia
l cor
pora
tions
Ho
use-
hold
s and
NP
ISHs
Euro
ar
ea
Non-
eu
ro
area
OFIA
sIC
s and
PF
s
ASS
ET
S48
365 1
1076
804
137
- -
-76
667
70 32
66 3
416 3
41 -
-43
055 7
9031
648 9
7027
416 8
034 2
32 16
711
406 8
205 2
32 51
6
1. C
ash
237 7
13 -
- -
- -
- -
- -
- -
- -
- -
-23
7 713
o
/w E
UR
236 6
11 -
- -
- -
- -
- -
- -
- -
- -
-23
6 611
2. S
DR
hol
ding
s1 4
95 91
7 -
- -
- -
- -
- -
- -
- -
- -
-1 4
95 91
7
3. R
eser
ve p
ositi
on in
the
IMF
240 0
16 -
- -
- -
- -
- -
- -
240 0
16 -
- -
240 0
16 -
4. M
onet
ary
gold
3 008
965
- -
- -
- -
- -
- -
-1 8
17 22
31 8
17 22
3 -
1 817
223
-1 1
91 74
2
5. D
epos
its11
528 1
72 -
- -
- -
- -
- -
- -
11 52
8 172
6 579
867
5 268
028
1 311
839
4 948
305
-
5
.1. O
vern
ight
5 536
959
- -
- -
- -
- -
- -
-5 5
36 95
93 4
07 69
73 4
07 51
318
42 1
29 26
2 -
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy5 5
36 95
9 -
- -
- -
- -
- -
- -
5 536
959
3 407
697
3 407
513
184
2 129
262
-
o
/w E
UR
5 534
630
- -
- -
- -
- -
- -
-5 5
34 63
03 4
07 51
13 4
07 51
1 -
2 127
119
-
5
.2. W
ith a
gree
d m
atur
ity5 9
91 21
3 -
- -
- -
- -
- -
- -
5 991
213
3 172
170
1 860
515
1 311
655
2 819
043
-
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy5 9
91 21
3 -
- -
- -
- -
- -
- -
5 991
213
3 172
170
1 860
515
1 311
655
2 819
043
-
o
/w E
UR
5 795
998
- -
- -
- -
- -
- -
-5 7
95 99
83 0
47 05
01 7
35 39
51 3
11 65
52 7
48 94
8 -
5
.3. R
edee
mab
le a
t not
ice
- -
- -
- -
- -
- -
- -
- -
- -
- -
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
- -
- -
- -
6. R
epos
- -
- -
- -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
- -
- -
-
7. L
oans
- -
- -
- -
- -
- -
- -
- -
- -
- -
u
p to
1 y
ear
- -
- -
- -
- -
- -
- -
- -
- -
- -
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
- -
- -
- -
o
ver 1
and
up
to 5
yea
rs -
- -
- -
- -
- -
- -
- -
- -
- -
-
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
- -
- -
- -
o
ver 5
yea
rs -
- -
- -
- -
- -
- -
- -
- -
- -
-
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
45
11/2016 FINANCIALSECTOR
(con
tinue
d)
1.4.
1. M
ON
THLY
SEC
TOR
AL
SURV
EY O
F TH
E B
NB
AS
OF
SEPT
EMB
ER 2
016
(con
tinue
d)
(BG
N’0
00)
Tota
lR
esid
ent s
ecto
rN
on-r
esid
ent s
ecto
r
Not
allo-
ca
tedO
ther
M
FIs
Gen
eral
gov
ernm
ent
Oth
er re
side
nt se
ctor
sEU
Rest
of th
e wo
rldC
entra
l go
vern
-m
ent
SSFs
Non-
financia
lco
rpor
a-tio
ns
Fina
ncia
l cor
pora
tions
Ho
use-
hold
s and
NP
ISHs
Euro
ar
ea
Non-
eu
ro
area
OFIA
sIC
s and
PF
s
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
- -
- -
- -
8. S
ecur
ities
oth
er th
an sh
ares
29 43
1 168
- -
- -
- -
- -
- -
-29
431 1
6823
240 7
1022
139 2
391 1
01 47
16 1
90 45
8 -
u
p to
1 y
ear
3 092
860
- -
- -
- -
- -
- -
-3 0
92 86
02 9
06 67
72 9
06 67
7 -
186 1
83 -
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy3 0
92 86
0 -
- -
- -
- -
- -
- -
3 092
860
2 906
677
2 906
677
-18
6 183
-
o
/w E
UR
3 092
860
- -
- -
- -
- -
- -
-3 0
92 86
02 9
06 67
72 9
06 67
7 -
186 1
83 -
o
ver 1
and
up
to 2
yea
rs -
- -
- -
- -
- -
- -
- -
- -
- -
-
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
- -
- -
-
o
/w E
UR
- -
- -
- -
- -
- -
- -
- -
- -
- -
o
ver 2
yea
rs26
338 3
08 -
- -
- -
- -
- -
- -
26 33
8 308
20 33
4 033
19 23
2 562
1 101
471
6 004
275
-
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
in fo
reig
n cu
rren
cy26
338 3
08 -
- -
- -
- -
- -
- -
26 33
8 308
20 33
4 033
19 23
2 562
1 101
471
6 004
275
-
o
/w E
UR
26 33
8 308
- -
- -
- -
- -
- -
-26
338 3
0820
334 0
3319
232 5
621 1
01 47
16 0
04 27
5 -
9. S
hare
s and
oth
er e
quity
108 2
2176
539
- -
- -
76 53
970
198
6 341
6 341
- -
31 68
26 8
566 8
56 -
24 82
6 -
in
BG
N76
539
76 53
9 -
- -
-76
539
70 19
86 3
416 3
41 -
- -
- -
- -
-
in
fore
ign
curr
ency
31 68
2 -
- -
- -
- -
- -
- -
31 68
26 8
566 8
56 -
24 82
6 -
o/w
EU
R6 8
56 -
- -
- -
- -
- -
- -
6 856
6 856
6 856
- -
-
10.
Fix
ed a
sset
s (in
BG
N)
303 5
05 -
- -
- -
- -
- -
- -
- -
- -
-30
3 505
11.
Oth
er a
sset
s2 0
11 43
326
513
7 -
- -
128
128
- -
- -
7 529
4 314
2 680
1 634
3 215
2 003
639
in
BG
N51
383
265
137
- -
-12
812
8 -
- -
- -
- -
- -
51 11
8
in
fore
ign
curr
ency
1 960
050
- -
- -
- -
- -
- -
-7 5
294 3
142 6
801 6
343 2
151 9
52 52
1
o/w
EU
R6 8
68 -
- -
- -
- -
- -
- -
6 821
3 660
2 538
1 122
3 161
47
LIA
BIL
ITIE
S48
365 1
1026
146 9
7712
702 3
5612
820 9
9112
598 0
5622
2 935
623 6
3010
9 520
514 1
1051
4 110
- -
1 617
079
118 3
5517
811
8 177
1 498
724
20 60
1 054
12.
Cur
renc
y in
circ
ulat
ion
13 38
1 856
- -
- -
- -
- -
- -
- -
- -
- -
13 38
1 856
13.
Dep
osits
26 26
3 837
26 14
5 660
12 70
2 356
12 82
0 298
12 59
8 213
222 0
8562
3 006
109 5
2751
3 479
513 4
79 -
-11
8 177
118 1
77 -
118 1
77 -
-
1
3.1.
Ove
rnig
ht15
357 3
8115
239 2
0412
702 3
562 4
03 38
52 2
21 59
618
1 789
133 4
631
133 4
6213
3 462
- -
118 1
7711
8 177
-11
8 177
- -
in B
GN
10 69
9 283
10 58
9 889
8 212
598
2 244
981
2 063
192
181 7
8913
2 310
-13
2 310
132 3
10 -
-10
9 394
109 3
94 -
109 3
94 -
-
in fo
reig
n cu
rren
cy4 6
58 09
84 6
49 31
54 4
89 75
815
8 404
158 4
04 -
1 153
11 1
521 1
52 -
-8 7
838 7
83 -
8 783
- -
o
/w E
UR
4 654
405
4 645
622
4 489
758
154 7
3315
4 733
-1 1
311
1 130
1 130
- -
8 783
8 783
-8 7
83 -
-
1
3.2.
With
agr
eed
mat
urity
10 90
6 456
10 90
6 456
-10
416 9
1310
376 6
1740
296
489 5
4310
9 526
380 0
1738
0 017
- -
- -
- -
- -
up
to 2
yea
rs10
906 4
5610
906 4
56 -
10 41
6 913
10 37
6 617
40 29
648
9 543
109 5
2638
0 017
380 0
17 -
- -
- -
- -
-
in
BG
N5 3
36 29
65 3
36 29
6 -
5 196
296
5 156
000
40 29
614
0 000
-14
0 000
140 0
00 -
- -
- -
- -
-
in
fore
ign
curr
ency
5 570
160
5 570
160
-5 2
20 61
75 2
20 61
7 -
349 5
4310
9 526
240 0
1724
0 017
- -
- -
- -
- -
46
MONTHLY BULLETIN 11/20161.
4.1.
MO
NTH
LY S
ECTO
RA
L SU
RVEY
OF
THE
BN
B A
S O
F SE
PTEM
BER
201
6(c
ontin
ued)
(B
GN
’000
)
Tota
lR
esid
ent s
ecto
rN
on-r
esid
ent s
ecto
r
Not
allo-
ca
tedO
ther
M
FIs
Gen
eral
gov
ernm
ent
Oth
er re
side
nt se
ctor
sEU
Rest
of th
e wo
rldC
entra
l go
vern
-m
ent
SSFs
Non-
financia
lco
rpor
a-tio
ns
Fina
ncia
l cor
pora
tions
Ho
use-
hold
s and
NP
ISHs
Euro
ar
ea
Non-
eu
ro
area
OFIA
sIC
s and
PF
s
o/w
EU
R5 3
79 04
55 3
79 04
5 -
5 152
169
5 152
169
-22
6 876
109 5
2611
7 350
117 3
50 -
- -
- -
- -
-
ove
r 2 y
ears
- -
- -
- -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
- -
- -
-
1
3.3.
Red
eem
able
at n
otic
e -
- -
- -
- -
- -
- -
- -
- -
- -
-
up
to 3
mon
ths
- -
- -
- -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
- -
- -
-
ove
r 3 m
onth
s -
- -
- -
- -
- -
- -
- -
- -
- -
-
in
BG
N -
- -
- -
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
- -
- -
-
14.
Rep
os -
- -
- -
- -
- -
- -
- -
- -
- -
-
in
BG
N -
- -
- -
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
- -
- -
-
15.
Loa
ns -
- -
- -
- -
- -
- -
- -
- -
- -
-
in
BG
N -
- -
- -
- -
- -
- -
- -
- -
- -
-
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
- -
- -
- -
o/w
EU
R -
- -
- -
- -
- -
- -
- -
- -
- -
-
16.
SD
R h
oldi
ngs
1 494
196
- -
- -
- -
- -
- -
-1 4
94 19
6 -
- -
1 494
196
-
17.
Cap
ital a
nd re
serv
es4 9
31 92
6 -
- -
- -
- -
- -
- -
- -
- -
-4 9
31 92
6
1
7.1.
Fun
ds c
ontri
bute
d by
ow
ners
20 00
0 -
- -
- -
- -
- -
- -
- -
- -
-20
000
1
7.2.
Res
erve
s4 8
87 69
7 -
- -
- -
- -
- -
- -
- -
- -
-4 8
87 69
7
1
7.3.
Fin
anci
al re
sult
24 22
9 -
- -
- -
- -
- -
- -
- -
- -
-24
229
18.
Oth
er li
abili
ties
2 293
295
1 317
-69
3-1
5785
062
4-7
631
631
- -
4 706
178
178
-4 5
282 2
87 27
2
in
BG
N18
2 309
565
-60
1-2
4985
0-3
6 -
-36
-36
- -
4 403
- -
-4 4
0317
7 341
in
fore
ign
curr
ency
2 110
986
752
-92
92 -
660
-766
766
7 -
-30
317
817
8 -
125
2 109
931
o/w
EU
R22
4-2
12 -
-197
-197
--1
5-7
-8-8
- -
178
178
178
- -
258
Sour
ce: B
NB
.
47
11/2016 FINANCIALSECTOR
(con
tinue
d)
1.4.
2. M
ON
THLY
SEC
TOR
AL
SURV
EY O
F O
THER
MFI
s AS
OF
SEPT
EMB
ER 2
016
(B
GN
’000
)To
tal
Resid
ent s
ecto
rNo
n-re
siden
t sec
tor
Not a
l-lo
cated
MFI
s G
ener
al go
vern
men
tOt
her r
esid
ent s
ecto
rsEU
Rest
of th
e wo
rldBN
BOt
her
MFI
sCe
ntra
l go
vern
-m
ent
Loca
l go
vern
-m
ent
SSFs
Non-
financia
lco
rpor
a-tio
ns
Fina
ncial
corp
orati
ons
Hous
e-ho
lds a
nd
NPIS
Hs
Euro
ar
eaNo
n-
euro
ar
eaOF
IAs
ICs a
nd
PFs
ASS
ET
S97
591 4
4077
435 8
6113
681 2
9012
690 5
2199
0 769
10 89
1 017
10 59
3 986
297 0
292
52 86
3 554
32 07
9 441
2 096
519
2 020
757
75 76
218
687 5
9413
229 2
8910
895 7
517 3
88 74
23 5
07 00
92 3
33 53
86 9
26 29
0
1. C
ash
1 583
152
- -
- -
- -
- -
- -
- -
- -
- -
- -
-1 5
83 15
2
in
BG
N1 1
90 58
6 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
1 190
586
in
fore
ign
curr
ency
392 5
66 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
392 5
66
o/w
EU
R24
5 714
- -
- -
- -
- -
- -
- -
- -
- -
- -
-24
5 714
2. D
epos
its20
596 7
5613
380 0
4813
358 6
3412
691 3
4666
7 288
- -
- -
21 41
4 -
21 41
421
414
- -
7 216
708
6 700
068
5 664
883
1 035
185
516 6
40 -
2
.1. O
vern
ight
16 20
8 799
12 99
5 957
12 99
5 957
12 69
1 346
304 6
11 -
- -
- -
- -
- -
-3 2
12 84
22 8
11 01
12 1
80 39
963
0 612
401 8
31 -
in B
GN
8 275
389
8 273
296
8 273
296
8 201
212
72 08
4 -
- -
- -
- -
- -
-2 0
932 0
932 0
93 -
- -
in fo
reig
n cu
rren
cy7 9
33 41
04 7
22 66
14 7
22 66
14 4
90 13
423
2 527
- -
- -
- -
- -
- -
3 210
749
2 808
918
2 178
306
630 6
1240
1 831
-
o
/w E
UR
6 778
755
4 520
710
4 520
710
4 490
134
30 57
6 -
- -
- -
- -
- -
-2 2
58 04
52 2
24 77
31 7
70 34
345
4 430
33 27
2 -
2
.2. W
ith a
gree
d m
atur
ity4 3
87 95
738
4 091
362 6
77 -
362 6
77 -
- -
-21
414
-21
414
21 41
4 -
-4 0
03 86
63 8
89 05
73 4
84 48
440
4 573
114 8
09 -
in B
GN
1 031
626
110 8
8689
486
-89
486
- -
- -
21 40
0 -
21 40
021
400
- -
920 7
4092
0 740
919 6
901 0
50 -
-
in fo
reig
n cu
rren
cy3 3
56 33
127
3 205
273 1
91 -
273 1
91 -
- -
-14
-14
14 -
-3 0
83 12
62 9
68 31
72 5
64 79
440
3 523
114 8
09 -
o
/w E
UR
2 520
111
26 17
226
171
-26
171
- -
- -
1 -
11
- -
2 493
939
2 405
445
2 203
468
201 9
7788
494
-
2
.3. R
edee
mab
le a
t not
ice
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
o
/w E
UR
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
3. R
epos
1 905
506
380 1
2978
078
-78
078
- -
- -
302 0
5119
8 639
102 1
1856
064
46 05
41 2
941 5
25 37
71 3
57 63
715
8 035
1 199
602
167 7
40 -
in
BG
N31
1 654
304 6
5478
078
-78
078
- -
- -
226 5
7617
9 081
46 20
133
035
13 16
61 2
947 0
007 0
00 -
7 000
- -
in
fore
ign
curr
ency
1 593
852
75 47
5 -
- -
- -
- -
75 47
519
558
55 91
723
029
32 88
8 -
1 518
377
1 350
637
158 0
351 1
92 60
216
7 740
-
o/w
EU
R39
5 091
75 47
5 -
- -
- -
- -
75 47
519
558
55 91
723
029
32 88
8 -
319 6
1615
8 035
158 0
35 -
161 5
81 -
4. L
oans
52 95
3 243
51 13
0 057
150 7
36 -
150 7
3664
7 122
455 7
6119
1 361
-50
332 1
9930
437 3
961 4
73 38
41 4
73 28
896
18 42
1 419
1 823
186
731 7
8540
8 822
322 9
631 0
91 40
1 -
u
p to
1 y
ear
12 32
1 018
12 12
9 930
- -
-31
659
6 942
24 71
7 -
12 09
8 271
9 899
600
659 0
7765
8 993
841 5
39 59
419
1 088
113 6
8499
046
14 63
877
404
-
in B
GN
7 215
922
7 200
538
- -
-28
714
3 997
24 71
7 -
7 171
824
5 603
907
186 0
1118
5 941
701 3
81 90
615
384
3 455
2 558
897
11 92
9 -
in fo
reig
n cu
rren
cy5 1
05 09
64 9
29 39
2 -
- -
2 945
2 945
- -
4 926
447
4 295
693
473 0
6647
3 052
1415
7 688
175 7
0411
0 229
96 48
813
741
65 47
5 -
o
/w E
UR
4 736
589
4 624
782
- -
-2 9
452 9
45 -
-4 6
21 83
73 9
95 72
547
2 585
472 5
7114
153 5
27111
807
75 99
868
326
7 672
35 80
9 -
o
ver 1
and
up
to 5
yea
rs9 0
17 56
68 4
05 47
421
134
-21
134
104 2
6878
421
25 84
7 -
8 280
072
6 023
241
360 1
1736
0 105
121 8
96 71
461
2 092
304 7
9511
8 647
186 1
4830
7 297
-
in B
GN
4 463
767
4 435
564
11 35
5 -
11 35
583
148
57 30
125
847
-4 3
41 06
12 5
80 46
035
942
35 93
012
1 724
659
28 20
31 6
301 2
7036
026
573
-
in fo
reig
n cu
rren
cy4 5
53 79
93 9
69 91
09 7
79 -
9 779
21 12
021
120
- -
3 939
011
3 442
781
324 1
7532
4 175
-17
2 055
583 8
8930
3 165
117 3
7718
5 788
280 7
24 -
o
/w E
UR
4 201
883
3 905
392
9 779
-9 7
7921
120
21 12
0 -
-3 8
74 49
33 3
81 44
132
4 175
324 1
75 -
168 8
7729
6 491
234 9
2611
4 696
120 2
3061
565
-
o
ver 5
yea
rs31
614 6
5930
594 6
5312
9 602
-12
9 602
511 1
9537
0 398
140 7
97 -
29 95
3 856
14 51
4 555
454 1
9045
4 190
-14
985 1
111 0
20 00
631
3 306
191 1
2912
2 177
706 7
00 -
in B
GN
15 86
1 395
15 72
9 419
125 0
00 -
125 0
0013
8 594
28 12
811
0 466
-15
465 8
254 6
46 14
318
1 670
181 6
70 -
10 63
8 012
131 9
7621
314
9 222
12 09
211
0 662
-
in fo
reig
n cu
rren
cy15
753 2
6414
865 2
344 6
02 -
4 602
372 6
0134
2 270
30 33
1 -
14 48
8 031
9 868
412
272 5
2027
2 520
-4 3
47 09
988
8 030
291 9
9218
1 907
110 0
8559
6 038
-
o
/w E
UR
15 17
9 415
14 46
8 480
4 602
-4 6
0237
2 601
342 2
7030
331
-14
091 2
779 6
16 63
127
2 520
272 5
20 -
4 202
126
710 9
3528
0 905
180 2
4210
0 663
430 0
30 -
48
MONTHLY BULLETIN 11/2016
(con
tinue
d)
1.4.
2. M
ON
THLY
SEC
TOR
AL
SURV
EY O
F O
THER
MFI
s AS
OF
SEPT
EMB
ER 2
016
(con
tinue
d)
(BG
N’0
00)
Tota
lRe
siden
t sec
tor
Non-
resid
ent s
ecto
r
Not a
l-lo
cated
MFI
s G
ener
al go
vern
men
tOt
her r
esid
ent s
ecto
rsEU
Rest
of th
e wo
rldBN
BOt
her
MFI
sCe
ntra
l go
vern
-m
ent
Loca
l go
vern
-m
ent
SSFs
Non-
financia
lco
rpor
a-tio
ns
Fina
ncial
corp
orati
ons
Hous
e-ho
lds a
nd
NPIS
Hs
Euro
ar
eaNo
n-
euro
ar
eaOF
IAs
ICs a
nd
PFs
5. S
ecur
ities
oth
er th
an sh
ares
12 32
6 828
10 20
9 846
- -
-10
032 9
569 9
28 84
210
4 114
-17
6 890
144 1
0632
784
32 78
4 -
-2 1
16 98
21 8
36 15
11 0
46 30
478
9 847
280 8
31 -
u
p to
1 y
ear
528 6
0428
207
- -
- -
- -
-28
207
28 20
7 -
- -
-50
0 397
416 4
7135
3 140
63 33
183
926
-
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy52
8 604
28 20
7 -
- -
- -
- -
28 20
728
207
- -
- -
500 3
9741
6 471
353 1
4063
331
83 92
6 -
o
/w E
UR
243 4
5928
207
- -
- -
- -
-28
207
28 20
7 -
- -
-21
5 252
215 2
5219
5 686
19 56
6 -
-
o
ver 1
and
up
to 2
yea
rs12
722
- -
- -
- -
- -
- -
- -
- -
12 72
212
722
12 72
2 -
- -
in B
GN
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy12
722
- -
- -
- -
- -
- -
- -
- -
12 72
212
722
12 72
2 -
- -
o
/w E
UR
12 72
2 -
- -
- -
- -
- -
- -
- -
-12
722
12 72
212
722
- -
-
o
ver 2
yea
rs11
785 5
0210
181 6
39 -
- -
10 03
2 956
9 928
842
104 1
14 -
148 6
8311
5 899
32 78
432
784
- -
1 603
863
1 406
958
680 4
4272
6 516
196 9
05 -
in B
GN
3 849
024
3 849
024
- -
-3 8
36 45
43 7
62 84
173
613
-12
570
12 57
0 -
- -
- -
- -
- -
-
in fo
reig
n cu
rren
cy7 9
36 47
86 3
32 61
5 -
- -
6 196
502
6 166
001
30 50
1 -
136 1
1310
3 329
32 78
432
784
- -
1 603
863
1 406
958
680 4
4272
6 516
196 9
05 -
o
/w E
UR
7 279
045
6 305
692
- -
-6 1
69 57
96 1
39 07
830
501
-13
6 113
103 3
2932
784
32 78
4 -
-97
3 353
945 5
5545
0 242
495 3
1327
798
-
6. S
hare
s and
oth
er e
quity
721 1
8153
7 968
903
-90
3 -
- -
-53
7 065
156 5
2238
0 543
358 7
6621
777
-18
3 213
35 97
422
249
13 72
514
7 239
-
in
BG
N53
7 076
537 0
7690
3 -
903
- -
- -
536 1
7315
6 522
379 6
5135
7 874
21 77
7 -
- -
- -
- -
in
fore
ign
curr
ency
184 1
0589
2 -
- -
- -
- -
892
-89
289
2 -
-18
3 213
35 97
422
249
13 72
514
7 239
-
o/w
EU
R96
061
892
- -
- -
- -
-89
2 -
892
892
- -
95 16
924
827
22 24
92 5
7870
342
-
7. F
ixed
ass
ets
4 897
966
- -
- -
- -
- -
- -
- -
- -
- -
- -
-4 8
97 96
6
8. O
ther
ass
ets
2 606
808
1 797
813
92 93
9-82
593
764
210 9
3920
9 383
1 554
21 4
93 93
51 1
42 77
886
276
78 44
17 8
3526
4 881
363 8
2323
4 136
88 44
914
5 687
129 6
8744
5 172
in
BG
N1 2
83 76
583
5 942
70 72
1-82
571
546
140 6
9213
9 618
1 072
262
4 529
391 4
3361
474
53 64
37 8
3117
1 622
22 10
619
293
16 00
83 2
852 8
1342
5 717
in
fore
ign
curr
ency
1 323
043
961 8
7122
218
-22
218
70 24
769
765
482
-86
9 406
751 3
4524
802
24 79
84
93 25
934
1 717
214 8
4372
441
142 4
0212
6 874
19 45
5
o/w
EU
R1 1
88 38
390
7 866
20 08
8 -
20 08
870
189
69 70
748
2 -
817 5
8971
3 063
24 53
724
533
479
989
262 8
6417
8 431
64 47
911
3 952
84 43
317
653
LIA
BIL
ITIE
S97
591 4
4075
771 1
321 0
18 85
21 9
901 0
16 86
21 8
62 08
989
5 200
961 5
715 3
1872
890 1
9122
964 1
694 1
18 09
01 4
38 82
42 6
79 26
645
807 9
327 6
34 54
15 9
57 78
04 4
75 32
91 4
82 45
11 6
76 76
114
185 7
67
9. D
epos
its75
401 7
0368
922 4
1879
7 599
-79
7 599
1 744
856
784 2
1495
8 509
2 133
66 37
9 963
18 58
5 604
3 961
719
1 344
988
2 616
731
43 83
2 640
6 479
285
4 986
609
3 595
826
1 390
783
1 492
676
-
9
.1. O
vern
ight
29 27
7 019
27 53
1 184
260 8
74 -
260 8
741 2
43 54
948
5 075
756 3
412 1
3326
026 7
6114
209 0
692 7
07 60
467
3 360
2 034
244
9 110
088
1 745
835
1 023
604
790 7
5323
2 851
722 2
31 -
in B
GN
19 26
4 400
18 70
8 551
36 25
1 -
36 25
11 0
73 45
636
0 731
710 7
741 9
5117
598 8
449 2
83 64
41 1
64 03
740
8 068
755 9
697 1
51 16
355
5 849
424 4
0229
5 204
129 1
9813
1 447
-
in fo
reig
n cu
rren
cy10
012 6
198 8
22 63
322
4 623
-22
4 623
170 0
9312
4 344
45 56
718
28 4
27 91
74 9
25 42
51 5
43 56
726
5 292
1 278
275
1 958
925
1 189
986
599 2
0249
5 549
103 6
5359
0 784
-
o
/w E
UR
7 648
425
6 827
267
31 55
5 -
31 55
516
0 974
115 3
4645
490
138
6 634
738
3 782
850
1 326
620
187 7
241 1
38 89
61 5
25 26
882
1 158
524 4
7243
9 786
84 68
629
6 686
-
9
.2. W
ith a
gree
d m
atur
ity34
706 7
3930
311 0
9653
6 725
-53
6 725
496 5
2729
4 359
202 1
68 -
29 27
7 844
4 348
381
1 254
115
671 6
2858
2 487
23 67
5 348
4 395
643
3 752
809
2 628
974
1 123
835
642 8
34 -
up
to 2
yea
rs29
183 3
5227
234 0
3540
5 970
-40
5 970
456 0
3825
3 909
202 1
29 -
26 37
2 027
3 919
031
1 082
312
562 2
3952
0 073
21 37
0 684
1 949
317
1 524
069
1 303
941
220 1
2842
5 248
-
in
BG
N13
809 2
0613
694 8
1611
2 109
-11
2 109
402 1
7820
0 477
201 7
01 -
13 18
0 529
2 004
649
559 7
5538
4 989
174 7
6610
616 1
2511
4 390
73 43
642
657
30 77
940
954
-
in
fore
ign
curr
ency
15 37
4 146
13 53
9 219
293 8
61 -
293 8
6153
860
53 43
242
8 -
13 19
1 498
1 914
382
522 5
5717
7 250
345 3
0710
754 5
591 8
34 92
71 4
50 63
31 2
61 28
418
9 349
384 2
94 -
o/w
EU
R12
443 9
4610
813 5
0817
686
-17
686
42 26
942
042
227
-10
753 5
531 6
23 01
749
4 640
151 3
1034
3 330
8 635
896
1 630
438
1 359
530
1 228
949
130 5
8127
0 908
-
49
11/2016 FINANCIALSECTOR1.
4.2.
MO
NTH
LY S
ECTO
RA
L SU
RVEY
OF
OTH
ER M
FIs A
S O
F SE
PTEM
BER
201
6(c
ontin
ued)
(B
GN
’000
)
Not
e: P
relim
inar
y da
ta.
Sour
ces:
oth
er M
FIs.
Tota
lRe
siden
t sec
tor
Non-
resid
ent s
ecto
r
Not a
l-lo
cated
MFI
s G
ener
al go
vern
men
tOt
her r
esid
ent s
ecto
rsEU
Rest
of th
e wo
rldBN
BOt
her
MFI
sCe
ntra
l go
vern
-m
ent
Loca
l go
vern
-m
ent
SSFs
Non-
financia
lco
rpor
a-tio
ns
Fina
ncial
corp
orati
ons
Hous
e-ho
lds a
nd
NPIS
Hs
Euro
ar
eaNo
n-
euro
ar
eaOF
IAs
ICs a
nd
PFs
ove
r 2 y
ears
5 523
387
3 077
061
130 7
55 -
130 7
5540
489
40 45
039
-2 9
05 81
742
9 350
171 8
0310
9 389
62 41
42 3
04 66
42 4
46 32
62 2
28 74
01 3
25 03
390
3 707
217 5
86 -
in
BG
N1 5
00 41
31 4
74 32
211
6 374
-11
6 374
10 24
410
205
39 -
1 347
704
197 1
3451
488
3 375
48 11
31 0
99 08
226
091
15 61
18 1
007 5
1110
480
-
in
fore
ign
curr
ency
4 022
974
1 602
739
14 38
1 -
14 38
130
245
30 24
5 -
-1 5
58 11
323
2 216
120 3
1510
6 014
14 30
11 2
05 58
22 4
20 23
52 2
13 12
91 3
16 93
389
6 196
207 1
06 -
o/w
EU
R3 7
44 67
81 3
40 93
114
381
-14
381
29 95
929
959
- -
1 296
591
217 7
2312
0 314
106 0
1314
301
958 5
542 4
03 74
72 2
08 64
91 3
15 47
489
3 175
195 0
98 -
9
.3. R
edee
mab
le a
t not
ice
11 41
7 945
11 08
0 138
- -
-4 7
804 7
80 -
-11
075 3
5828
154
- -
-11
047 2
0433
7 807
210 1
9617
6 099
34 09
712
7 611
-
up
to 3
mon
ths
11 41
7 945
11 08
0 138
- -
-4 7
804 7
80 -
-11
075 3
5828
154
- -
-11
047 2
0433
7 807
210 1
9617
6 099
34 09
712
7 611
-
in
BG
N6 9
02 05
86 8
47 74
7 -
- -
770
770
- -
6 846
977
26 30
1 -
- -
6 820
676
54 31
133
139
22 58
110
558
21 17
2 -
in
fore
ign
curr
ency
4 515
887
4 232
391
- -
-4 0
104 0
10 -
-4 2
28 38
11 8
53 -
- -
4 226
528
283 4
9617
7 057
153 5
1823
539
106 4
39 -
o/w
EU
R3 6
39 83
73 4
08 21
7 -
- -
4 010
4 010
- -
3 404
207
763
- -
-3 4
03 44
423
1 620
157 4
9814
1 216
16 28
274
122
-
ove
r 3 m
onth
s -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
in
BG
N -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
in
fore
ign
curr
ency
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
o/w
EU
R -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
10.
Mar
keta
ble
inst
rum
ents
(deb
t
s
ecur
ities
issu
ed +
MM
Fs
sha
res/
units
+ re
pos)
695 7
7924
3 706
78 41
5 -
78 41
5 -
- -
-16
5 291
48 51
760
188
8 754
51 43
456
586
452 0
7341
0 727
410 7
243
41 34
6 -
in
BG
N19
3 977
152 6
2878
127
-78
127
- -
- -
74 50
13 5
3216
314
5 080
11 23
454
655
41 34
93
-3
41 34
6 -
in
fore
ign
curr
ency
501 8
0291
078
288
-28
8 -
- -
-90
790
44 98
543
874
3 674
40 20
01 9
3141
0 724
410 7
2441
0 724
- -
-
o/w
EU
R50
1 802
91 07
828
8 -
288
- -
- -
90 79
044
985
43 87
43 6
7440
200
1 931
410 7
2441
0 724
410 7
24 -
- -
11.
Cap
ital a
nd re
serv
es12
232 6
90 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
12 23
2 690
1
1.1.
Fun
ds c
ontri
bute
d by
ow
ners
4 081
110
- -
- -
- -
- -
- -
- -
- -
- -
- -
-4 0
81 11
0
1
1.2.
Res
erve
s5 7
35 33
0 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
5 735
330
1
1.3.
Fin
anci
al re
sult
2 416
250
- -
- -
- -
- -
- -
- -
- -
- -
- -
-2 4
16 25
0
12.
Oth
er li
abili
ties
9 261
268
6 605
008
142 8
381 9
9014
0 848
117 2
3311
0 986
3 062
3 185
6 344
937
4 330
048
96 18
385
082
11 10
11 9
18 70
670
3 183
560 4
4446
8 779
91 66
514
2 739
1 953
077
in
BG
N5 9
63 40
24 0
35 33
410
8 694
1 978
106 7
1611
0 720
104 5
143 0
213 1
853 8
15 92
02 2
56 78
059
501
51 37
38 1
281 4
99 63
997
677
57 34
314
850
42 49
340
334
1 830
391
in
fore
ign
curr
ency
3 297
866
2 569
674
34 14
412
34 13
26 5
136 4
7241
-2 5
29 01
72 0
73 26
836
682
33 70
92 9
7341
9 067
605 5
0650
3 101
453 9
2949
172
102 4
0512
2 686
o/w
EU
R2 9
65 13
92 4
25 76
930
206
1230
194
6 454
6 413
41 -
2 389
109
1 993
466
36 56
733
668
2 899
359 0
7646
7 811
434 8
1942
3 825
10 99
432
992
71 55
9
50
MONTHLY BULLETIN 11/20161.
5. M
ON
ETA
RY
AG
GR
EG
ATE
S
1.5.
1. M
ON
ETA
RY A
GG
REG
ATES
– S
TOC
KS
AN
D T
RA
NSA
CTI
ON
S
(BG
N’0
00)
M3
М2
Mar
keta
ble
inst
rum
ents
(d
ebt s
ecur
ities
issu
ed u
p to
2
year
s + M
MFs
shar
es/u
nits
+
repo
s)
М1
QU
ASI
-MO
NEY
Curre
ncy
outsi
de
MFI
s*
Over
nigh
t dep
osits
Depo
sits w
ith ag
reed
matu
rity
up to
2 y
ears
Depo
sits r
edee
mab
le at
notic
e up
to 3
mon
ths
in B
GN
in fo
reig
n cu
rren
cyin
BG
Nin
fore
ign
curr
ency
in B
GN
in fo
reig
n cu
rren
cyin
BG
Nin
fore
ign
curr
ency
Stoc
ksIX
.201
510
779 4
0815
991 9
197 5
11 03
623
502 9
5534
282 3
6312
893 4
3813
590 1
6726
483 6
056 4
22 09
14 1
31 54
710
553 6
3837
037 2
4371
319 6
0661
880
-61
880
71 38
1 486
X.2
015
10 87
9 384
16 26
5 441
7 585
463
23 85
0 904
34 73
0 288
12 96
5 784
13 62
9 124
26 59
4 908
6 455
723
4 118
152
10 57
3 875
37 16
8 783
71 89
9 071
59 47
0 -
59 47
071
958 5
41X
I.201
510
932 2
9516
551 5
687 7
11 89
524
263 4
6335
195 7
5812
932 0
4913
897 7
6426
829 8
136 5
41 83
74 1
28 78
210
670 6
1937
500 4
3272
696 1
9064
925
-64
925
72 76
1 115
XII
.201
511
377 7
9417
161 7
477 4
30 40
924
592 1
5635
969 9
5013
227 9
7213
761 3
4926
989 3
216 7
75 54
94 1
56 34
110
931 8
9037
921 2
1173
891 1
6161
237
9 000
70 23
773
961 3
98I.2
016
11 12
3 524
16 63
9 733
7 615
335
24 25
5 068
35 37
8 592
13 59
3 163
13 55
0 901
27 14
4 064
6 807
272
4 149
647
10 95
6 919
38 10
0 983
73 47
9 575
62 62
39 0
0071
623
73 55
1 198
II.2
016
11 06
4 580
16 78
9 961
7 467
008
24 25
6 969
35 32
1 549
13 68
4 017
13 83
1 011
27 51
5 028
6 800
631
4 160
106
10 96
0 737
38 47
5 765
73 79
7 314
63 47
29 0
0072
472
73 86
9 786
III.2
016
11 02
4 557
16 44
8 026
7 419
936
23 86
7 962
34 89
2 519
13 69
4 593
13 69
6 974
27 39
1 567
6 774
849
4 130
514
10 90
5 363
38 29
6 930
73 18
9 449
65 85
69 0
0074
856
73 26
4 305
IV.2
016
11 26
0 537
16 89
7 687
7 285
561
24 18
3 248
35 44
3 785
13 70
0 878
13 83
9 881
27 54
0 759
6 809
452
4 150
258
10 95
9 710
38 50
0 469
73 94
4 254
62 54
59 0
0071
545
74 01
5 799
V.20
1611
319 7
0717
209 4
487 5
39 97
124
749 4
1936
069 1
2613
597 3
8413
740 7
1327
338 0
976 8
05 22
94 1
77 46
510
982 6
9438
320 7
9174
389 9
1764
270
9 000
73 27
074
463 1
87V
I.201
611
538 8
7817
559 9
998 0
73 72
425
633 7
2337
172 6
0113
637 5
5713
613 0
9127
250 6
486 8
41 44
54 1
91 63
811
033 0
8338
283 7
3175
456 3
3263
954
4 600
68 55
475
524 8
86V
II.2
016
11 93
5 335
17 98
7 792
8 448
379
26 43
6 171
38 37
1 506
13 58
7 007
13 51
6 367
27 10
3 374
6 860
767
4 233
562
11 09
4 329
38 19
7 703
76 56
9 209
72 40
213
450
85 85
276
655 0
61V
III.2
016
12 15
3 679
18 44
4 959
8 495
201
26 94
0 160
39 09
3 839
13 62
6 991
13 63
6 028
27 26
3 019
6 847
887
4 222
380
11 07
0 267
38 33
3 286
77 42
7 125
72 94
913
450
86 39
977
513 5
24IX
.201
612
191 2
7018
625 6
688 4
74 81
927
100 4
8739
291 7
5713
562 5
2613
541 4
6927
103 9
956 8
46 97
74 2
28 38
111
075 3
5838
179 3
5377
471 1
1074
501
13 45
087
951
77 55
9 061
Fina
ncia
l tra
nsac
tions
IX.2
015
12 91
320
7 832
-61 4
5814
6 374
159 2
8751
025
54 51
110
5 536
5 220
-14 6
47-9
427
96 10
925
5 396
26 -
2625
5 422
X.2
015
99 97
627
8 072
42 25
232
0 324
420 3
0076
080
-5 83
170
249
33 61
3-2
6 392
7 221
77 47
049
7 770
-2 41
0 -
-2 41
049
5 360
XI.2
015
52 91
128
9 124
51 87
634
1 000
393 9
11-3
3 735
167 7
5313
4 018
86 11
4-1
8 895
67 21
920
1 237
595 1
485 4
55 -
5 455
600 6
03X
II.2
015
445 4
9961
0 169
-222
763
387 4
0683
2 905
297 2
18-5
0 679
246 5
3923
3 712
52 62
128
6 333
532 8
721 3
65 77
7-3
688
9 000
5 312
1 371
089
I.201
6-2
54 27
0-5
22 02
118
7 782
-334
239
-588
509
365 1
91-2
03 81
416
1 377
31 72
3-4
652
27 07
118
8 448
-400
061
1 386
-1 3
86-3
98 67
5II
.201
6-5
8 944
150 2
27-1
49 33
589
2-5
8 052
90 85
427
4 433
365 2
87-6
641
9 565
2 924
368 2
1131
0 159
849
-84
931
1 008
III.2
016
-40 0
23-3
41 97
732
418
-309
559
-349
582
10 53
6-2
4 192
-13 6
56-2
5 782
2 142
-23 6
40-3
7 296
-386
878
2 384
-2 3
84-3
84 49
4IV
.201
623
5 980
449 6
25-1
41 16
730
8 458
544 4
386 2
8113
4 290
140 5
7134
635
17 12
051
755
192 3
2673
6 764
-3 31
1 -
-3 31
173
3 453
V.20
1659
170
311 9
7722
2 656
534 6
3359
3 803
-103
494
-147
422
-250
916
-4 25
213
099
8 847
-242
069
351 7
341 7
25 -
1 725
353 4
59V
I.201
621
9 171
350 5
5553
4 617
885 1
721 1
04 34
339
659
-121
941
-82 2
8236
216
16 02
252
238
-30 0
441 0
74 29
9-3
16-4
400
-4 71
61 0
69 58
3V
II.2
016
396 4
5742
7 764
378 9
0980
6 673
1 203
130
-50 5
82-9
1 003
-141
585
19 32
243
976
63 29
8-7
8 287
1 124
843
8 448
8 850
17 29
81 1
42 14
1V
III.2
016
218 3
4445
7 163
51 15
250
8 315
726 6
5939
984
124 4
0816
4 392
-12 8
80-9
547
-22 4
2714
1 965
868 6
2454
7 -
547
869 1
71IX
.201
637
591
180 7
09-1
3 615
167 0
9420
4 685
-64 4
65-8
5 436
-149
901
-739
8 949
8 210
-141
691
62 99
41 5
52 -
1 552
64 54
6
* Id
entic
al w
ith th
e C
urre
ncy
in c
ircul
atio
n in
dica
tor o
f the
EC
B.
Not
e: P
relim
inar
y da
ta.
Sour
ces:
BN
B a
nd o
ther
MFI
s.
51
11/2016 FINANCIALSECTOR1.
5.2.
CO
UN
TER
PART
S O
F M
ON
ETA
RY A
GG
REG
ATES
– S
TOC
KS
AN
D T
RA
NSA
CTI
ON
S
(BG
N’0
00)
Long-termfinancialliabilities
Dom
estic
cre
dit
Net
fore
ign
asse
ts
Fixe
d as
sets
Oth
er
item
s (n
et)
Dep
osits
with
agr
eed
mat
urity
ov
er 2
yea
rs a
nd d
epos
its
rede
emab
le a
t not
ice
over
3
mon
ths
Deb
t sec
uriti
es is
sued
ove
r 2
year
sC
apita
l an
d re
serv
es
Cla
ims o
n ge
nera
l gov
ernm
ent
Cla
ims o
n no
n-go
vern
men
t se
ctor
Fore
ign
asse
ts
Less
fo
reig
n lia
bilit
ies
in B
GN
in fo
reig
n cu
rren
cyin
BG
Nin
fore
ign
curr
ency
in B
GN
in fo
reig
n cu
rren
cyin
BG
Nin
fore
ign
curr
ency
Stoc
ksIX
.201
51 1
16 65
71 3
30 05
72 4
46 71
4 -
107 0
9710
7 097
15 25
4 035
17 80
7 846
-3 85
3 522
2 804
693
-1 04
8 829
25 40
7 174
26 12
4 644
51 53
1 818
50 48
2 989
50 75
7 770
9 876
442
40 88
1 328
4 244
524
-6 41
9 509
X.2
015
1 133
352
1 357
728
2 491
080
-10
7 098
107 0
9815
556 9
0418
155 0
82-3
243 2
053 0
84 87
3-1
58 33
225
447 1
9925
842 3
8651
289 5
8551
131 2
5350
662 4
409 7
66 63
640
895 8
044 2
72 90
6-6
186 3
40X
I.201
51 1
37 84
71 3
54 46
62 4
92 31
3 -
107 0
9810
7 098
15 50
7 599
18 10
7 010
-2 93
2 002
3 127
968
195 9
6625
720 4
1525
820 6
9051
541 1
0551
737 0
7151
009 3
009 8
77 63
741
131 6
634 2
34 72
8-6
235 3
37X
II.2
015
1 207
187
1 468
914
2 676
101
-78
740
78 74
015
592 3
7318
347 2
14-9
89 12
43 4
20 73
62 4
31 61
225
680 0
3625
092 8
5850
772 8
9453
204 5
0650
345 6
639 6
68 31
740
677 3
464 8
07 85
2-6
381 0
92I.2
016
1 212
000
1 459
022
2 671
022
-78
741
78 74
115
863 4
1318
613 1
76-1
601 8
763 6
02 22
92 0
00 35
325
364 5
1524
856 7
1250
221 2
2752
221 5
8050
846 8
179 4
26 07
941
420 7
384 8
38 28
1-6
316 2
25II
.201
61 2
34 67
61 4
92 33
52 7
27 01
1 -
78 74
278
742
16 39
7 275
19 20
3 028
-1 10
4 817
3 655
071
2 550
254
25 47
9 923
24 59
8 610
50 07
8 533
52 62
8 787
51 55
1 444
9 282
282
42 26
9 162
4 854
340
-6 67
9 475
III.2
016
1 240
956
1 529
951
2 770
907
-78
087
78 08
716
111 7
7118
960 7
65-2
171 6
6371
5 214
-1 45
6 449
25 78
1 783
24 43
1 854
50 21
3 637
48 75
7 188
54 76
2 230
8 853
417
45 90
8 813
4 856
641
-7 29
7 572
IV.2
016
1 261
792
1 419
739
2 681
531
-78
087
78 08
716
229 1
8818
988 8
06-2
101 4
1470
6 809
-1 39
4 605
25 95
7 377
24 39
4 946
50 35
2 323
48 95
7 718
55 12
0 352
8 778
715
46 34
1 637
4 876
293
-7 17
1 043
V.20
161 3
26 50
31 5
17 54
62 8
44 04
9 -
78 08
878
088
16 11
4 108
19 03
6 245
-2 62
8 421
714 9
30-1
913 4
9126
176 8
2324
179 5
6950
356 3
9248
442 9
0155
727 5
018 7
31 32
246
996 1
795 0
30 80
9-6
970 4
57V
I.201
61 2
83 90
11 4
90 55
22 7
74 45
3 -
78 08
878
088
16 61
9 370
19 47
1 911
-3 38
9 856
768 8
18-2
621 0
3826
770 3
6924
202 5
0350
972 8
7248
351 8
3457
391 9
538 8
35 42
448
556 5
295 1
13 50
6-7
025 0
72V
II.2
016
1 311
273
1 489
166
2 800
439
-78
089
78 08
916
877 5
3719
756 0
65-3
647 0
7779
2 387
-2 85
4 690
27 19
5 453
24 04
1 754
51 23
7 207
48 38
2 517
58 58
8 601
8 593
621
49 99
4 980
5 174
591
-7 14
0 962
VII
I.201
61 3
40 33
91 5
53 14
62 8
93 48
5 -
78 09
078
090
16 98
7 222
19 95
8 797
-3 55
2 746
839 4
63-2
713 2
8327
441 5
6523
839 6
2251
281 1
8748
567 9
0459
354 5
338 7
42 33
650
612 1
975 1
87 52
2-6
895 3
02IX
.201
61 3
47 74
31 5
58 11
32 9
05 85
6 -
77 34
077
340
17 16
4 616
20 14
7 812
-3 70
4 465
1 002
116
-2 70
2 349
27 85
1 968
23 59
4 190
51 44
6 158
48 74
3 809
59 23
9 332
8 543
856
50 69
5 476
5 201
471
-6 93
3 883
Fina
ncia
l tra
nsac
tions
IX.2
015
5 605
8 400
14 00
5 -
-564
-564
94 09
210
7 533
-188
675
359 3
4617
0 671
416 0
02-1
59 01
125
6 991
427 6
6222
3 286
115 2
6110
8 025
-3 34
3-1
69 38
9X
.201
516
695
23 35
140
046
- -
-13
7 140
177 1
8648
9 105
232 1
3372
1 238
169 4
35-2
57 37
3-8
7 938
633 3
00-3
13 65
4-1
37 15
0-1
76 50
428
382
187 3
68X
I.201
54 4
95-1
3 151
-8 65
6 -
- -
61 16
752
511
319 2
2228
656
347 8
7828
6 748
-22 1
6726
4 581
612 4
5922
2 718
54 98
716
7 731
-38 1
78-8
8 898
XII
.201
569
340
122 5
2219
1 862
--2
8 359
-28 3
5910
0 900
264 4
031 9
39 41
730
2 637
2 242
054
118 4
51-4
32 91
9-3
14 46
81 9
27 58
6-4
38 90
0-1
58 90
4-2
79 99
657
3 124
-585
222
I.201
64 8
13-9
288
-4 47
5 -
- -
83 26
578
790
-616
160
173 0
15-4
43 14
5-1
66 55
3-2
05 92
3-3
72 47
6-8
15 62
134
1 208
-234
859
576 0
6730
429
-110
760
II.2
016
22 67
632
145
54 82
1 -
- -
217 4
2227
2 243
499 1
5562
798
561 9
5311
9 901
-255
144
-135
243
426 7
1036
2 252
-150
659
512 9
1116
059
-372
429
III.2
016
6 280
50 95
057
230
--6
56-6
56-2
75 25
2-2
18 67
8-1
071 9
69-2
942 6
26-4
014 5
9530
3 205
-132
743
170 4
62-3
844 1
333 5
12 77
0-3
64 94
83 8
77 71
82 3
01-6
39 05
8IV
.201
620
836
-111
306
-90 4
70 -
- -
62 38
5-2
8 085
73 63
8-2
7 050
46 58
818
6 030
-21 3
7316
4 657
211 2
4529
0 962
-85 1
6337
6 125
19 65
298
346
V.20
1664
711
92 37
615
7 087
- -
--3
4 977
122 1
10-5
25 12
016
600
-508
520
221 7
54-1
98 07
823
676
-484
844
556 1
91-7
4 736
630 9
2715
4 516
174 9
70V
I.201
6-4
2 602
-26 5
01-6
9 103
--1
-118
2 739
113 6
35-7
59 36
037
508
-721
852
615 2
9763
203
678 5
00-4
3 352
1 361
235
101 4
241 2
59 81
182
697
-115
938
VII
.201
627
372
-708
26 66
4 -
- -
173 8
0720
0 471
-269
261
-25 1
22-2
94 38
342
7 343
-111
617
315 7
2621
343
1 201
945
-232
722
1 434
667
61 08
5-1
74 48
3V
III.2
016
29 06
664
205
93 27
1 -
- -
36 41
212
9 683
78 68
1-6
1 392
17 28
925
2 225
-179
975
72 25
089
539
827 7
6915
1 306
676 4
6312
931
219 9
21IX
.201
67 4
046 3
2213
726
--7
50-7
5083
326
96 30
2-1
58 26
612
8 640
-29 6
2641
4 132
-216
328
197 8
0416
8 178
-141
241
-194
479
53 23
813
949
-74 5
17
Not
e: P
relim
inar
y da
ta.
Sour
ces:
BN
B a
nd o
ther
MFI
s.
52
MONTHLY BULLETIN 11/2016
1.6. SUPERVISORY STATISTICS*
1.6.1. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF THE BANKING SYSTEM AS OF 30 SEPTEMBER 2016(BGN’000)
Balance sheet value
ASSETSCash, cash balances at central banks and other demand deposits 16 988 734
Cash on hand 1 588 947Cash balances at central banks 12 709 530Other demand deposits 2 690 257
Financial assets held for trading 1 757 309Derivatives 129 835Equity instruments 118 944Debt securities 1 483 802Loans and advances 24 728
Financial assets designated at fair value through profit or loss 227 408Equity instruments 2 263Debt securities 225 145Loans and advances 0
Available-for-sale financial assets 8 601 012Equity instruments 230 212Debt securities 8 370 568Loans and advances 232
Loans and receivables 55 749 970Debt securities 182 056Loans and advances 55 567 914
Held-to-maturity investments 2 201 119Debt securities 2 201 119Loans 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 367 867Tangible assets 1 805 188
Property, plant and equipment 1 144 095Investment property 661 093
Intangible assets 170 973Goodwill 0Other intangible assets 170 973
Tax assets 24 087Current tax assets 7 373Deferred tax assets 16 714
Other assets 1 484 046Non-current assets and disposal groups classified as held for sale 444 844TOTAL ASSETS 89 822 557
LIABILITIESFinancial liabilities held for trading 126 973
Derivatives 126 973Short 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
11/2016 FINANCIALSECTOR
1.6.1. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF THE BANKING SYSTEM AS OF 30 SEPTEMBER 2016(continued) (BGN’000)
Balance sheet value
Financial liabilities measured at amortised cost 76 679 097Deposits 76 155 574Debt securities issued 344 380Otherfinancialliabilities 179 143
Derivatives – hedge accounting 131 383Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Provisions 133 173Pensionsandotherpost-employmentdefinedbenefitobligations 36 200Otherlong-termemployeebenefits 0Restructuring 6 966Pending legal issues and tax litigation 36 822Commitments and guarantees given 31 340Other provisions 21 845
Tax liabilities 68 800Current tax liabilities 42 449Deferred tax liabilities 26 351
Share capital repayable on demand 0Other liabilities 468 994Liabilities included in disposal groups classified as held for sale 0TOTAL LIABILITIES 77 608 420
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 284Equitycomponentofcompoundfinancialinstruments 0Other equity instruments issued 284
Other equity 0Accumulated other comprehensive income 352 689Itemsthatwillnotbereclassifiedtoprofitorloss 106 312
Tangible assets 110 932Intangible assets 0Actuarial gains or (-) losses on defined benefit pension plans -4 620Non-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 246 377Hedge of net investments in foreign operations [effective portion] 0Foreign currency translation -8Hedging derivatives. Cash flow hedges [effective portion] -47 687Available-for-sale financial assets 294 072Non-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 3 284 376Revaluation reserves 217Other reserves 3 301 961
Reserves or accumulated losses of investments in subsidaries, joint ventures and associates 0Other 3 301 961
(-) Treasury shares 0Profit or loss attributable to owners of the parent 1 073 233(-) Interim dividends -5 599Minority interest [Non-controlling interests] 0
Accumulated other comprehensive income 0Other items 0
TOTAL EQUITY 12 214 137TOTAL EQUITY AND TOTAL LIABILITIES 89 822 557
Source: BNB.
54
MONTHLY BULLETIN 11/2016
1.6.2. STATEMENT OF PROFIT OR LOSS OF THE BANKING SYSTEM AS OF 30 SEPTEMBER 2016(BGN’000)
Value
Interest income 2 490 267Financial assets held for trading 18 953Financialassetsdesignatedatfairvaluethroughprofitorloss 5 776Available-for-salefinancialassets 139 799Loans and receivables 2 281 384Held-to-maturity investments 38 977Derivatives – hedge accounting, interest rate risk 3 964Other assets 1 414
(Interest expenses) 379 451(Financial liabilities held for trading) 224(Financialliabilitiesdesignatedatfairvaluethroughprofitorloss) 0(Financial liabilities measured at amortised cost) 347 946(Derivatives – hedge accounting, interest rate risk) 16 017(Other liabilities) 15 264
(Expenses on share capital repayable on demand) 0Dividend income 19 754
Financial assets held for trading 126Financialassetsdesignatedatfairvaluethroughprofitorloss 430Available-for-salefinancialassets 19 198
Fee and commission income 785 343(Fee and commission expenses) 103 864Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 233 858Available-for-salefinancialassets 197 801Loans and receivables 34 003Held-to-maturity investments 2 054Financial liabilities measured at amortised cost 0Other 0Gains or (-) losses on financial assets and liabilities held for trading, net 35 747Gains or (-) losses on financial assets and liabilities designated at fair value through profit or loss, net 1 213Gains or (-) losses from hedge accounting, net -627Exchange differences [gain or (-) loss], net 121 135Gains or (-) losses on derecognition of non-financial assets, net 6 406Other operating income 92 723(Other operating expenses) 196 521TOTAL OPERATING INCOME, NET 3 105 983
(Administrative expenses) 1 189 347(Staff expenses) 558 388(Other administrative expenses) 630 959
(Depreciation) 127 975(Property, plant and equipment) 88 229(Investment properties) 3 578(Other intangible assets) 36 168
(Provisions or (-) reversal of provisions) 25 590(Commitments and guarantees given) 22 428(Other provisions) 3 162
(Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss) 568 503(Financial assets measured at cost) 0(Available-for-salefinancialassets) 1 707Loans and receivables 566 796(Held-to-maturity investments) 0
(continued)
55
11/2016 FINANCIALSECTOR
1.6.2. STATEMENT OF PROFIT OR LOSS OF THE BANKING SYSTEM AS OF 30 SEPTEMBER 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) 3 859
(Property, plant and equipment) 0(Investment properties) 27(Goodwill) 0(Other intangible assets) 0(Other) 3 832
Negative goodwill recognised in profit or loss -270Share 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 -71PROFIT OR (-) LOSS BEFORE TAX FROM CONTINUING OPERATIONS 1 196 492(Tax expense or (-) income related to profit or loss from continuing operations) 123 260PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS 1 073 232Profit 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 1 073 232Attributable to minority interest [non-controlling interests] 0Attributable to owners of the parent 1 073 232
Source: BNB.
56
MONTHLY BULLETIN 11/2016
1.7. BANK GROUPS*(as of 30 September 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
11/2016 FINANCIALSECTOR
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 SEPTEMBER 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 16 277 581 767 960
ASSETS,TOTAL–inflow 45 782 442 3 430 209 15 512 645 1 874 493 4 010 869 1 649 055 4 150 498 22 015 091
LIABILITIES,TOTAL–outflow 43 926 919 6 525 946 2 441 619 2 905 007 3 223 235 4 881 261 23 949 851
Coefficientofliquidassets(%) 37.06
Coefficientofliquiditybymaturityintervals(%) 237.71 438.14 415.21 324.88 218.18 113.12
Group IILIQUID ASSETS 11 153 856 1 588 965
ASSETS,TOTAL–inflow 31 226 331 3 011 178 12 329 153 1 190 932 1 582 337 1 535 526 3 166 881 14 432 680
LIABILITIES,TOTAL–outflow 30 682 976 2 840 918 1 851 123 1 320 362 1 688 797 4 496 257 18 485 519
Coefficientofliquidassets(%) 36.35
Coefficientofliquiditybymaturityintervals(%) 433.98 546.58 727.42 548.91 228.72 106.21
Group IIILIQUID ASSETS 1 272 675
ASSETS,TOTAL–inflow 2 276 700 3 266 1 454 048 45 903 223 474 91 866 244 778 219 897
LIABILITIES,TOTAL–outflow 2 236 230 827 185 46 135 91 688 95 478 191 289 984 455
Coefficientofliquidassets(%) 56.91
Coefficientofliquiditybymaturityintervals(%) 175.78 194.46 1.52 162.57 147.81 27.34
BANKING SYSTEM, TOTALLIQUID ASSETS 28 704 112 2 356 925
ASSETS,TOTAL–inflow 79 285 473 6 444 653 29 295 846 3 111 328 5 816 680 3 276 447 7 562 157 36 667 668
LIABILITIES,TOTAL–outflow 76 846 125 10 194 049 4 338 877 4 317 057 5 007 510 9 568 807 43 419 825
Coefficientofliquidassets(%) 37.35
Coefficientofliquiditybymaturityintervals(%) 287.38 481.81 505.77 397.34 221.73 108.24
Source: BNB.
58
MONTHLY BULLETIN 11/2016
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 SEPTEMBER 2016(BGN’000)
Balance sheet value
ASSETS
Cash, cash balances at central banks and other demand deposits 9 531 825Cash on hand 851 308Cash balances at central banks 7 338 084Other demand deposits 1 342 433
Financial assets held for trading 1 315 447Derivatives 100 907Equity instruments 4 548Debt securities 1 185 264Loans and advances 24 728
Financial assets designated at fair value through profit or loss 0Equity instruments 0Debt securities 0Loans and advances 0
Available-for-sale financial assets 5 479 080Equity instruments 71 871Debt securities 5 407 209Loans and advances 0
Loans and receivables 32 933 599Debt securities 182 056Loans and advances 32 751 543
Held-to-maturity investments 27 382Debt securities 27 382Loans 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 971 781
Property, plant and equipment 666 118Investment property 305 663
Intangible assets 115 478Goodwill 0Other intangible assets 115 478
Tax assets 5 189Current tax assets 0Deferred tax assets 5 189
Other assets 1 220 966Non-current assets and disposal groups classified as held for sale 89 072TOTAL ASSETS 51 823 793
LIABILITIESFinancial liabilities held for trading 101 102
Derivatives 101 102Short positions 0Deposits 0Debt securities issued 0Otherfinancialliabilities 0
Financial liabilities designated at fair value through profit or loss 0Deposits 0Debt securities issued 0Otherfinancialliabilities 0
Financial liabilities measured at amortised cost 43 729 397Deposits 43 455 665Debt securities issued 195 571
(continued)
59
11/2016 FINANCIALSECTOR
1.10.1. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP I BANKS AS OF 30 SEPTEMBER 2016 (continued) (BGN’000)
Balance sheet value
Otherfinancialliabilities 78 161Derivatives – hedge accounting 123 247Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Provisions 97 247Pensionsandotherpost-employmentdefinedbenefitobligations 27 533Otherlong-termemployeebenefits 0Restructuring 6 954Pending legal issues and tax litigation 34 750Commitments and guarantees given 22 248Other provisions 5 762
Tax liabilities 49 413Current tax liabilities 28 699Deferred tax liabilities 20 714
Share capital repayable on demand 0Other liabilities 286 077Liabilities included in disposal groups classified as held for sale 0TOTAL LIABILITIES 44 386 483
EQUITYCapital 1 186 048
Paid-up capital 1 186 048Unpaid capital which has been called up 0
Share premium 97 000Equity instruments issued other than capital 0Equitycomponentofcompoundfinancialinstruments 0Other equity instruments issued 0
Other equity 0Accumulated other comprehensive income 269 292Itemsthatwillnotbereclassifiedtoprofitorloss 90 297
Tangible assets 95 472Intangible 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 178 995Hedge of net investments in foreign operations [effective portion] 0Foreign currency translation 0Hedging derivatives. Cash flow hedges [effective portion] -47 687Available-for-sale financial assets 226 682Non-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 981Revaluation reserves 0Other reserves 2 430 212
Reserves or accumulated losses of investments in subsidaries, joint ventures and associates 0Other 2 430 212
(-) Treasury shares 0Profit or loss attributable to owners of the parent 748 777(-) Interim dividends 0Minority interest [Non-controlling interests] 0
Accumulated other comprehensive income 0Other items 0
TOTAL EQUITY 7 437 310TOTAL EQUITY AND TOTAL LIABILITIES 51 823 793
Source: BNB.
60
MONTHLY BULLETIN 11/2016
1.10.2. STATEMENT OF PROFIT OR LOSS OF GROUP I BANKS AS OF 30 SEPTEMBER 2016(BGN’000)
Value
Interest income 1 552 120Financial assets held for trading 14 645Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 103 926Loans and receivables 1 429 111Held-to-maturity investments 382Derivatives – hedge accounting, interest rate risk 3 964Other assets 92
(Interest expenses) 192 630(Financial liabilities held for trading) 224(Financialliabilitiesdesignatedatfairvaluethroughprofitorloss) 0(Financial liabilities measured at amortised cost) 168 403(Derivatives – hedge accounting, interest rate risk) 15 148(Other liabilities) 8 855
(Expenses on share capital repayable on demand) 0Dividend income 5 021
Financial assets held for trading 1Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 5 020
Fee and commission income 486 094(Fee and commission expenses) 55 937Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 154 972Available-for-salefinancialassets 121 123Loans and receivables 33 849Held-to-maturity investments 0Financial liabilities measured at amortised cost 0Other 0Gains or (-) losses on financial assets and liabilities held for trading, net -14 885Gains or (-) losses on financial assets and liabilities designated at fair value through profit or loss, net 0Gains or (-) losses from hedge accounting, net -710Exchange differences [gain or (-) loss], net 105 078Gains or (-) losses on derecognition of non-financial assets, net 6 283Other operating income 69 092(Other operating expenses) 115 680TOTAL OPERATING INCOME, NET 1 998 818
(Administrative expenses) 629 604(Staff expenses) 298 835(Other administrative expenses) 330 769
(Depreciation) 80 655(Property, plant and equipment) 56 048(Investment properties) 1 287(Other intangible assets) 23 320
(Provisions or (-) reversal of provisions) 23 117(Commitments and guarantees given) 21 057(Other provisions) 2 060
(Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss) 431 887(Financial assets measured at cost) 0(Available-for-salefinancialassets) 1 237Loans and receivables 430 650(Held-to-maturity investments) 0
(Impairment or (-) reversal of impairment of investments in subsidaries, joint ventures and associates) 0
(continued)
61
11/2016 FINANCIALSECTOR
1.10.2. STATEMENT OF PROFIT OR LOSS OF GROUP I BANKS AS OF 30 SEPTEMBER 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 -270Share 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 9PROFIT OR (-) LOSS BEFORE TAX FROM CONTINUING OPERATIONS 833 305(Tax expense or (-) income related to profit or loss from continuing operations) 84 528PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS 748 777Profit or (-) loss after tax from discontinued operations 0Profitor(-)lossbeforetaxfromdiscontinuedoperations 0(Tax expense or (-) income related to discontinued operations) 0
PROFIT OR (-) LOSS FOR THE YEAR 748 777Attributable to minority interest [non-controlling interests] 0Attributable to owners of the parent 748 777
Source: BNB.
62
MONTHLY BULLETIN 11/2016
1.10.3. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP II BANKS AS OF 30 SEPTEMBER 2016(BGN’000)
Balance sheet value
ASSETSCash, cash balances at central banks and other demand deposits 6 468 851
Cash on hand 733 068Cash balances at central banks 4 836 860Other demand deposits 898 923
Financial assets held for trading 418 011Derivatives 22 133Equity instruments 114 396Debt securities 281 482Loans and advances 0
Financial assets designated at fair value through profit or loss 227 408Equity instruments 2 263Debt securities 225 145Loans and advances 0
Available-for-sale financial assets 2 839 866Equity instruments 157 973Debt securities 2 681 661Loans and advances 232
Loans and receivables 21 824 380Debt securities 0Loans and advances 21 824 380
Held-to-maturity investments 2 173 737Debt securities 2 173 737Loans 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 233 893Tangible assets 830 391
Property, plant and equipment 474 961Investment property 355 430
Intangible assets 53 519Goodwill 0Other intangible assets 53 519
Tax assets 17 911Current tax assets 7 362Deferred tax assets 10 549
Other assets 256 237Non-current assets and disposal groups classified as held for sale 354 828TOTAL ASSETS 35 699 032
LIABILITIESFinancial liabilities held for trading 20 424
Derivatives 20 424Short positions 0Deposits 0Debt securities issued 0Otherfinancialliabilities 0
Financial liabilities designated at fair value through profit or loss 0Deposits 0Debt securities issued 0Otherfinancialliabilities 0
Financial liabilities measured at amortised cost 30 709 748Deposits 30 484 151Debt securities issued 148 809Otherfinancialliabilities 76 788
Derivatives – hedge accounting 8 136
(continued)
63
11/2016 FINANCIALSECTOR
1.10.3. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP II BANKS AS OF 30 SEPTEMBER 2016(continued) (BGN’000)
Balance sheet value
Fair value changes of the hedged items in portfolio hedge of interest rate risk 0Provisions 34 794Pensionsandotherpost-employmentdefinedbenefitobligations 8 451Otherlong-termemployeebenefits 0Restructuring 0Pending legal issues and tax litigation 2 072Commitments and guarantees given 8 444Other provisions 15 827
Tax liabilities 18 387Current tax liabilities 12 762Deferred tax liabilities 5 625
Share capital repayable on demand 0Other liabilities 161 099Liabilities included in disposal groups classified as held for sale 0TOTAL LIABILITIES 30 952 588
EQUITYCapital 2 730 535
Paid-up capital 2 730 535Unpaid capital which has been called up 0
Share premium 193 393Equity instruments issued other than capital 0Equitycomponentofcompoundfinancialinstruments 0Other equity instruments issued 0
Other equity 0Accumulated other comprehensive income 79 766Itemsthatwillnotbereclassifiedtoprofitorloss 15 965
Tangible assets 15 460Intangible assets 0Actuarial gains or (-) losses on defined benefit pension plans 505Non-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 63 801Hedge of net investments in foreign operations [effective portion] 0Foreign currency translation -8Hedging derivatives. Cash flow hedges [effective portion] 0Available-for-sale financial assets 63 809Non-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 577 530Revaluation reserves 217Other reserves 843 726
Reserves or accumulated losses of investments in subsidaries, joint ventures and associates 0Other 843 726
(-) Treasury shares 0Profit or loss attributable to owners of the parent 321 277(-) Interim dividends 0Minority interest [Non-controlling interests] 0
Accumulated other comprehensive income 0Other items 0
TOTAL EQUITY 4 746 444TOTAL EQUITY AND TOTAL LIABILITIES 35 699 032
Source: BNB.
64
MONTHLY BULLETIN 11/2016
1.10.4. STATEMENT OF PROFIT OR LOSS OF GROUP II BANKS AS OF 30 SEPTEMBER 2016(BGN’000)
Value
Interest income 916 803Financial assets held for trading 3 329Financialassetsdesignatedatfairvaluethroughprofitorloss 5 776Available-for-salefinancialassets 33 605Loans and receivables 834 176Held-to-maturity investments 38 595Derivatives – hedge accounting, interest rate risk 0Other assets 1 322
(Interest expenses) 182 736(Financial liabilities held for trading) 0(Financialliabilitiesdesignatedatfairvaluethroughprofitorloss) 0(Financial liabilities measured at amortised cost) 176 273(Derivatives – hedge accounting, interest rate risk) 869(Other liabilities) 5 594
(Expenses on share capital repayable on demand) 0Dividend income 14 673
Financial assets held for trading 125Financialassetsdesignatedatfairvaluethroughprofitorloss 430Available-for-salefinancialassets 14 118
Fee and commission income 286 657(Fee and commission expenses) 45 640Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 78 553Available-for-salefinancialassets 76 345Loans and receivables 154Held-to-maturity investments 2 054Financial liabilities measured at amortised cost 0Other 0Gains or (-) losses on financial assets and liabilities held for trading, net 40 559Gains or (-) losses on financial assets and liabilities designated at fair value through profit or loss, net 1 213Gains or (-) losses from hedge accounting, net 83Exchange differences [gain or (-) loss], net 11 869Gains or (-) losses on derecognition of non-financial assets, net 111Other operating income 19 273(Other operating expenses) 79 945TOTAL OPERATING INCOME, NET 1 061 473
(Administrative expenses) 521 095(Staff expenses) 247 680(Other administrative expenses) 273 415
(Depreciation) 46 198(Property, plant and equipment) 31 459(Investment properties) 2 291(Other intangible assets) 12 448
(Provisions or (-) reversal of provisions) 1 938(Commitments and guarantees given) 1 382(Other provisions) 556
(Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss) 135 440(Financial assets measured at cost) 0(Available-for-salefinancialassets) 186Loans and receivables 135 254(Held-to-maturity investments) 0
(continued)
65
11/2016 FINANCIALSECTOR
1.10.4. STATEMENT OF PROFIT OR LOSS OF GROUP II BANKS AS OF 30 SEPTEMBER 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) 3 692
(Property, plant and equipment) 0(Investment properties) 27(Goodwill) 0(Other intangible assets) 0(Other) 3 665
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 -80PROFIT OR (-) LOSS BEFORE TAX FROM CONTINUING OPERATIONS 358 976(Tax expense or (-) income related to profit or loss from continuing operations) 37 700PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS 321 276Profit or (-) loss after tax from discontinued operations 0Profitor(-)lossbeforetaxfromdiscontinuedoperations 0(Tax expense or (-) income related to discontinued operations) 0
PROFIT OR (-) LOSS FOR THE YEAR 321 276Attributable to minority interest [non-controlling interests] 0Attributable to owners of the parent 321 276
Source: BNB.
66
MONTHLY BULLETIN 11/2016
1.10.5. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP III BANKS AS OF 30 SEPTEMBER 2016(BGN’000)
Balance sheet value
ASSETSCash, cash balances at central banks and other demand deposits 988 058
Cash on hand 4 571Cash balances at central banks 534 586Other demand deposits 448 901
Financial assets held for trading 23 851Derivatives 6 795Equity instruments 0Debt securities 17 056Loans 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 282 066Equity instruments 368Debt securities 281 698Loans and advances 0
Loans and receivables 991 991Debt securities 0Loans and advances 991 991
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 3 016
Property, plant and equipment 3 016Investment property 0
Intangible assets 1 976Goodwill 0Other intangible assets 1 976
Tax assets 987Current tax assets 11Deferred tax assets 976
Other assets 6 843Non-current assets and disposal groups classified as held for sale 944TOTAL ASSETS 2 299 732
LIABILITIESFinancial liabilities held for trading 5 447
Derivatives 5 447Short positions 0Deposits 0Debt securities issued 0Otherfinancialliabilities 0
Financial liabilities designated at fair value through profit or loss 0Deposits 0Debt securities issued 0Otherfinancialliabilities 0
Financial liabilities measured at amortised cost 2 239 952Deposits 2 215 758Debt securities issued 0Otherfinancialliabilities 24 194
Derivatives – hedge accounting 0
(continued)
67
11/2016 FINANCIALSECTOR
1.10.5. BALANCE SHEET STATEMENT (STATEMENT OF FINANCIAL POSITION) OF GROUP III BANKS AS OF 30 SEPTEMBER 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 648Other provisions 256
Tax liabilities 1 000Current tax liabilities 988Deferred tax liabilities 12
Share capital repayable on demand 0Other liabilities 21 818Liabilities included in disposal groups classified as held for sale 0TOTAL LIABILITIES 2 269 349
EQUITYCapital 0
Paid-up capital 0Unpaid capital which has been called up 0
Share premium 0Equity instruments issued other than capital 284Equitycomponentofcompoundfinancialinstruments 0Other equity instruments issued 284
Other equity 0Accumulated other comprehensive income 3 631Itemsthatwillnotbereclassifiedtoprofitorloss 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 3 581Hedge of net investments in foreign operations [effective portion] 0Foreign currency translation 0Hedging derivatives. Cash flow hedges [effective portion] 0Available-for-sale financial assets 3 581Non-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 865Revaluation reserves 0Other reserves 28 023
Reserves or accumulated losses of investments in subsidaries, joint ventures and associates 0Other 28 023
(-) Treasury shares 0Profit or loss attributable to owners of the parent 3 179(-) Interim dividends -5 599Minority interest [Non-controlling interests] 0
Accumulated other comprehensive income 0Other items 0
TOTAL EQUITY 30 383TOTAL EQUITY AND TOTAL LIABILITIES 2 299 732
Source: BNB.
68
MONTHLY BULLETIN 11/2016
1.10.6. STATEMENT OF PROFIT OR LOSS OF GROUP III BANKS AS OF 30 SEPTEMBER 2016(BGN’000)
Value
Interest income 21 344Financial assets held for trading 979Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 2 268Loans and receivables 18 097Held-to-maturity investments 0Derivatives – hedge accounting, interest rate risk 0Other assets 0
(Interest expenses) 4 085(Financial liabilities held for trading) 0(Financialliabilitiesdesignatedatfairvaluethroughprofitorloss) 0(Financial liabilities measured at amortised cost) 3 270(Derivatives – hedge accounting, interest rate risk) 0(Other liabilities) 815
(Expenses on share capital repayable on demand) 0Dividend income 60
Financial assets held for trading 0Financialassetsdesignatedatfairvaluethroughprofitorloss 0Available-for-salefinancialassets 60
Fee and commission income 12 592(Fee and commission expenses) 2 287Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 333Available-for-salefinancialassets 333Loans 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 10 073Gains 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 4 188Gains or (-) losses on derecognition of non-financial assets, net 12Other operating income 4 358(Other operating expenses) 896TOTAL OPERATING INCOME, NET 45 692
(Administrative expenses) 38 648(Staff expenses) 11 873(Other administrative expenses) 26 775
(Depreciation) 1 122(Property, plant and equipment) 722(Investment properties) 0(Other intangible assets) 400
(Provisions or (-) reversal of provisions) 535(Commitments and guarantees given) -11(Other provisions) 546
(Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss) 1 176(Financial assets measured at cost) 0(Available-for-salefinancialassets) 284Loans and receivables 892(Held-to-maturity investments) 0
(continued)
69
11/2016 FINANCIALSECTOR
1.10.6. STATEMENT OF PROFIT OR LOSS OF GROUP III BANKS AS OF 30 SEPTEMBER 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 4 211(Tax expense or (-) income related to profit or loss from continuing operations) 1 032PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS 3 179Profit or (-) loss after tax from discontinued operations 0Profitor(-)lossbeforetaxfromdiscontinuedoperations 0(Tax expense or (-) income related to discontinued operations) 0
PROFIT OR (-) LOSS FOR THE YEAR 3 179Attributable to minority interest [non-controlling interests] 0Attributable to owners of the parent 3 179
Source: BNB.
70
MONTHLY BULLETIN 11/2016
1.12. FOREIGN EXCHANGE MARKET (EUR)
September 2016BNB with banks BNBwithfinalcustomers
Interbank transactions
Bankswithfinalcustomers
bought sold bought sold bought sold
1 509 000 000 561 250 000 87 805 504 795 3 270 229 148 218 021 170 725 9272 241 150 000 238 250 000 56 366 291 3 940 414 2 430 092 83 927 242 108 260 8997 543 000 000 622 250 000 75 815 585 627 35 220 765 121 789 194 140 535 0888 417 000 000 442 250 000 652 949 745 653 8 862 854 107 164 512 94 708 3579 445 000 000 475 500 000 159 907 6 431 458 50 843 964 87 520 976 77 528 644
10 10 000 000 0 296 880 1 692 784 0 25 758 759 23 468 62412 220 000 000 312 000 000 773 260 1 512 014 239 676 85 275 211 101 802 91613 381 500 000 377 500 000 2 550 615 25 583 991 4 111 141 89 353 694 90 874 15914 551 000 000 315 750 000 550 434 1 301 114 10 014 614 198 190 281 77 256 82715 334 011 292 323 000 000 1 298 316 330 298 1 173 272 79 491 050 97 063 17016 451 000 000 334 500 000 2 464 221 2 377 484 5 000 000 75 819 778 75 663 52117 0 0 1 468 368 255 003 178 158 27 383 038 21 936 49519 270 314 594 256 180 000 165 369 2 348 032 429 435 78 726 391 89 720 40320 282 000 000 240 500 000 284 734 389 457 2 545 785 107 090 395 83 441 60421 303 000 000 215 500 000 508 567 760 902 6 617 594 145 851 086 103 982 11726 250 050 000 253 000 000 147 683 943 256 26 629 092 119 672 264 155 035 42527 214 800 000 225 250 000 211 715 1 873 703 4 351 087 77 493 803 105 352 84328 246 500 000 272 000 000 6 144 727 1 129 972 27 211 136 86 009 175 116 012 41929 350 050 000 690 000 000 3 470 364 805 395 13 408 075 109 977 815 139 752 36730 550 500 000 447 000 000 2 386 082 2 938 804 34 806 380 171 691 230 169 016 052
Monthly, total 6 569 875 886 6 601 680 000 80 064 102 56 450 156 237 343 349 2 026 403 915 2 042 137 857Daily, average 328 493 794 330 084 000 4 003 205 2 822 508 12 491 755 101 320 196 102 106 893
Source: BNB.
1.11. INTERBANK MONEY MARKET*
September 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 53 000 48 552 0 101 552 -0.03 -0.09 -0.06 5 874 9872 90 500 48 926 1 222 140 648 -0.04 -0.11 -0.06 5 306 7997 17 000 18 552 0 35 552 0.01 -0.16 -0.08 5 949 3128 17 000 48 552 0 65 552 0.01 -0.09 -0.07 6 389 8549 35 500 18 552 0 54 052 -0.02 -0.16 -0.07 5 768 759
10 26 900 6 000 0 32 900 0.00 0.00 0.00 5 707 15512 17 000 18 552 9 432 44 984 0.01 -0.16 -0.08 5 699 20113 17 000 18 552 29 882 65 434 0.01 -0.16 -0.08 5 466 68914 39 000 69 427 36 544 144 971 -0.01 -0.17 -0.11 5 198 55115 17 000 68 802 0 85 802 0.01 -0.16 -0.13 5 109 85716 59 500 50 647 0 110 147 -0.02 -0.17 -0.09 5 386 41017 17 000 0 0 17 000 0.01 - 0.01 5 366 89419 17 000 20 250 515 37 765 0.01 -0.33 -0.17 5 286 16120 17 000 20 250 0 37 250 0.01 -0.33 -0.17 4 960 44121 32 900 50 250 1 016 84 166 -0.02 -0.16 -0.11 4 987 60926 20 500 44 802 9 968 75 270 0.01 -0.22 -0.15 5 333 66227 17 000 39 602 1 273 57 875 0.01 -0.17 -0.12 5 378 59228 23 900 69 430 0 93 330 0.01 -0.17 -0.13 5 482 45829 32 000 28 602 2 723 63 325 -0.14 -0.23 -0.18 5 747 06430 77 000 30 450 0 107 450 -0.02 -0.32 -0.11 6 224 610
Monthly, average 32 185 35 938 4 629 72 751 -0.01 -0.18 -0.10 5 440 138
* 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
11/2016 FINANCIALSECTOR
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 0.001.X.2016 0.00 0.00
1.XI.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 4 034.2IX 1.4 8 417.3X 10.5 7 593.9
incl. daily3 - 413.04 - 366.05 - 9.66 0.0 21.07 - 138.3
10 - 222.111 - 598.612 - 100.013 - 437.214 - 452.817 0.0 154.918 0.2 515.419 0.2 114.620 - 629.721 0.1 420.324 - 625.525 - 610.526 - 550.027 - 212.128 10.0 741.031 - 261.1
* Transactions in euro with natural persons.
Source: BNB.
72
MONTHLY BULLETIN 11/2016
1.15. INTEREST RATES1 ON NEW BUSINESS ON LOANS, OTHER THAN OVERDRAFT, BY PERIOD OF INITIAL RATE FIXATION
(per cent)
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
with a term of initialfixationof up to 1 year
with a term of initialfixationof up to 1 year
with a term of initialfixationof
up to 1 year
2015 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 4.93R 4.93R
V 4.98 5.00 3.60 3.60 10.00 10.24 10.96 5.03 5.03 5.47 4.69R 4.69R
VI 4.70 4.72 4.18 4.18 9.51 9.72 10.42 4.97 4.97 5.40 4.23R 4.20R
VII 4.52 4.52 4.76 4.76 9.92 10.18 10.90 4.86 4.86 5.34 3.86R 3.84R
VIII 4.51 4.50 4.67 4.67 9.99 10.28 10.93 4.85 4.87 5.33 3.59R 3.57R
IX 4.50 4.49 4.10 4.08 10.21 10.49 11.15 4.74 4.74 5.19 3.46 3.461 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)
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:
Total
of which:
Total
of which:
with a term of initial fixationofupto
1 year
with a term of initial fixationofupto
1 year
with a term of initial fixationofupto
1 year
with a term of initial fixationofupto
1 year
with a term of initial fixationofupto
1 year
2015 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 28.6R 27.6R
V 193.1 188.2 237.9 237.9 257.5 230.4 145.0 141.5 25.5R 24.8R
VI 263.9 258.0 655.2 655.2 326.7 291.1 186.5 182.9 54.8R 53.8R
VII 214.4 213.4 497.0 497.0 278.8 249.0 169.0 165.7 44.3R 43.8R
VIII 194.6 194.4 364.7 362.4 289.9 257.1 174.0 169.5 58.2R 57.9R
IX 180.8 180.3 409.5 397.1 257.4 231.4 151.1 147.2 74.6 74.41 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
11/2016 FINANCIALSECTOR1.
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
Non-financialcorporations
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
IX6.
785.
836.
2422
.33
11.9
69.
616.
716.
717.
587.
855.
1814
.43
X6.
655.
736.
1322
.26
11.9
89.
566.
646.
647.
507.
775.
1114
.41
XI
6.48
5.67
6.05
22.0
711
.98
9.51
6.56
6.56
7.27
7.24
5.04
14.3
5X
II5.
655.
525.
8823
.72
12.0
59.
466.
486.
487.
257.
184.
9814
.35
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
68.
935.
935.
936.
175.
454.
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
4V
III
3.91
4.77
5.04
25.6
611
.46
8.74
5.76
5.76
5.63
4.78
4.35
13.9
5IX
3.99
4.67
4.94
26.0
911
.45
8.67
5.70
5.70
5.28
4.36
4.31
13.8
81 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
Non-financialcorporations
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
IX52
0.5
2 02
8.4
2 93
2.0
38.2
1 08
2.9
4 05
0.9
3 83
0.3
3 80
1.4
386.
915
6.7
4 50
4.6
1 28
2.1
X55
2.8
2 08
1.5
2 96
6.6
40.1
1 09
2.5
4 07
7.1
3 88
1.6
3 85
2.2
380.
915
1.6
4 48
1.5
1 26
5.8
XI
562.
22
126.
72
967.
641
.11
096.
34
090.
63
936.
53
907.
140
3.3
173.
64
631.
81
270.
9X
II55
5.8
2 13
0.2
3 14
2.7
44.5
1 09
5.8
4 08
1.9
4 00
6.1
3 97
6.7
379.
916
3.4
4 51
8.3
1 25
1.5
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
1 18
0.0
4 24
4.0
4 39
3.9
4 36
2.6
435.
322
6.4
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.
1V
III
614.
52
179.
63
804.
451
.21
215.
24
303.
64
557.
84
525.
250
6.6
290.
24
603.
11
231.
6IX
611.
52
224.
83
880.
651
.91
226.
64
323.
34
631.
44
598.
656
2.2
335.
04
704.
71
241.
51 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
MONTHLY BULLETIN 11/2016
1.19. INTEREST RATES1 ON NEW BUSINESS ON DEPOSITS WITH AGREED MATURITY (per cent)
Non-financialcorporations Households2
Totalof which:
Totalof which:
up to 1 year up to 1 year
2015 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 0.55
VIII 0.35 0.39 0.84 0.55
IX 0.27 0.30 0.72 0.521 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)
Non-financialcorporations Households2
Totalof which:
Totalof which:
up to 1 year up to 1 year
2015 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
VIII 223.3 176.4 561.2 378.2
IX 125.7 112.5 481.2 349.5
1 Volumes refer to lev instruments.2 The Household sector includes also the NPISH sector.Note: Preliminary data.
Source: BNB.
75
11/2016 FINANCIALSECTOR
1.21. INTEREST RATES1 ON BALANCES ON DEPOSITS(per cent)
Non-financialcorporations Households2
Overnight deposits3Deposits with agreed maturity
Overnight deposits3Deposits with agreed maturity
up to 2 years over 2 years up to 2 years over 2 years
2015 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 3.88
VIII 0.05 0.62 1.91 0.14 1.06 3.83
IX 0.05 0.57 1.92 0.13 1.00 3.711 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)
Non-financialcorporations Households2
Overnight deposits3Deposits with agreed maturity
Overnight deposits3Deposits with agreed maturity
up to 2 years over 2 years up to 2 years over 2 years
2015 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
VIII 9 352.3 2 066.6 194.8 7 041.5 10 602.6 1 094.1
IX 9 283.6 2 004.6 197.1 7 151.2 10 616.1 1 099.1
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
MONTHLY BULLETIN 11/2016
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 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 2.39
VIII 0.40 0.15 0.01 1.39 2.28
IX 0.72 0.48 0.01 1.04 2.151 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 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 0.77
VIII 0.00 -0.02 0.04 0.15 0.35 0.781 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
11/2016 FINANCIALSECTOR
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 0.373.X.2016 0.00 -0.38 0.38
1.XI.2016 0.00 -0.38 0.38
78
MONTHLY BULLETIN 11/20161.
26. Q
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S O
F B
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1.36
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2010
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2010
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6.88
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7.60
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7.30
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4.80
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2010
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2011
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7.00
107.
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4.85
105.
1510
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7510
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107.
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1510
4.75
105.
1010
9.30
110.
3010
3.75
105.
75
Sour
ce: B
loom
berg
.
79
11/2016 EXTERNALSECTOR
2 E
xtern
al
Secto
r2.
1. B
AL
AN
CE
OF
PAY
ME
NT
S
(EU
R m
illio
n)
(con
tinue
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Stan
dard
pre
sent
atio
n*M
onth
ly d
ata
Dat
a ac
cum
ulat
ed
from
the
begi
nnin
g
of th
e ye
ar
Dat
a ac
cum
ulat
ed
for t
he la
st tw
elve
m
onth
sV
III
IXX
XI
XII
III
III
IVV
VI
VII
VII
Ias
of 31
.VIII
. 20
15as
of 31
.VIII
. 20
16as
of 31
.VIII
. 20
15as
of 31
.VIII
. 20
1620
1520
16C
urre
nt a
nd c
apita
l acc
ount
s48
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295.
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9.0
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1 69
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Cur
rent
acc
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0.4
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1 91
4.8
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31
281.
7
Cur
rent
acc
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: cre
dit
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4.1
2 68
0.4
2 59
6.5
2 40
1.3
2 37
6.6
2 25
4.6
2 33
2.1
2 70
3.9
2 44
6.1
2 54
7.4
3 40
4.1
3 22
6.4
3 28
1.6
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98.2
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96.2
32 5
43.1
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51.0
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nt: d
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9.1
2 53
1.3
2 73
7.9
2 76
1.0
2 65
7.7
2 09
9.0
2 34
8.9
2 57
6.1
2 58
0.1
2 54
7.0
2 75
7.1
2 71
2.9
2 66
0.4
21 4
92.7
20 2
81.4
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48.8
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0-4
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354.
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8.4
538.
891
1.6
1 41
1.4
413.
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serv
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: cre
dit
2 82
7.1
2 46
0.7
2 41
6.9
2 20
8.0
2 16
6.3
2 07
9.3
2 09
9.7
2 23
6.3
2 24
5.5
2 26
5.7
2 82
0.3
2 99
8.8
3 07
2.6
19 7
47.7
19 8
18.3
29 1
81.9
29 0
70.2
G
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serv
ices
: deb
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199.
12
291.
92
507.
42
482.
82
421.
11
934.
22
107.
02
347.
62
308.
52
309.
72
465.
62
400.
52
533.
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110
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74.2
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19.0
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73.3
-2 4
08.5
-2 2
76.7
G
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: cre
dit
1 81
2.0
1 77
6.5
1 89
7.8
1 79
6.4
1 68
7.7
1 65
2.1
1 68
2.2
1 79
8.2
1 77
3.7
1 73
6.1
1 93
9.5
1 99
3.1
2 00
5.1
14 7
61.0
14 5
79.8
22 1
99.8
21 7
38.2
Gen
eral
mer
chan
dise
on
a ba
lanc
e
of p
aym
ents
(BO
P) b
asis
21
801.
91
775.
91
895.
51
793.
21
685.
11
651.
81
681.
71
791.
61
771.
41
735.
41
934.
11
991.
12
004.
214
716
.714
561
.422
146
.321
711
.0
N
et e
xpor
ts o
f goo
ds u
nder
mer
chan
disi
ng 3
9.2
0.2
1.3
2.1
1.7
-0.4
-0.8
5.0
1.1
0.4
3.7
0.0
0.0
33.8
9.0
36.9
14.3
Non
-mon
etar
y go
ld
0.8
0.4
1.0
1.1
0.9
0.8
1.2
1.5
1.1
0.2
1.8
1.9
0.8
10.5
9.4
16.6
12.9
G
oods
: deb
it1
838.
71
969.
32
192.
42
161.
62
038.
51
650.
61
818.
42
014.
91
914.
61
940.
72
058.
42
076.
42
179.
216
180
.015
653
.124
608
.324
014
.9
G
ener
al m
erch
andi
se o
n a
bala
nce
o
f pay
men
ts (B
OP)
bas
is 2
1 83
8.5
1 96
9.0
2 19
2.3
2 16
1.3
2 03
7.9
1 65
0.0
1 81
8.1
2 01
4.6
1 91
4.4
1 93
3.8
2 05
8.2
2 07
6.3
2 17
8.7
16 1
72.3
15 6
44.2
24 5
96.3
24 0
04.8
Non
-mon
etar
y go
ld
0.1
0.3
0.1
0.3
0.5
0.5
0.2
0.2
0.2
6.9
0.2
0.1
0.5
7.8
8.8
12.0
10.0
Ser
vice
s, ne
t65
4.7
361.
720
4.1
90.4
95.9
143.
512
8.9
105.
378
.016
0.7
473.
668
1.7
713.
02
330.
62
484.
72
822.
13
236.
7
Ser
vice
s: c
redi
t1
015.
268
4.3
519.
141
1.6
478.
542
7.1
417.
643
8.1
471.
952
9.6
880.
81
005.
81
067.
64
986.
75
238.
66
982.
27
332.
0
M
anuf
actu
ring
serv
ices
on
phys
ical
i
nput
s ow
ned
by o
ther
s 34
.518
.518
.813
.09.
538
.130
.125
.713
.7-3
.925
.439
.3-3
.321
3.1
165.
127
5.8
224.
9
M
aint
enan
ce a
nd re
pair
serv
ices
n
ot in
clud
ed e
lsew
here
6.
14.
14.
110
.58.
810
.86.
75.
66.
66.
17.
46.
76.
555
.256
.479
.283
.9
T
rans
porta
tion 4
197.
115
3.2
121.
610
0.3
92.8
92.4
98.9
98.8
107.
912
5.2
186.
518
8.3
187.
01
075.
51
084.
91
552.
01
552.
8
T
rave
l 560
4.8
332.
116
3.6
110.
910
7.0
116.
398
.110
1.8
136.
722
1.7
424.
564
8.9
694.
72
124.
72
442.
52
845.
23
156.
1
O
ther
serv
ices
317
2.6
176.
421
1.1
176.
826
0.4
169.
618
3.8
206.
320
6.9
180.
623
7.0
122.
718
2.7
1 51
8.2
1 48
9.6
2 23
0.0
2 31
4.3
S
ervi
ces:
deb
it36
0.4
322.
631
5.0
321.
238
2.7
283.
728
8.7
332.
839
3.9
369.
040
7.2
324.
135
4.6
2 65
6.1
2 75
3.8
4 16
0.0
4 09
5.3
Man
ufac
turin
g se
rvic
es o
n ph
ysic
al
inp
uts o
wne
d by
oth
ers
3.9
2.4
1.6
1.5
0.9
3.7
0.8
1.3
1.1
1.6
5.9
7.9
0.4
27.3
22.8
45.9
29.2
Mai
nten
ance
and
repa
ir se
rvic
es
not
incl
uded
els
ewhe
re
5.2
6.3
4.8
3.3
8.4
3.6
5.0
6.6
5.2
4.8
5.3
3.9
5.6
34.4
40.1
51.9
62.9
Tra
nspo
rtatio
n 493
.383
.088
.010
0.1
100.
077
.678
.579
.581
.088
.894
.298
.683
.074
4.0
681.
31
290.
31
052.
5
T
rave
l 511
9.1
111.
070
.168
.565
.261
.060
.276
.111
0.9
122.
812
7.4
130.
013
9.0
691.
682
7.4
971.
21
142.
2
O
ther
serv
ices
313
9.0
119.
915
0.5
147.
720
8.0
137.
714
4.0
169.
319
5.7
151.
017
4.3
83.7
126.
51
158.
81
182.
21
800.
61
808.
4 P
rim
ary
inco
me,
net
-266
.8-1
19.1
-97.
7-5
1.4
-137
.2-8
4.6
-82.
8-8
7.0
-139
.8-8
4.2
-144
.1-1
56.5
7.4
-1 5
24.3
-771
.5-1
947
.7-1
176
.8
Prim
ary
inco
me:
cre
dit
83.9
88.9
78.5
73.4
68.9
53.1
60.7
77.4
96.2
109.
511
0.5
105.
895
.564
1.4
708.
793
5.5
1 01
8.4
Com
pens
atio
n of
em
ploy
ees
46.4
52.0
46.9
36.9
29.3
26.3
33.1
43.0
62.6
70.3
68.2
67.6
56.8
334.
742
7.8
477.
659
2.9
Inv
estm
ent i
ncom
e36
.136
.030
.132
.238
.625
.925
.632
.032
.237
.941
.236
.738
.729
8.5
270.
244
4.8
407.
0
D
irect
inve
stm
ent i
ncom
e2.
42.
4-1
.5-1
.5-1
.4-5
.8-5
.7-5
.6-0
.6-0
.4-0
.43.
63.
715
.2-1
1.2
13.7
-13.
2
Po
rtfol
io in
vest
men
t inc
ome
26.5
26.3
25.7
26.2
28.3
26.1
24.9
27.0
25.7
31.4
28.1
26.7
26.7
223.
521
6.7
330.
132
3.1
Oth
er in
vest
men
t inc
ome
7.1
7.2
6.0
7.5
11.7
5.5
6.4
10.6
7.1
6.9
13.5
6.4
8.4
59.8
64.7
100.
997
.1
O
ther
prim
ary
inco
me
1.5
0.9
1.4
4.3
1.0
0.9
2.1
2.4
1.4
1.4
1.1
1.5
0.0
8.2
10.8
13.1
18.4
P
rimar
y in
com
e: d
ebit
350.
820
8.0
176.
212
4.8
206.
013
7.7
143.
516
4.5
236.
019
3.7
254.
526
2.3
88.1
2 16
5.7
1 48
0.3
2 88
3.2
2 19
5.3
Com
pens
atio
n of
em
ploy
ees
11.0
11.0
11.0
11.0
11.0
11.8
11.8
11.7
11.8
11.8
11.8
11.0
11.0
87.8
92.7
128.
813
6.5
Inv
estm
ent i
ncom
e33
9.3
196.
616
4.8
113.
418
7.0
125.
313
0.8
151.
822
3.3
181.
224
1.7
250.
077
.12
069.
71
381.
32
742.
92
043.
1
D
irect
inve
stm
ent i
ncom
e28
5.7
145.
911
4.8
64.3
137.
475
.983
.510
2.0
173.
412
9.3
190.
819
8.9
24.9
1 67
3.0
978.
72
194.
01
441.
1
80
MONTHLY BULLETIN 11/20162.
1. B
AL
AN
CE
OF
PAY
ME
NT
S
(con
tinue
d)
(EU
R m
illio
n)
(con
tinue
d)
Stan
dard
pre
sent
atio
n*M
onth
ly d
ata
Dat
a ac
cum
ulat
ed
from
the
begi
nnin
g
of th
e ye
ar
Dat
a ac
cum
ulat
ed
for t
he la
st tw
elve
m
onth
sV
III
IXX
XI
XII
III
III
IVV
VI
VII
VII
Ias
of 31
.VIII
. 20
15as
of 31
.VIII
. 20
16as
of 31
.VIII
. 20
15as
of 31
.VIII
. 20
1620
1520
16
Po
rtfol
io in
vest
men
t inc
ome
17.6
14.9
14.9
14.3
14.7
14.5
13.5
15.7
16.6
17.0
16.1
17.0
18.1
101.
612
8.4
103.
518
7.3
Oth
er in
vest
men
t inc
ome
36.0
35.8
35.2
34.8
34.9
34.9
33.9
34.1
33.3
34.9
34.7
34.1
34.2
295.
127
4.1
445.
341
4.7
Oth
er p
rimar
y in
com
e0.
50.
50.
40.
48.
00.
60.
90.
91.
00.
61.
11.
30.
08.
26.
311
.615
.6 S
econ
dary
inco
me,
net
63.8
99.4
46.9
-33.
611
0.9
95.2
73.2
326.
168
.812
8.6
436.
471
.775
.01
418.
21
274.
91
728.
41
498.
5
Sec
onda
ry in
com
e: c
redi
t10
3.0
130.
810
1.1
119.
914
1.4
122.
317
1.6
390.
210
4.4
172.
247
3.3
121.
811
3.4
1 90
9.1
1 66
9.1
2 42
5.7
2 16
2.4
Gen
eral
gov
ernm
ent
22.6
47.2
12.9
43.3
57.1
47.6
94.4
296.
315
.077
.638
6.2
37.0
49.1
1 21
0.5
1 00
3.2
1 42
0.7
1 16
3.7
Oth
er se
ctor
s80
.583
.688
.276
.784
.374
.777
.293
.989
.394
.687
.084
.764
.469
8.6
665.
81
004.
999
8.7
S
econ
dary
inco
me:
deb
it39
.231
.454
.315
3.5
30.6
27.1
98.4
64.0
35.6
43.6
36.9
50.1
38.5
490.
839
4.2
697.
366
3.9
Gen
eral
gov
ernm
ent
34.2
24.2
47.6
147.
721
.519
.687
.445
.524
.936
.826
.944
.338
.543
8.9
323.
961
5.7
564.
8
O
ther
sect
ors
5.0
7.3
6.7
5.8
9.1
7.5
10.9
18.5
10.7
6.8
10.0
5.8
0.0
51.9
70.3
81.6
99.1
Cap
ital a
ccou
nt 1
, 660
.114
6.0
22.1
156.
621
2.2
114.
477
.936
8.7
20.0
86.3
140.
712
2.3
5.8
884.
793
6.1
1 35
2.1
1 47
3.0
Gro
ss a
cqui
sitio
ns/d
ispo
sals
on
n
on-p
rodu
ced
non-
finan
cial
ass
ets,
net 3
4.8
12.4
11.8
11.3
1.9
8.8
2.2
-2.7
19.1
7.4
8.5
7.2
2.3
85.2
52.7
62.9
90.1
G
ross
acq
uisi
tions
/dis
posa
ls o
n
non-producednon-financialassets,credit
7.0
15.6
15.5
14.7
12.0
21.7
11.3
12.1
54.3
10.0
9.6
7.6
2.3
148.
612
8.8
209.
318
6.5
G
ross
acq
uisi
tions
/dis
posa
ls o
n
non-producednon-financialassets,debit
2.3
3.1
3.7
3.4
10.0
13.0
9.0
14.8
35.2
2.6
1.1
0.3
0.0
63.4
76.0
146.
496
.3 C
apita
l tra
nsfe
rs, n
et55
.313
3.6
10.4
145.
321
0.3
105.
775
.737
1.4
0.9
78.9
132.
211
5.1
3.5
799.
688
3.3
1 28
9.2
1 38
2.8
C
apita
l tra
nsfe
rs, c
redi
t55
.613
3.9
10.4
145.
321
2.4
105.
775
.737
1.4
0.9
78.9
137.
011
5.1
3.5
805.
788
8.3
1 32
9.9
1 39
0.3
Gen
eral
gov
ernm
ent
55.5
133.
48.
914
4.7
208.
110
5.6
75.6
371.
20.
078
.913
7.0
115.
13.
579
9.1
887.
01
220.
41
382.
0
O
ther
sect
ors
0.2
0.5
1.5
0.6
4.3
0.1
0.1
0.2
0.9
0.0
0.0
0.0
0.0
6.6
1.3
109.
58.
3
Cap
ital t
rans
fers
, deb
it0.
30.
30.
00.
02.
20.
00.
00.
10.
00.
04.
80.
00.
06.
15.
040
.67.
5
G
ener
al g
over
nmen
t0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
033
.90.
0
O
ther
sect
ors
0.3
0.3
0.0
0.0
2.2
0.0
0.0
0.1
0.0
0.0
4.8
0.0
0.0
6.1
5.0
6.8
7.5
Fina
ncia
l acc
ount
1, 6
195.
039
2.6
17.9
110.
337
3.4
188.
317
3.0
470.
0-3
80.3
356.
771
6.0
561.
61
060.
02
252.
13
145.
42
072.
14
039.
6
Fin
anci
al a
ccou
nt: a
sset
s15
4.9
65.2
-83.
633
0.2
-18.
612
.825
1.5
1 66
2.0
316.
042
5.1
660.
658
8.2
1 00
6.4
1 82
4.8
4 92
2.6
3 30
9.9
5 21
5.8
F
inan
cial
acc
ount
: lia
bilit
ies
-40.
1-3
27.3
-101
.521
9.9
-392
.0-1
75.6
78.5
1 19
1.9
696.
368
.4-5
5.4
26.6
-53.
6-4
27.3
1 77
7.2
1 23
7.8
1 17
6.2
Dir
ect i
nves
tmen
t, ne
t 7-3
14.7
-105
.0-1
24.7
-19.
611
4.3
-101
.5-1
85.8
-107
.5-9
6.5
-165
.8-1
85.7
-56.
629
.4-1
460
.7-8
70.1
-1 5
91.7
-1 0
05.1
D
irec
t inv
estm
ent,
asse
ts-1
59.3
-34.
811
.168
.994
.9-5
0.2
101.
3-3
.871
.458
.243
.025
.834
.3-7
5.4
280.
0-2
7.9
420.
1
E
quity
cap
ital
1.2
4.2
9.5
12.1
18.3
4.6
7.7
2.0
9.9
9.0
27.4
4.2
22.2
66.3
87.0
62.5
131.
2
R
einv
este
d ea
rnin
gs-1
.5-1
.5-5
.2-5
.2-5
.3-1
1.1
-9.4
-10.
7-5
.9-4
.2-4
.40.
00.
0-1
9.8
-45.
6-5
7.8
-62.
9
D
ebt i
nstru
men
ts 8
, 9-1
59.0
-37.
56.
862
.081
.9-4
3.7
103.
04.
867
.453
.420
.021
.612
.1-1
21.9
238.
6-3
2.6
351.
8
Dir
ect i
nves
tmen
t, lia
bilit
ies
155.
370
.213
5.8
88.5
-19.
451
.328
7.1
103.
716
7.9
224.
022
8.7
82.5
5.0
1 38
5.3
1 15
0.1
1 56
3.8
1 42
5.2
Equ
ity c
apita
l13
.5-8
7.6
30.4
12.9
119.
7-2
2.3
108.
358
.563
.2-4
9.5
10.1
60.8
-7.2
1 02
8.1
221.
91
138.
429
7.3
Rei
nves
ted
earn
ings
54.4
54.4
24.8
24.8
24.8
46.3
46.3
46.3
79.1
79.1
79.1
0.0
0.0
556.
437
6.4
580.
750
5.3
Deb
t ins
trum
ents
8, 1
087
.410
3.5
80.5
50.8
-163
.927
.313
2.4
-1.2
25.6
194.
313
9.5
21.6
12.1
-199
.255
1.7
-155
.262
2.6
Por
tfol
io in
vest
men
t, ne
t10
5.1
447.
811
8.4
6.1
333.
319
2.0
37.0
-1 2
71.9
-107
.584
.2-8
.3-5
6.5
144.
4-1
482
.9-9
86.6
-1 4
01.5
-81.
1
Por
tfol
io in
vest
men
t: a
sset
s 11
-10.
186
.039
.911
.026
7.3
116.
935
.6-8
6.5
-87.
141
.6-3
3.4
-65.
754
8.9
-672
.947
0.4
-349
.687
4.6
Eq
uity
and
inve
stm
ent f
und
shar
es
19.0
3.5
24.8
-10.
010
0.5
35.0
-13.
7-2
3.6
-43.
39.
7-1
4.3
-82.
952
7.0
158.
039
3.9
223.
751
2.7
D
ebt s
ecur
ities
-29.
182
.515
.121
.016
6.7
81.9
49.3
-62.
8-4
3.7
31.9
-19.
117
.221
.9-8
30.9
76.5
-573
.336
1.9
P
ortf
olio
inve
stm
ent:
liab
ilitie
s-1
15.2
-361
.8-7
8.5
4.9
-66.
0-7
5.1
-1.4
1 18
5.4
20.4
-42.
6-2
5.0
-9.2
404.
581
0.0
1 45
7.0
1 05
1.9
955.
7
Equi
ty a
nd in
vest
men
t fun
d sh
ares
-2
.7-6
.2-0
.912
.30.
41.
1-4
.5-3
1.9
1.1
-1.1
-3.7
-1.0
-2.8
-13.
0-4
2.8
-21.
8-3
7.2
Sha
res
-2.7
-6.3
-1.1
12.4
0.0
0.2
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-31.
91.
1-3
.62.
9-0
.3-3
.6-1
1.5
-39.
3-1
9.8
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3
I
nves
tmen
t fun
d sh
ares
-0
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20.
1-0
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0-0
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00.
02.
5-6
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8-1
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.0
Deb
t sec
uriti
es-1
12.5
-355
.6-7
7.5
-7.4
-66.
4-7
6.3
3.0
1 21
7.3
19.3
-41.
5-2
1.4
-8.1
407.
382
2.9
1 49
9.8
1 07
3.7
992.
9 F
inan
cial
der
ivat
ives
(oth
er th
an r
eser
ves)
and
e
mpl
oyee
stoc
k op
tions
, net
-2.9
-19.
512
.923
.9-2
2.8
-20.
6-2
0.4
-14.
813
.713
.0-2
0.8
-15.
5-2
.518
.8-6
7.9
22.6
-73.
4 O
ther
inve
stm
ent,
net
77.6
-111
.9-6
8.4
-286
.426
7.1
908.
232
7.3
162.
3-4
33.6
306.
039
0.2
28.9
653.
91
776.
12
343.
155
8.8
2 14
3.5
O
ther
inve
stm
ent:
ass
ets
-2.6
-147
.7-2
27.2
-159
.9-3
9.5
756.
412
0.2
65.1
74.3
193.
113
1.1
-17.
819
0.8
-846
.51
513.
2-8
19.2
938.
9
Oth
er e
quity
cap
ital
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.9
0.0
0.0
0.0
0.0
3.9
0.0
3.9
C
urre
ncy
and
depo
sits
12
40.0
-180
.1-2
32.4
-170
.540
.474
9.7
98.0
65.5
39.4
177.
513
8.3
-17.
316
8.7
-999
.91
419.
9-1
010
.987
7.3
Lo
ans 8
7.3
84.4
10.6
8.4
28.5
-2.0
0.4
-11.
415
.7-8
.0-3
5.5
-3.7
21.2
84.3
-23.
310
.110
8.6
81
11/2016 EXTERNALSECTOR
* St
anda
rd p
rese
ntat
ion
of th
e ba
lanc
e of
pay
men
ts in
acc
orda
nce
with
the
Sixt
h Ed
ition
of t
he IM
F’s B
alan
ce o
f Pay
men
ts a
nd In
tern
atio
nal I
nves
tmen
t Pos
ition
Man
ual.
1 R
evis
ed d
ata
for J
uly
2016
and
pre
limin
ary
data
for A
ugus
t as o
f 17
Oct
ober
201
6. In
com
plia
nce
with
the
BN
B re
visi
on p
ract
ice
and
the
ECB
revi
sion
requ
irem
ents
(set
out
in th
e EC
B T
imet
able
for D
ata
Exch
ange
of B
alan
ce o
f Pay
men
ts, I
nter
natio
nal
Inve
stm
ent P
ositi
on a
nd R
eser
ve A
sset
s Sta
tistic
s with
in th
e ES
CB
) the
bal
ance
of p
aym
ents
dat
a ar
e to
be
publ
ishe
d on
17
Oct
ober
201
6. R
evis
ed d
ata
for t
he se
cond
qua
rter o
f 201
6.2
Prel
imin
ary
data
for 2
016
of N
SI a
nd B
NB
. Dat
a ba
sed
on th
e m
etho
dolo
gy o
f com
pilin
g ba
lanc
e of
pay
men
t sta
tistic
s.
3 B
ased
on
data
pro
vide
d by
ban
ks a
nd d
irect
repo
rting
of s
ervi
ces b
y en
terp
rises
. 4
Estim
ates
follo
win
g a
met
hodo
logy
of t
he B
NB
and
the
NSI
. 5
Estim
ates
follo
win
g a
met
hodo
logy
of t
he B
NB
. Dat
a ab
out t
he n
umbe
r of f
orei
gner
s who
vis
ited
Bul
garia
and
of B
ulga
rians
who
trav
elle
d ab
road
are
bas
ed o
n in
form
atio
n pr
ovid
ed b
y th
e N
SI a
nd th
e B
NB
est
imat
ion
of th
e re
ceip
ts/e
xpen
ditu
re o
n on
e tri
p.6
A m
inus
sign
(-) d
enot
es a
dec
reas
e in
ass
ets o
r lia
bilit
ies,
and
a pl
us si
gn a
n in
crea
se in
ass
ets o
r lia
bilit
ies.
7 D
ata
base
d on
ass
et/li
abili
ty p
rinci
ple.
Dat
a pr
ovid
ed b
y th
e co
mpa
nies
with
inte
rnat
iona
l int
eres
t and
com
pani
es in
vest
ing
abro
ad, b
anks
, the
Cen
tral D
epos
itory
, not
arie
s, th
e N
SI, t
he P
rivat
izat
ion
Age
ncy,
etc
.8 Databasedonreportsofresidents’obligationsonfinancialcreditstonon-residentsreceivedattheBNB.D
uetoquarterlyreporting,dataaresubjecttorevision.
9 B
ulga
ria’s
ext
erna
l cla
ims o
n tra
de c
redi
ts (a
dvan
ces p
aid
and
clai
ms o
n su
pplie
rs a
re in
clud
ed).
Due
to q
uarte
rly re
porti
ng, d
ata
are
subj
ect t
o re
visi
on.
10 B
ulga
ria’s
ext
erna
l lia
bilit
ies o
n tra
de c
redi
ts (r
ecei
ved
adva
nces
and
obl
igat
ions
to su
pplie
rs) a
re in
clud
ed. D
ue to
qua
rterly
repo
rting
, dat
a ar
e su
bjec
t to
revi
sion
. 11Datasource:banks,othernon-bankfinancialinstitutions,insurancecorporationsandpensionfunds.
12 O
ther
sect
ors d
ata
prov
ided
by
the
BIS
. Dat
a up
to M
arch
201
5, p
ublis
hed
in Ju
ly 2
016,
are
use
d.13
ExcludingBNBreserveassetschangesduetoexchangerateandpricechanges,changesassociatedwiththecreationofreserveassets(m
onetarization/demonetarizationofgoldandallocationofSDR)andreclassifications.Apositivesigndenotesanincreasein
rese
rve
asse
ts a
nd a
min
us si
gn a
dec
reas
e.14
Net
err
ors a
nd o
mis
sion
srepresentthedifferencebetweenthefinancialaccountbalanceandcurrentandcapitalaccountbalance.
15 D
ata
com
pile
d in
acc
orda
nce
with
the
dire
ctio
nal p
rinci
ple.
So
urce
: BN
B.
2.1.
BA
LA
NC
E O
F PA
YM
EN
TS
(con
tinue
d)
(EU
R
mill
ion)
Stan
dard
pre
sent
atio
n*M
onth
ly d
ata
Dat
a ac
cum
ulat
ed
from
the
begi
nnin
g
of th
e ye
ar
Dat
a ac
cum
ulat
ed
for t
he la
st tw
elve
m
onth
sV
III
IXX
XI
XII
III
III
IVV
VI
VII
VII
Ias
of 31
.VIII
. 20
15as
of 31
.VIII
. 20
16as
of 31
.VIII
. 20
15as
of 31
.VIII
. 20
1620
1520
16
Insu
ranc
e, p
ensi
on sc
hem
es, a
nd
st
anda
rdis
ed g
uara
ntee
sche
mes
0.0
0.0
0.0
0.0
0.0
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
its a
nd a
dvan
ces 9
-45.
3-4
4.7
-3.8
-3.4
-3.3
7.4
7.2
7.3
21.4
21.3
22.0
-0.1
-0.1
120.
986
.425
8.7
31.2
O
ther
cla
im a
ccou
nts
-4.7
-7.2
-1.7
5.6
-105
.11.
314
.63.
6-2
.1-1
.66.
33.
21.
0-5
1.7
26.3
-77.
1-8
2.2
O
ther
inve
stm
ent:
liab
ilitie
s-8
0.2
-35.
8-1
58.8
126.
5-3
06.6
-151
.8-2
07.2
-97.
250
7.9
-112
.9-2
59.1
-46.
7-4
63.0
-2 6
22.6
-829
.9-1
377
.9-1
204
.7
O
ther
equ
ity c
apita
l0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
C
urre
ncy
and
depo
sits
-34.
549
.5-1
25.6
28.0
-81.
4-1
19.0
-177
.2-3
2.1
-43.
7-4
0.7
52.8
-110
.854
.6-1
525
.1-4
16.2
-1 3
02.1
-545
.6
L
oans
816
.7-5
0.0
-11.
287
.2-2
29.3
-28.
2-2
3.3
-68.
254
7.3
-38.
8-2
89.8
41.9
-507
.3-9
89.3
-366
.3-1
31.2
-569
.6
I
nsur
ance
, pen
sion
sche
mes
, and
s
tand
ardi
sed
guar
ante
e sc
hem
es0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
T
rade
cre
dits
and
adv
ance
s 10
-36.
3-3
7.5
-1.2
6.3
7.2
-15.
8-1
5.2
-15.
7-1
7.3
-17.
5-1
6.7
0.0
-0.3
-123
.0-9
8.5
39.0
-123
.7
O
ther
obl
igat
ion
acco
unts
-26.
12.
1-2
0.9
4.9
-3.1
11.2
8.7
18.7
21.7
-15.
8-5
.422
.2-1
0.0
14.8
51.2
16.4
34.2
Spe
cial
dra
win
g rig
hts
-0.1
0.0
0.0
-0.1
0.0
0.0
-0.1
0.0
0.0
-0.1
0.0
0.0
-0.1
0.0
0.0
0.0
0.0
BN
B r
eser
ve a
sset
s 13
329.
918
1.2
79.7
386.
4-3
18.5
-789
.814
.81
701.
924
3.7
119.
254
0.7
661.
323
4.9
3 40
0.8
2 72
6.8
4 48
4.0
3 05
5.6
M
onet
ary
gold
0.2
0.4
0.6
0.6
0.5
1.1
0.5
0.5
0.2
0.2
0.1
0.1
0.2
2.3
2.9
3.5
5.0
S
peci
al d
raw
ing
right
s-0
.10.
00.
0-0
.10.
00.
0-0
.10.
00.
0-0
.10.
00.
0-0
.10.
00.
00.
00.
0
Res
erve
pos
ition
with
the
IMF
0.0
0.0
0.0
0.0
0.0
0.0
80.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
80.4
0.0
80.4
O
ther
rese
rve
asse
ts32
9.7
180.
879
.138
5.9
-319
.0-7
90.9
-66.
11
701.
424
3.5
119.
154
0.5
661.
223
4.8
3 39
8.6
2 64
3.5
4 48
0.6
2 97
0.2
Cur
renc
y an
d de
posi
ts12
4.2
202.
5-1
15.3
-44.
2-3
89.4
399.
4-5
45.1
353.
3-2
61.4
-80.
529
7.2
1 11
5.2
-261
.72
464.
71
016.
52
597.
067
0.1
Sec
uriti
es20
5.5
-21.
719
4.3
430.
170
.4-1
190
.447
9.0
1 34
8.1
504.
919
9.6
243.
3-4
54.0
496.
593
3.8
1 62
6.9
1 88
3.5
2 30
0.1
Fin
anci
al d
eriv
ativ
es, n
et0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
O
ther
cla
ims
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Bal
anci
ng it
ems:
B
alan
ce o
n cu
rren
t and
cap
ital a
ccou
nts
485.
029
5.2
-119
.3-2
03.2
-69.
027
0.1
61.1
496.
4-1
14.0
86.7
787.
763
5.9
627.
01
690.
22
850.
91
546.
42
754.
6B
alanceonfinancialaccount
195.
039
2.6
17.9
110.
337
3.4
188.
317
3.0
470.
0-3
80.3
356.
771
6.0
561.
61
060.
02
252.
13
145.
42
072.
14
039.
6
Err
ors a
nd o
mis
sion
s, ne
t 14
-290
.097
.413
7.2
313.
444
2.4
-81.
811
1.9
-26.
4-2
66.2
270.
0-7
1.8
-74.
343
3.0
561.
929
4.5
525.
71
285.
0 A
dditi
onal
info
rmat
ion 1
5
D
irect
inve
stm
ent a
broa
d9.
223
.413
.112
.526
.31.
610
.7-2
5.2
36.7
9.7
36.4
22.7
25.6
21.3
118.
4-1
.719
3.8
Equ
ity c
apita
l1.
24.
29.
512
.118
.34.
67.
72.
09.
99.
027
.44.
222
.266
.387
.062
.513
1.2
Rei
nves
ted
earn
ings
-1.5
-1.5
-5.2
-5.2
-5.3
-11.
1-9
.4-1
0.7
-5.9
-4.2
-4.4
0.0
0.0
-19.
8-4
5.6
-57.
8-6
2.9
Deb
t ins
trum
ents
8, 9
9.6
20.6
8.8
5.7
13.3
8.0
12.4
-16.
532
.74.
913
.418
.53.
5-2
5.1
77.0
-6.4
125.
4
Dire
ct in
vest
men
t in
Bul
garia
323.
912
8.4
137.
832
.2-8
8.0
103.
119
6.5
82.3
133.
317
5.5
222.
179
.4-3
.71
482.
198
8.5
1 59
0.1
1 19
8.9
Equ
ity c
apita
l13
.5-8
7.6
30.4
12.9
119.
7-2
2.3
108.
358
.563
.2-4
9.5
10.1
60.8
-7.2
1 02
8.1
221.
91
138.
429
7.3
Rei
nves
ted
earn
ings
54.4
54.4
24.8
24.8
24.8
46.3
46.3
46.3
79.1
79.1
79.1
0.0
0.0
556.
437
6.4
580.
750
5.3
Deb
t ins
trum
ents
8, 1
025
6.0
161.
682
.6-5
.5-2
32.5
79.1
41.8
-22.
5-9
.114
5.9
132.
918
.53.
5-1
02.5
390.
1-1
29.0
396.
3
82
MONTHLY BULLETIN 11/20162.
2. E
XPO
RT
S A
ND
IM
POR
TS
2.2.
1. E
XPO
RTS
BY
USE
(EU
R m
illio
n)
Com
mod
ity g
roup
2015
2016
VII
VII
IIX
III
quar
ter
XX
IX
IIIV
qu
arte
rTo
tal
III
III
I q
uarte
rIV
VV
III
q
uarte
r V
II
Tota
l
Con
sum
er g
oods
558.
646
2.7
515.
71
537.
059
2.4
530.
548
9.0
1 61
2.0
6 09
6.0
478.
452
1.0
541.
71
541.
150
4.2
465.
455
3.9
1 52
3.5
553.
33
617.
9
Foo
d12
0.9
99.7
121.
134
1.7
149.
212
3.6
105.
737
8.5
1 33
2.0
88.3
107.
112
1.3
316.
711
2.2
109.
311
2.9
334.
411
1.9
763.
0
Cig
aret
tes
18.1
11.7
14.5
44.3
15.1
19.2
16.2
50.5
204.
916
.817
.24.
538
.52.
52.
38.
413
.219
.571
.2
Bev
erag
es
10.1
6.9
9.3
26.3
8.5
8.4
6.8
23.7
89.5
5.4
6.4
10.5
22.3
8.9
7.2
7.5
23.6
7.2
53.1
C
loth
ing
and
foot
wea
r15
7.1
129.
812
6.7
413.
713
8.6
129.
812
8.9
397.
31
582.
715
0.0
143.
113
8.9
432.
013
3.7
116.
815
1.3
401.
916
9.6
1 00
3.5
M
edic
ines
and
cos
met
ics
84.8
71.9
78.0
234.
786
.780
.385
.825
2.8
973.
875
.679
.083
.823
8.4
72.4
69.3
85.6
227.
373
.253
8.9
F
urni
ture
and
hou
seho
ld a
pplia
nces
87.8
69.7
92.9
250.
310
6.1
91.7
72.8
270.
699
0.3
67.7
81.9
90.1
239.
791
.980
.292
.226
4.3
93.6
597.
6
Oth
er79
.872
.973
.222
6.0
88.2
77.6
72.8
238.
592
2.9
74.5
86.4
92.6
253.
582
.580
.396
.025
8.8
78.3
590.
6
Raw
and
oth
er m
ater
ials
867.
883
5.0
707.
62
410.
378
1.5
722.
871
5.1
2 21
9.4
9 40
9.2
675.
066
1.5
748.
52
085.
072
1.7
718.
672
6.5
2 16
6.8
825.
15
076.
9
Cas
t-iro
n, ir
on a
nd st
eel
35.5
29.7
29.6
94.8
31.4
30.0
23.4
84.9
411.
822
.827
.733
.383
.839
.140
.930
.311
0.3
28.1
222.
3
Non
-fer
rous
met
als
183.
317
1.3
151.
350
5.9
157.
517
1.5
161.
949
0.9
2 29
6.4
140.
910
2.3
141.
038
4.2
109.
910
8.2
120.
433
8.6
160.
788
3.4
C
hem
ical
s32
.933
.226
.292
.330
.230
.926
.988
.037
9.3
25.3
27.0
35.1
87.4
36.5
28.2
30.5
95.3
29.2
211.
9
Pla
stic
s and
rubb
er78
.861
.472
.621
2.8
77.9
68.2
56.9
202.
980
0.7
60.7
66.5
73.0
200.
268
.272
.074
.321
4.4
67.5
482.
1
Fer
tiliz
ers
19.4
20.0
18.1
57.5
12.5
10.2
9.8
32.4
244.
020
.723
.421
.465
.518
.718
.624
.061
.210
.813
7.5
T
extil
es43
.428
.438
.411
0.2
42.9
41.8
34.9
119.
647
7.4
38.6
40.9
46.2
125.
747
.646
.247
.914
1.6
45.0
312.
3
Raw
mat
eria
ls fo
r the
food
indu
stry
196.
025
8.6
134.
558
9.1
172.
912
0.9
185.
047
8.8
1 78
2.0
117.
912
3.8
112.
735
4.4
143.
714
4.5
124.
841
2.9
228.
099
5.2
W
ood
prod
ucts
, pap
er a
nd p
aper
boar
d41
.837
.542
.312
1.5
44.1
43.8
36.1
124.
048
9.5
37.2
39.3
46.7
123.
241
.042
.644
.712
8.3
39.7
291.
2
Cem
ent
1.4
2.7
3.1
7.2
2.4
1.3
1.5
5.2
24.0
1.4
2.2
3.6
7.1
3.9
2.7
2.8
9.4
2.3
18.8
T
obac
co10
.58.
57.
226
.211
.49.
817
.038
.212
6.9
10.7
10.9
15.5
37.1
12.3
13.9
11.9
38.2
20.7
96.0
O
ther
224.
818
3.6
184.
459
2.8
198.
319
4.3
161.
855
4.4
2 37
7.2
198.
919
7.4
220.
161
6.5
200.
820
0.9
214.
961
6.6
193.
11
426.
1
Inve
stm
ent g
oods
451.
633
9.9
406.
11
197.
741
7.0
455.
837
8.4
1 25
1.2
4 88
0.9
433.
744
3.8
487.
51
365.
049
0.6
422.
848
5.2
1 39
8.6
476.
23
239.
8
Mac
hine
s and
equ
ipm
ent
121.
384
.710
2.9
308.
910
8.1
98.0
85.9
292.
01
248.
687
.810
2.6
117.
030
7.4
115.
310
8.8
133.
135
7.2
110.
677
5.1
E
lect
rical
mac
hine
s55
.936
.843
.613
6.3
46.9
48.7
48.5
144.
255
7.7
42.9
46.5
60.0
149.
342
.951
.857
.115
1.8
46.4
347.
5
Veh
icle
s47
.333
.134
.311
4.6
45.1
43.1
38.7
126.
847
3.4
26.1
34.9
48.2
109.
244
.144
.643
.813
2.5
44.3
286.
0
Spa
re p
arts
and
equ
ipm
ent
107.
188
.110
5.0
300.
111
3.0
110.
096
.731
9.7
1 27
0.7
104.
011
3.8
122.
233
9.9
117.
910
8.7
122.
034
8.6
112.
480
0.9
O
ther
120.
197
.212
0.3
337.
710
3.9
156.
010
8.6
368.
51
330.
617
3.0
146.
114
0.2
459.
217
0.5
108.
912
9.1
408.
516
2.5
1 03
0.3
Non
-ene
rgy
good
s, to
tal
1 87
8.0
1 63
7.6
1 62
9.4
5 14
5.0
1 79
1.0
1 70
9.1
1 58
2.5
5 08
2.6
20 3
86.1
1 58
7.1
1 62
6.3
1 77
7.7
4 99
1.1
1 71
6.5
1 60
6.7
1 76
5.6
5 08
8.9
1 85
4.6
11 9
34.6
Ene
rgy
com
mod
ities
217.
124
2.5
219.
967
9.4
199.
217
4.2
180.
055
3.4
2 55
4.8
161.
815
0.2
99.9
411.
913
7.7
187.
925
1.0
576.
623
2.9
1 22
1.5
P
etro
leum
pro
duct
s15
3.5
169.
215
8.4
481.
114
3.3
129.
112
9.1
401.
51
903.
699
.610
2.0
61.3
262.
998
.613
4.8
185.
441
8.9
165.
084
6.8
O
ther
63.6
73.2
61.5
198.
455
.945
.051
.015
1.9
651.
362
.348
.238
.614
9.1
39.0
53.1
65.6
157.
767
.937
4.7
Oth
er e
xpor
ts1
3.7
3.0
3.5
10.2
3.8
3.7
3.2
10.7
41.3
3.4
3.8
4.3
11.5
3.9
3.7
4.2
11.8
3.8
27.1
EX
POR
TS,
TO
TAL
(fob
)2
098.
81
883.
11
852.
75
834.
61
994.
01
887.
01
765.
85
646.
722
982
.31
752.
41
780.
31
881.
85
414.
51
858.
11
798.
42
020.
85
677.
32
091.
313
183
.11 Includinginformationonexportsofgoodsnotclassifiedelsew
here.
Sour
ces:
Dat
a ba
sed
on c
usto
ms d
ecla
ratio
ns p
roce
ssed
by
the
BN
B a
nd su
pple
men
ted
with
NSI
info
rmat
ion.
Dat
a co
ordi
nate
d w
ith th
e N
SI.
For2015–finaldataprovidedbytheNSI.
For 2
016
– pr
elim
inar
y da
ta p
rovi
ded
by th
e N
SI, i
nclu
ding
Intra
stat
syst
em d
ata
as o
f 5 O
ctob
er 2
016
and
cust
oms d
ecla
ratio
ns d
ata
as o
f 2 S
epte
mbe
r 201
6.
83
11/2016 EXTERNALSECTOR2.
2.2.
IMPO
RTS
BY
USE
(EU
R m
illio
n)
Com
mod
ity g
roup
2015
2016
VII
VII
IIX
III
quar
ter
XX
IX
IIIV
qu
arte
rTo
tal
III
III
I q
uarte
rIV
VV
III
q
uarte
r V
IITo
tal
Con
sum
er g
oods
464.
742
1.9
491.
11
377.
753
9.1
520.
050
5.3
1 56
4.3
5 59
9.6
386.
446
7.1
496.
01
349.
646
8.6
478.
450
4.7
1 45
1.7
472.
53
273.
8
Food
, drin
ks a
nd to
bacc
o14
8.5
139.
415
1.5
439.
416
3.4
161.
216
7.0
491.
61
756.
711
6.2
141.
814
9.9
407.
914
9.5
155.
715
6.8
462.
015
3.3
1 02
3.1
Fu
rnitu
re a
nd h
ouse
hold
app
lianc
es63
.556
.675
.419
5.5
82.9
86.4
74.9
244.
279
8.5
49.2
59.3
63.5
171.
957
.963
.069
.719
0.7
63.0
425.
6
Med
icin
es a
nd c
osm
etic
s10
6.8
92.8
103.
430
2.9
110.
110
7.7
101.
831
9.6
1 22
2.1
87.6
107.
310
4.3
299.
299
.199
.911
2.9
311.
910
0.5
711.
6
Clo
thin
g an
d fo
otw
ear
51.3
52.5
62.4
166.
163
.052
.550
.216
5.7
631.
450
.556
.966
.317
3.7
58.8
51.5
58.1
168.
460
.940
3.0
A
utom
obile
s28
.826
.328
.383
.438
.734
.934
.510
8.1
371.
620
.428
.434
.783
.536
.535
.332
.610
4.5
30.0
218.
0
Oth
er65
.754
.470
.319
0.4
81.0
77.2
76.9
235.
081
9.4
62.5
73.4
77.4
213.
366
.872
.874
.521
4.2
64.9
492.
4
Raw
and
oth
er m
ater
ials
930.
370
4.3
746.
52
381.
184
0.5
779.
177
4.8
2 39
4.3
9 67
3.7
678.
075
1.4
886.
92
316.
373
4.9
692.
576
4.9
2 19
2.3
763.
85
272.
5
Ore
s20
2.2
84.5
59.6
346.
386
.066
.212
5.9
278.
01
315.
210
0.9
46.0
105.
425
2.3
27.2
11.7
68.8
107.
674
.443
4.3
C
ast-i
ron,
iron
and
stee
l82
.765
.167
.221
4.9
85.2
61.2
53.7
200.
182
9.6
47.5
58.2
66.8
172.
563
.476
.864
.320
4.5
73.3
450.
2
Non
-fer
rous
met
als
57.4
41.1
49.0
147.
560
.254
.846
.416
1.4
709.
443
.456
.556
.115
6.0
51.1
38.6
49.1
138.
858
.135
2.9
Te
xtile
s93
.267
.492
.925
3.5
114.
211
5.6
100.
533
0.3
1 19
1.5
82.2
98.2
105.
828
6.2
114.
811
9.6
111.
334
5.7
93.1
725.
0
Woo
d pr
oduc
ts, p
aper
and
pap
erbo
ard
45.4
40.6
43.4
129.
447
.449
.441
.613
8.4
512.
536
.344
.845
.412
6.5
43.9
44.0
47.2
135.
044
.630
6.2
C
hem
ical
s48
.243
.842
.013
4.1
49.9
41.2
47.0
138.
064
1.6
54.1
65.4
87.6
207.
160
.743
.048
.315
1.9
45.8
404.
8
Plas
tics a
nd ru
bber
140.
711
9.8
131.
839
2.3
136.
712
6.6
103.
936
7.2
1 47
3.4
97.0
127.
314
2.3
366.
612
6.6
119.
513
2.5
378.
712
4.4
869.
7
Raw
mat
eria
ls fo
r the
food
indu
stry
50.2
57.5
58.5
166.
259
.363
.855
.317
8.4
674.
852
.262
.269
.818
4.1
53.8
51.4
47.2
152.
354
.939
1.4
R
aw sk
ins
7.2
4.2
6.4
17.8
10.7
16.0
8.7
35.4
102.
75.
77.
58.
922
.113
.09.
77.
630
.36.
959
.3
Toba
cco
4.8
3.0
6.7
14.5
8.3
10.5
8.7
27.5
79.9
4.4
7.8
9.2
21.4
2.1
3.9
5.6
11.7
9.4
42.5
O
ther
198.
217
7.3
189.
156
4.6
182.
617
3.8
183.
153
9.5
2 14
3.1
154.
317
7.5
189.
652
1.4
178.
317
4.4
183.
153
5.8
178.
81
236.
0
Inve
stm
ent g
oods
574.
147
1.2
540.
61
586.
064
6.9
672.
057
7.2
1 89
6.1
6 75
0.7
458.
751
1.0
593.
11
562.
856
0.8
585.
161
5.0
1 76
1.0
650.
43
974.
2
Mac
hine
s and
equ
ipm
ent
203.
915
7.2
169.
953
1.0
183.
820
2.5
188.
657
4.8
2 25
4.5
147.
717
8.1
201.
552
7.2
186.
919
4.1
200.
558
1.5
185.
31
294.
1
Elec
trica
l mac
hine
s85
.669
.177
.423
2.2
104.
410
7.2
92.4
304.
097
6.7
86.2
78.3
86.3
250.
876
.283
.788
.924
8.9
82.6
582.
3
Vehi
cles
104.
080
.310
2.6
286.
913
5.6
156.
110
6.7
398.
31
281.
883
.291
.711
8.1
293.
011
9.1
108.
711
0.3
338.
110
2.7
733.
8
Spar
e pa
rts a
nd e
quip
men
t95
.484
.495
.027
4.8
97.0
99.4
86.9
283.
31
078.
380
.986
.497
.026
4.4
91.1
88.0
98.8
277.
910
2.9
645.
2
Oth
er85
.380
.295
.726
1.1
126.
210
6.8
102.
733
5.7
1 15
9.3
60.7
76.5
90.2
227.
487
.411
0.7
116.
531
4.6
176.
971
8.9
Non
-ene
rgy
good
s, to
tal
1 96
9.2
1 59
7.4
1 77
8.3
5 34
4.8
2 02
6.5
1 97
1.0
1 85
7.2
5 85
4.7
22 0
24.0
1 52
3.2
1 72
9.5
1 97
6.1
5 22
8.8
1 76
4.4
1 75
6.0
1 88
4.7
5 40
5.0
1 88
6.7
12 5
20.5
Ene
rgy
com
mod
ities
415.
533
5.1
306.
01
056.
732
0.5
356.
933
6.0
1 01
3.4
4 20
3.9
242.
821
4.9
163.
062
0.7
277.
931
1.5
296.
488
5.8
316.
51
823.
1
Fue
ls32
4.7
252.
423
5.5
812.
624
7.7
286.
725
8.1
792.
63
249.
720
4.2
167.
611
7.4
489.
120
7.2
238.
121
5.0
660.
322
1.9
1 37
1.2
Cru
de o
il an
d na
tura
l gas
289.
523
0.5
209.
872
9.8
220.
726
3.4
236.
372
0.4
2 95
5.1
184.
213
9.9
92.1
416.
218
1.1
202.
018
1.2
564.
319
4.7
1 17
5.2
Coa
l9.
74.
53.
918
.08.
26.
96.
321
.510
2.7
5.6
7.3
4.5
17.5
1.9
5.2
6.1
13.2
3.5
34.3
Oth
er fu
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2.3.
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SI, i
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0.2
87.3
540.
8
Irel
and
10.4
12.0
9.2
31.5
9.7
9.0
8.9
27.6
112.
98.
08.
19.
425
.49.
39.
612
.431
.310
.867
.5
Ital
y19
9.8
121.
714
7.0
468.
518
7.7
193.
816
8.4
549.
91
961.
311
8.5
163.
919
1.1
473.
418
3.9
187.
117
5.6
546.
717
6.9
1 19
7.0
L
uxem
bour
g4.
74.
83.
112
.65.
92.
83.
011
.744
.15.
22.
81.
89.
84.
02.
74.
010
.63.
423
.8
Net
herla
nds
45.1
39.6
41.7
126.
451
.552
.652
.015
6.1
547.
040
.440
.844
.312
5.5
46.2
41.2
44.7
132.
136
.029
3.6
P
ortu
gal
3.9
3.2
9.7
16.8
4.4
10.1
3.6
18.1
74.0
3.0
8.9
5.5
17.3
4.0
5.5
4.9
14.4
4.3
36.0
S
pain
42.1
36.1
40.7
118.
951
.450
.149
.315
0.7
541.
131
.244
.451
.312
6.9
41.8
41.7
45.7
129.
242
.329
8.4
S
wed
en19
.012
.117
.548
.620
.920
.014
.054
.919
4.0
15.1
17.7
17.5
50.3
14.3
18.3
15.7
48.2
18.0
116.
6
Uni
ted
Kin
gdom
39.6
35.5
47.9
123.
049
.450
.448
.514
8.2
519.
429
.942
.643
.511
6.0
39.7
43.9
43.8
127.
451
.529
5.0
C
roat
ia7.
74.
14.
316
.16.
46.
67.
420
.463
.53.
25.
14.
813
.06.
36.
66.
519
.46.
739
.1
Cyp
rus
2.2
2.5
4.5
9.1
2.2
7.6
3.0
12.8
34.4
2.3
1.5
1.7
5.5
1.1
1.3
1.2
3.6
1.5
10.6
C
zech
Rep
ublic
50.4
46.6
51.5
148.
550
.760
.549
.316
0.5
570.
738
.942
.242
.012
3.0
53.4
46.2
48.6
148.
141
.131
2.2
E
stoni
a1.
10.
60.
82.
50.
81.
01.
33.
19.
90.
50.
90.
72.
11.
31.
31.
44.
11.
27.
4
Hun
gary
44.9
36.2
45.5
126.
653
.149
.839
.214
2.1
518.
233
.146
.349
.512
8.9
43.4
45.9
46.8
136.
041
.430
6.3
L
atvi
a0.
80.
70.
72.
20.
80.
70.
92.
38.
50.
50.
70.
81.
90.
72.
70.
84.
30.
66.
7
Lith
uani
a2.
92.
63.
59.
04.
43.
13.
310
.836
.82.
52.
23.
07.
72.
82.
82.
68.
12.
518
.3
Mal
ta0.
61.
30.
42.
30.
40.
60.
41.
47.
40.
90.
70.
62.
31.
20.
40.
62.
20.
34.
8
Pol
and
79.1
73.0
76.7
228.
876
.984
.571
.223
2.6
860.
856
.870
.574
.020
1.3
81.1
89.2
88.9
259.
280
.954
1.5
R
oman
ia12
1.0
105.
712
9.9
356.
612
6.9
118.
811
1.1
356.
81
402.
986
.410
4.5
110.
530
1.4
108.
010
3.9
118.
333
0.2
128.
075
9.7
S
lova
kia
20.0
21.6
17.5
59.0
20.6
20.6
23.8
65.0
245.
715
.019
.823
.157
.929
.021
.420
.070
.517
.714
6.2
S
love
nia
9.8
9.0
9.4
28.2
9.4
12.0
10.6
32.0
124.
18.
014
.412
.835
.211
.611
.214
.236
.910
.882
.9Notsp
ecified
0.0
0.0
0.0
0.1
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
0.1
Euro
pe, i
nclu
ding
: 138
6.5
294.
430
0.6
981.
534
7.1
342.
333
0.2
1 01
9.6
4 07
2.5
252.
721
5.8
194.
966
3.4
228.
232
7.5
274.
683
0.3
295.
11
788.
8 R
ussia
303.
122
4.3
213.
174
0.5
262.
427
5.5
267.
780
5.5
3 20
5.9
197.
915
8.4
114.
147
0.4
160.
123
6.2
209.
760
6.0
219.
41
295.
8 S
witz
erla
nd27
.919
.422
.269
.528
.925
.024
.077
.928
3.0
21.3
20.2
27.2
68.7
21.9
30.5
25.5
77.9
27.3
174.
0 U
krai
ne45
.234
.140
.011
9.3
43.1
30.1
28.1
101.
343
4.6
23.7
27.4
38.8
89.9
31.8
45.4
26.1
103.
235
.522
8.6
Balk
an c
ount
ries,
incl
udin
g:17
4.4
167.
017
7.8
519.
320
4.5
189.
516
4.8
558.
82
126.
514
3.6
169.
919
4.5
508.
018
4.0
182.
420
7.8
574.
217
9.9
1 26
2.2
Alb
ania
1.2
0.8
1.3
3.4
2.3
2.0
1.4
5.7
18.5
0.6
0.9
0.8
2.3
0.9
1.6
1.3
3.7
1.1
7.2
Bos
nia
and
Her
zego
vina
3.3
1.8
2.8
7.9
2.3
3.3
2.7
8.2
31.4
1.3
3.9
3.5
8.7
2.5
2.3
4.5
9.2
3.9
21.7
Tur
key
110.
310
8.8
115.
633
4.7
143.
213
5.3
115.
239
3.8
1 43
6.6
106.
912
1.0
134.
736
2.7
123.
913
1.6
139.
739
5.3
113.
987
1.9
Mac
edon
ia23
.220
.723
.567
.523
.020
.117
.560
.725
5.3
14.1
16.0
19.8
49.9
20.3
13.8
25.6
59.7
24.4
134.
0 S
erbi
a35
.933
.434
.210
3.4
31.5
27.7
26.9
86.1
373.
119
.926
.534
.781
.235
.432
.135
.710
3.2
35.4
219.
8 M
onte
negr
o0.
11.
30.
11.
50.
10.
10.
10.
23.
00.
00.
00.
00.
00.
00.
00.
10.
10.
10.
2 K
osov
o0.
40.
20.
30.
92.
21.
01.
04.
18.
60.
71.
60.
93.
21.
01.
01.
03.
01.
27.
4N
orth
and
Sou
th A
mer
ica,
incl
udin
g:20
6.0
95.8
89.3
391.
213
3.9
96.1
160.
139
0.1
1 55
4.3
153.
083
.114
8.2
384.
369
.070
.510
8.4
247.
984
.271
6.4
Bra
zil
33.2
6.0
4.0
43.2
3.3
3.3
28.8
35.4
166.
12.
85.
627
.636
.04.
210
.42.
917
.616
.870
.4 C
anad
a4.
33.
34.
311
.910
.65.
211
.627
.496
.46.
44.
65.
516
.54.
44.
47.
916
.819
.853
.1 U
SA45
.140
.343
.112
8.4
46.2
45.2
55.0
146.
452
4.0
50.3
43.4
51.6
145.
345
.745
.350
.314
1.4
35.4
322.
1As
ia, i
nclu
ding
:30
8.0
304.
833
4.2
947.
035
7.5
350.
633
4.0
1 04
2.1
3 92
9.5
291.
031
8.6
318.
692
8.2
347.
331
7.4
327.
999
2.6
336.
72
257.
5 C
hina
158.
414
1.8
154.
645
4.7
181.
317
8.7
171.
553
1.5
1 91
7.9
166.
016
1.7
169.
149
6.9
135.
914
7.2
164.
144
7.2
179.
01
123.
0 G
eorg
ia26
.116
.48.
751
.315
.718
.618
.452
.822
7.2
5.8
8.0
5.7
19.5
13.8
0.0
11.0
24.8
9.0
53.3
Jap
an19
.917
.422
.960
.216
.718
.620
.655
.921
9.0
14.8
21.4
18.6
54.7
23.8
23.6
17.7
65.0
19.1
138.
8O
ther
cou
ntrie
s95
.678
.741
.621
5.9
36.2
42.3
43.0
121.
571
3.3
38.2
45.9
45.3
129.
430
.635
.044
.511
0.1
70.0
309.
4IM
PORT
S, T
OTA
L (C
IF)
2 39
5.9
1 94
2.1
2 09
5.5
6 43
3.5
2 35
9.0
2 33
9.7
2 20
4.0
6 90
2.8
26 3
56.6
1 77
5.3
1 95
5.6
2 15
1.4
5 88
2.2
2 05
4.2
2 07
9.0
2 19
3.6
6 32
6.8
2 21
4.8
14 4
23.9
* B
y co
untry
of o
rigin
.1
Incl
udin
g R
ussi
a, S
witz
erla
nd, U
krai
ne, G
ibra
ltar (
UK
), M
oldo
va, B
elar
us, N
orw
ay, L
iech
tens
tein
, Ice
land
, San
Mar
ino,
And
ora,
Far
oe Is
land
s and
Vat
ican
City
.So
urce
s: D
ata
base
d on
cus
tom
s dec
lara
tions
pro
cess
ed b
y th
e B
NB
and
supp
lem
ente
d w
ith N
SI in
form
atio
n. D
ata
coor
dina
ted
with
the
NSI
. For2015–finaldataprovidedbytheNSI.
For 2
016
– pr
elim
inar
y da
ta p
rovi
ded
by th
e N
SI, i
nclu
ding
Intra
stat
syst
em d
ata
as o
f 5 O
ctob
er 2
016
and
cust
oms d
ecla
ratio
ns d
ata
as o
f 2 S
epte
mbe
r 201
6.
86
MONTHLY BULLETIN 11/20162.
3. G
RO
SS E
XT
ER
NA
L D
EB
T1
(EU
R m
illio
n)
By
inst
itutio
nal s
ecto
r20
1520
16V
III
IXX
XI
XII
III
III
IVV
VI
VII
VII
I
I. G
ener
al g
over
nmen
t 25
886.
45
747.
25
643.
65
682.
35
580.
15
493.
85
495.
26
731.
96
723.
56
674.
26
616.
06
637.
76
516.
9
Sh
ort-t
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
5
886.
45
747.
25
643.
65
682.
35
580.
15
493.
85
495.
26
731.
96
723.
56
674.
26
616.
06
637.
76
516.
9
Bon
ds a
nd n
otes
35
694.
05
694.
05
697.
75
784.
15
785.
25
804.
75
810.
87
814.
37
806.
87
806.
87
796.
57
792.
77
690.
1
Bon
ds a
nd n
otes
hel
d by
resi
dent
s 4-2
389
.6-2
519
.6-2
617
.0-2
650
.8-2
741
.3-2
847
.5-2
866
.4-3
602
.2-3
596
.9-3
621
.0-3
651
.0-3
639
.1-3
649
.5
Loan
s2
763.
52
754.
32
744.
42
730.
52
717.
62
718.
12
732.
32
701.
32
695.
02
669.
82
652.
02
665.
62
657.
8
Tran
sfer
able
loan
s hel
d by
resi
dent
s-1
81.5
-181
.5-1
81.5
-181
.5-1
81.5
-181
.5-1
81.5
-181
.5-1
81.5
-181
.5-1
81.5
-181
.5-1
81.5
II. M
onet
ary
auth
oriti
es0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
III.
Ban
ks 5
4 12
7.8
4 16
6.5
4 03
4.6
4 21
3.9
4 12
6.4
4 16
7.7
3 94
7.5
3 85
4.4
3 90
8.1
3 82
1.3
3 87
8.6
3 79
3.2
3 83
6.6
Shor
t-ter
m3
057.
63
088.
92
961.
93
174.
83
066.
63
118.
52
957.
92
771.
92
794.
72
807.
32
887.
62
877.
62
934.
0
Loan
s28
0.7
287.
430
1.9
312.
131
4.5
361.
031
0.8
251.
325
0.6
254.
425
7.7
263.
024
7.4
C
urre
ncy
and
depo
sits
2
653.
72
674.
52
598.
12
776.
62
662.
02
660.
72
543.
02
404.
52
386.
82
392.
82
464.
62
423.
72
506.
3
Oth
er d
ebt l
iabi
litie
s12
3.3
127.
061
.986
.190
.196
.810
4.1
116.
115
7.2
160.
116
5.3
190.
918
0.3
Long
-term
1
070.
21
077.
61
072.
71
039.
11
059.
81
049.
398
9.7
1 08
2.5
1 11
3.4
1 01
4.0
991.
091
5.6
902.
6
Bon
ds a
nd n
otes
120.
112
0.1
121.
112
1.1
120.
112
0.1
120.
112
0.1
120.
112
0.1
120.
112
0.1
120.
1
Loan
s95
0.1
957.
595
1.6
918.
093
9.8
929.
286
9.6
962.
599
3.3
893.
987
1.0
795.
578
2.5
IV. O
ther
sect
ors 6
11 7
87.1
11 7
28.3
11 9
28.9
11 9
52.8
11 7
31.7
11 5
38.3
11 4
94.5
11 4
22.5
11 9
29.9
11 7
68.1
11 5
82.5
11 5
72.2
11 5
39.0
Shor
t-ter
m4
797.
34
817.
84
822.
04
824.
24
812.
74
765.
44
744.
14
761.
84
761.
14
757.
54
712.
04
723.
84
723.
1
Bon
ds a
nd n
otes
0.2
0.3
0.3
0.0
0.0
0.0
0.0
0.0
16.6
13.0
7.5
4.7
3.0
M
oney
mar
ket i
nstru
men
ts0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Loan
s3
497.
83
518.
23
522.
43
524.
93
513.
43
466.
13
444.
83
462.
53
445.
23
445.
23
405.
23
419.
83
420.
9
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
9.3
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
989.
86
910.
57
106.
97
128.
66
919.
06
772.
96
750.
36
660.
87
168.
87
010.
76
870.
66
848.
46
815.
8
Bon
ds a
nd n
otes
1 03
2.6
1 03
3.8
1 16
2.5
1 17
2.4
1 15
8.1
1 11
8.0
1 11
4.4
1 12
2.7
1 10
9.4
1 10
1.2
1 10
2.7
1 10
0.9
1 62
4.4
Lo
ans
5 95
7.2
5 87
6.7
5 94
4.4
5 95
6.2
5 76
0.9
5 65
4.9
5 63
5.9
5 53
8.1
6 05
9.5
5 90
9.4
5 76
7.9
5 74
7.6
5 19
1.4
V. D
irec
t inv
estm
ent:
inte
rcom
pany
lend
ing
12 6
93.9
12 7
28.3
12 7
17.8
12 7
90.1
12 6
50.3
12 6
39.7
12 7
96.8
12 7
78.6
12 7
83.0
12 8
34.1
12 8
13.5
12 7
91.3
12 8
02.4
GR
OSS
EX
TE
RN
AL
DE
BT
(I+I
I+II
I+IV
+V)
34 4
95.3
34 3
70.3
34 3
24.9
34 6
39.1
34 0
88.5
33 8
39.5
33 7
33.9
34 7
87.4
35 3
44.4
35 0
97.6
34 8
90.7
34 7
94.3
34 6
94.8
Mem
o ite
ms
Long
-term
ext
erna
l deb
t 726
640
.426
463
.626
541
.026
640
.126
209
.225
955
.626
031
.927
253
.727
788
.627
532
.827
291
.227
192
.927
037
.7Sh
ort-t
erm
ext
erna
l deb
t7
854.
97
906.
77
783.
97
999.
07
879.
37
883.
97
702.
07
533.
67
555.
87
564.
87
599.
57
601.
37
657.
2
Publ
ic se
ctor
6
345.
66
190.
66
080.
36
116.
36
001.
45
910.
75
914.
97
132.
27
659.
37
589.
47
504.
17
526.
56
867.
6Pr
ivat
e se
ctor
28
149
.628
179
.628
244
.628
522
.828
087
.027
928
.827
819
.127
655
.227
685
.127
508
.227
386
.627
267
.827
827
.3
Rev
olvi
ng c
redi
ts 8
3 19
0.8
3 20
5.1
3 21
9.8
3 21
0.2
3 19
2.9
3 18
0.3
3 36
1.0
3 35
1.2
3 33
6.7
3 39
2.5
3 38
0.6
3 40
5.2
3 41
2.0
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
2 51
0.9
2 51
0.9
2 51
0.9
2 51
0.9
2 51
0.9
2 51
0.9
2 51
0.9
2 51
0.9
Cre
dits
on
dem
and
87
138.
77
116.
57
111.
87
106.
17
107.
27
106.
17
117.
87
110.
87
103.
07
103.
37
102.
97
102.
87
098.
4
incl
. int
erco
mpa
ny lo
ans
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
4 86
8.8
4 87
1.1
4 87
2.6
4 87
1.3
4 86
7.6
in
cl. b
anks
’ loa
ns11
5.9
118.
411
7.7
116.
611
7.7
118.
712
0.0
118.
111
6.2
113.
011
2.6
112.
211
1.5
Allo
catio
ns o
f SD
R10
767.
076
5.4
774.
579
2.3
775.
477
2.3
775.
375
5.9
760.
276
8.3
769.
776
5.9
765.
21
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
ernm
ent a
nd G
over
nmen
t Gua
rant
eed
Deb
t of t
he M
inist
ry o
f Fin
ance
. Pre
limin
ary
data
for A
ugus
t 201
6 as
of 1
6 Se
ptem
ber 2
016.
Exc
ludi
ng d
ebt l
iabi
litie
s of p
ublic
sect
or c
ompa
nies
and
gov
ernm
ent g
uara
ntee
d de
bt.
3 In
clud
ing
Bra
dy b
onds
, Eur
obon
ds, g
loba
l bon
ds a
nd g
over
nmen
t sec
uriti
es (d
enom
inat
ed in
BG
N a
nd fo
reig
n cu
rren
cy) h
eld
by n
on-r
esid
ents
.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
ed in
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
ed to
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
11/2016 EXTERNALSECTOR2.
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
VII
IIX
III
quar
ter
XX
IX
IIIV
qu
arte
r To
tal
III
III
I qu
arte
rIV
VV
III
qu
arte
r V
IIV
III
I. G
ener
al g
over
nmen
t 20.
03.
015
.82.
713
.119
.835
.62
192.
85.
116
.71
269.
41
291.
151
.321
.561
.013
3.9
48.4
15.4
S
hort
-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
0.0
0.0
0.0
0.0
0.0
0.0
L
ong-
term
0.0
3.0
15.8
2.7
13.1
19.8
35.6
2 19
2.8
5.1
16.7
1 26
9.4
1 29
1.1
51.3
21.5
61.0
133.
948
.415
.4
B
onds
and
not
es0.
00.
01.
31.
913
.11.
216
.21
926.
20.
06.
01
258.
21
264.
22.
10.
00.
02.
13.
00.
9
B
onds
and
not
es h
eld
by re
side
nts 3
0.0
0.0
11.5
0.8
0.0
0.6
1.4
59.0
3.8
0.6
11.2
15.6
49.3
21.5
60.4
131.
230
.514
.4
L
oans
0.0
3.0
3.0
0.0
0.0
18.0
18.0
207.
51.
310
.00.
011
.30.
00.
00.
60.
615
.00.
0
T
rans
fera
ble
loan
s hel
d by
resi
dent
s0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
II. M
onet
ary
auth
oriti
es0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
III.
Ban
ks 4
20.7
75.7
178.
484
.022
2.8
91.5
398.
41
006.
730
.923
0.4
181.
344
2.6
42.2
16.7
82.0
140.
939
.083
.0
Sh
ort-t
erm
16.7
53.7
152.
175
.721
8.8
59.5
354.
184
6.1
30.9
230.
446
.330
7.6
42.1
16.7
77.0
135.
839
.083
.0
Loan
s1.
32.
544
.155
.00.
10.
555
.610
2.5
0.0
59.4
2.1
61.5
0.0
0.0
0.0
0.0
0.0
0.0
C
urre
ncy
and
depo
sits
515
.347
.510
0.3
20.7
194.
553
.726
8.9
631.
323
.216
3.8
31.3
218.
30.
213
.971
.885
.813
.483
.0
Oth
er d
ebt l
iabi
litie
s0.
03.
87.
70.
024
.25.
329
.511
2.3
7.7
7.2
12.8
27.7
41.9
2.9
5.2
50.0
25.6
0.0
Long
-term
4.
022
.026
.28.
34.
032
.044
.316
0.6
0.0
0.0
135.
013
5.0
0.1
0.0
5.0
5.1
0.0
0.0
B
onds
and
not
es0.
00.
00.
01.
00.
00.
01.
01.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Loan
s4.
022
.026
.27.
34.
032
.043
.315
9.6
0.0
0.0
135.
013
5.0
0.1
0.0
5.0
5.1
0.0
0.0
IV. O
ther
sect
ors 6
28.8
62.7
233.
241
8.8
124.
789
.263
2.6
1 29
9.6
25.6
29.5
72.7
127.
861
9.7
76.1
96.7
792.
636
.053
3.9
Shor
t-ter
m6.
414
.937
.118
2.1
15.0
26.7
223.
735
9.8
4.4
4.0
24.1
32.5
27.5
29.2
12.4
69.0
7.7
1.5
B
onds
and
not
es0.
20.
00.
30.
00.
00.
00.
00.
30.
00.
00.
00.
016
.60.
00.
016
.60.
00.
0
Mon
ey m
arke
t ins
trum
ents
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Lo
ans
6.2
14.8
36.9
182.
115
.026
.722
3.7
359.
54.
44.
024
.132
.510
.929
.212
.452
.47.
71.
5
Oth
er d
ebt l
iabi
litie
s0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Lo
ng-te
rm
22.4
47.8
196.
023
6.7
109.
762
.540
8.9
939.
821
.125
.548
.795
.359
2.3
46.9
84.4
723.
528
.353
2.4
B
onds
and
not
es3.
01.
24.
212
8.7
9.9
0.0
138.
614
8.1
0.0
0.0
8.2
8.2
0.0
0.0
1.5
1.5
0.0
523.
6
Loan
s19
.546
.619
1.8
108.
099
.862
.527
0.3
791.
821
.125
.540
.587
.159
2.3
46.9
82.9
722.
128
.38.
8
V. D
irec
t inv
estm
ent:
inte
rcom
pany
lend
ing
95.8
209.
247
8.9
48.7
156.
416
1.5
366.
61
613.
680
.262
.018
8.2
330.
492
.712
7.6
283.
150
3.3
49.7
62.7
GR
OSS
EX
TE
RN
AL
DE
BT
(I+I
I+II
I+IV
+V)
145.
335
0.6
906.
355
4.2
517.
036
2.0
1 43
3.2
6 11
2.6
141.
733
8.6
1 71
1.6
2 19
1.9
805.
924
1.9
522.
81
570.
717
3.1
694.
9
Mem
o ite
ms
Long
-term
ext
erna
l deb
t 712
2.2
282.
071
7.0
296.
428
3.2
275.
885
5.4
4 90
6.7
106.
410
4.2
1 64
1.3
1 85
1.9
736.
419
6.0
433.
41
365.
812
6.4
610.
4Sh
ort-t
erm
ext
erna
l deb
t23
.068
.618
9.3
257.
823
3.8
86.2
577.
81
205.
835
.323
4.4
70.3
340.
069
.645
.989
.320
4.8
46.7
84.5
0.0
Publ
ic se
ctor
0.
03.
015
.82.
713
.119
.835
.62
192.
85.
116
.71
269.
41
291.
158
6.3
21.5
61.1
668.
948
.415
.4Pr
ivat
e se
ctor
14
5.3
347.
689
0.5
551.
550
4.0
342.
21
397.
73
919.
813
6.6
321.
944
2.2
900.
821
9.6
220.
446
1.7
901.
712
4.7
679.
5
Rev
olvi
ng c
redi
ts 8
481.
043
8.7
1 35
1.2
125.
942
0.1
415.
496
1.4
5 90
7.1
277.
741
1.9
257.
594
7.2
49.9
462.
546
1.2
973.
636
.321
.6Tr
ade
cred
its0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
01
Act
ual e
xter
nal d
ebt d
isbu
rsem
ents
. Pre
limin
ary
data
. Dat
a ar
e re
calc
ulat
ed in
eur
o ba
sed
on m
onth
ly a
vera
ge e
xcha
nge
rate
s of r
espe
ctiv
e fo
reig
n cu
rren
cies
. 2
Dat
a so
urce
: Reg
iste
r of G
over
nmen
t and
Gov
ernm
ent G
uara
ntee
d D
ebt o
f the
Min
istry
of F
inan
ce. P
relim
inar
y da
ta fo
r Aug
ust 2
016
as o
f 16
Sept
embe
r 201
6. E
xclu
ding
dat
a on
deb
t lia
bilit
ies o
f pub
lic se
ctor
com
pani
es a
nd g
over
nmen
t gu
aran
teed
deb
t.3
Thissu
b-itemrepresentsthechangeinliabilitiestonon-residentsresultingfrom
transactionswithresidents.Thetransferofbondsfrom
residentstonon-residentsrepresentsanincreaseinliabilitiestonon-residentsandisreflectedwitha
posi
tive
sign
.4
Dat
a so
urce
: ban
ks.
5 D
epos
its re
late
d to
con
tinge
nt li
abili
ties a
re e
xclu
ded.
6 In
clud
ing
rece
ived
loan
s (ex
clud
ing
inte
rcom
pany
loan
s) d
ecla
red
at th
e B
NB
and
on
whi
ch th
e B
NB
has
rece
ived
info
rmat
ion,
as w
ell a
s gov
ernm
ent g
uara
ntee
d lo
ans (
Sour
ce: R
egis
ter o
f Gov
ernm
ent a
nd G
over
nmen
t Gua
rant
eed
Deb
t of
the
Min
istry
of F
inan
ce. P
relim
inar
y da
ta fo
r Aug
ust 2
016
as o
f 16
Sept
embe
r 201
6.7
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, d
isbu
rsem
ents
rela
ted
to d
irect
inve
stm
ent a
re in
clud
ed in
the
long
-term
ext
erna
l deb
t.8
Dat
a no
t inc
lude
d in
the
Gro
ss E
xter
nal D
ebt D
isbu
rsem
ents
tabl
e by
inst
itutio
nal s
ecto
r.
Sour
ce: B
NB
.
88
MONTHLY BULLETIN 11/2016
2.5. GROSS EXTERNAL DEBT SERVICE1
(EUR million)
By institutional sectorAugust 2015 September 2015 III quarter 2015 October 2015
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2 123.7 1.4 125.1 123.2 42.5 165.7 303.4 70.0 373.4 111.0 0.7 111.7 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 123.7 1.4 125.1 123.2 42.5 165.7 303.4 70.0 373.4 111.0 0.7 111.7 Bonds and notes 0.0 0.2 0.2 0.0 51.9 51.9 0.6 94.0 94.6 0.0 0.0 0.0 Bonds and notes held by residents 3 119.9 0.0 119.9 109.2 -16.2 93.0 280.5 -32.9 247.6 98.9 0.0 98.9 Loans 3.8 1.2 5.0 13.9 6.9 20.8 22.4 8.9 31.2 12.1 0.7 12.8 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 51.9 4.0 56.0 15.1 1.0 16.1 83.0 5.5 88.5 124.1 0.6 124.7 Short-term 36.1 3.6 39.7 0.4 0.0 0.4 36.9 3.6 40.6 106.7 0.0 106.7 Loans 28.0 3.6 31.6 0.4 0.0 0.4 28.4 3.6 32.0 41.3 0.0 41.3 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 8.1 0.0 8.1 0.0 0.0 0.0 8.5 0.0 8.5 65.5 0.0 65.5
Long-term 15.8 0.4 16.3 14.8 1.0 15.8 46.0 1.9 47.9 17.4 0.6 17.9 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 15.8 0.4 16.3 14.8 1.0 15.8 46.0 1.9 47.9 17.4 0.6 17.9
IV. Other sectors 5 89.8 15.3 105.1 148.6 9.6 158.2 314.5 30.5 345.0 57.4 44.8 102.2 Short-term 45.9 7.6 53.5 17.7 1.6 19.4 71.0 11.7 82.7 33.2 1.2 34.3 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 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 45.9 7.6 53.5 17.7 1.6 19.4 70.9 11.7 82.6 33.2 1.2 34.3 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 43.9 7.7 51.6 130.9 7.9 138.9 243.5 18.8 262.3 24.2 43.6 67.8 Bonds and notes 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0 Loans 43.9 7.7 51.6 130.9 7.9 138.9 243.4 18.8 262.2 24.2 43.6 67.8
V. Direct investment: intercompany lending 42.4 3.9 46.4 113.4 9.7 123.1 401.6 22.8 424.4 95.2 4.2 99.4
GROSS EXTERNAL DEBT (I+II+III+IV+V) 307.9 24.7 332.5 400.3 62.8 463.2 1 102.5 128.8 1 231.3 387.7 50.2 437.8
Memo itemsLong-term external debt 6 225.9 13.4 239.3 382.2 61.2 443.4 994.5 113.5 1 108.1 247.8 49.0 296.8Short-term external debt 82.0 11.2 93.2 18.1 1.6 19.7 107.9 15.3 123.2 139.9 1.2 141.1
Public sector 126.8 1.4 128.2 139.8 43.7 183.5 325.7 71.2 396.9 118.9 0.8 119.6Private sector 181.1 23.2 204.3 260.5 19.2 279.7 776.7 57.6 834.4 268.8 49.4 318.2
Revolving credits 7 385.6 4.2 389.8 371.9 5.2 377.1 1 130.7 12.2 1 143.0 103.4 22.4 125.7Trade 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)
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11/2016 EXTERNALSECTOR
2.5. GROSS EXTERNAL DEBT SERVICE1
(continued) (EUR million)
By institutional sectorNovember 2015 December 2015 IV quarter 2015 Total 2015
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2 46.5 11.1 57.5 125.5 10.8 136.3 283.0 22.5 305.5 2 705.6 161.1 2 866.7 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 984.0 2.9 986.9 Long-term 46.5 11.1 57.5 125.5 10.8 136.3 283.0 22.5 305.5 1 721.6 158.2 1 879.8 Bonds and notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 939.6 155.4 1 094.9 Bonds and notes held by residents 3 29.2 0.0 29.2 96.8 0.0 96.8 224.8 0.0 224.8 616.9 -56.9 560.0 Loans 17.3 11.1 28.4 28.7 10.8 39.5 58.1 22.5 80.7 165.1 59.7 224.9 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 37.7 0.4 38.1 12.7 0.8 13.5 174.5 1.8 176.3 1 757.3 12.2 1 769.5 Short-term 0.0 0.0 0.0 1.3 0.0 1.3 108.0 0.0 108.0 1 463.1 3.7 1 466.8 Loans 0.0 0.0 0.0 0.0 0.0 0.0 41.3 0.0 41.3 1 348.0 3.7 1 351.6 Currency and deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.5 0.0 6.5 Other debt liabilities 0.0 0.0 0.0 1.3 0.0 1.3 66.7 0.0 66.7 108.6 0.0 108.6
Long-term 37.7 0.4 38.1 11.4 0.8 12.2 66.5 1.8 68.3 294.2 8.5 302.7 Bonds and notes 0.0 0.0 0.0 1.0 0.0 1.0 1.0 0.0 1.0 1.0 0.0 1.0 Loans 37.7 0.4 38.1 10.4 0.8 11.2 65.5 1.8 67.3 293.2 8.5 301.7
IV. Other sectors 5 24.8 8.9 33.8 267.5 12.3 279.7 349.7 65.9 415.6 1 429.7 198.5 1 628.2 Short-term 2.6 0.7 3.2 10.7 1.1 11.8 46.4 3.0 49.4 224.9 33.3 258.2 Bonds and notes 0.3 0.0 0.3 0.0 0.0 0.0 0.3 0.0 0.3 0.3 0.0 0.3 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 2.3 0.7 3.0 10.7 1.1 11.8 46.2 3.0 49.1 224.6 33.3 257.9 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 22.2 8.3 30.5 256.8 11.1 267.9 303.3 63.0 366.3 1 204.8 165.2 1 370.1 Bonds and notes 0.0 0.0 0.0 14.3 0.0 14.3 14.3 0.0 14.3 15.7 0.0 15.7 Loans 22.2 8.3 30.5 242.5 11.1 253.6 289.0 63.0 352.0 1 189.2 165.2 1 354.4
V. Direct investment: intercompany lending 92.2 4.7 96.9 277.0 11.6 288.6 464.4 20.5 484.9 2 037.8 116.1 2 153.9
GROSS EXTERNAL DEBT (I+II+III+IV+V) 201.2 25.1 226.4 682.7 35.4 718.1 1 271.6 110.7 1 382.3 7 930.4 487.9 8 418.3
Memo itemsLong-term external debt 6 198.6 24.5 223.1 670.8 34.3 705.0 1 117.2 107.8 1 224.9 5 258.4 448.0 5 706.4Short-term external debt 2.6 0.7 3.3 11.9 1.1 13.1 154.4 3.0 157.4 2 672.0 39.9 2 711.9
Public sector 50.9 11.5 62.4 137.2 11.1 148.2 306.9 23.3 330.2 2 816.9 169.4 2 986.3Private sector 150.3 13.7 164.0 545.5 24.3 569.9 964.7 87.4 1 052.1 5 113.5 318.5 5 432.0
Revolving credits 7 392.7 2.1 394.7 372.0 5.5 377.5 868.1 29.9 898.0 4 538.7 63.4 4 602.1Trade 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)
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MONTHLY BULLETIN 11/2016
2.5. GROSS EXTERNAL DEBT SERVICE1
(continued) (EUR million)
By institutional sectorJanuary 2016 February 2016 March 2016 I quarter 2016
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2 95.7 2.7 98.4 26.7 1.6 28.3 29.4 44.3 73.7 151.9 48.6 200.4 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 95.7 2.7 98.4 26.7 1.6 28.3 29.4 44.3 73.7 151.9 48.6 200.4 Bonds and notes 2.0 2.5 4.6 0.0 0.4 0.4 0.0 79.9 79.9 2.0 82.8 84.8 Bonds and notes held by residents 3 93.6 0.0 93.6 19.7 0.0 19.7 4.9 -42.2 -37.4 118.2 -42.2 75.9 Loans 0.1 0.2 0.3 7.0 1.2 8.2 24.5 6.7 31.2 31.6 8.0 39.7 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 11.7 0.3 12.0 114.7 0.1 114.9 97.7 1.5 99.2 224.1 2.0 226.1 Short-term 1.0 0.0 1.0 55.0 0.0 55.0 56.5 0.0 56.5 112.5 0.0 112.5 Loans 0.0 0.0 0.0 55.0 0.0 55.0 56.5 0.0 56.5 111.6 0.0 111.6 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 1.0 0.0 1.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 0.0 1.0
Long-term 10.7 0.3 11.0 59.7 0.1 59.9 41.2 1.5 42.7 111.6 2.0 113.5 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 10.7 0.3 11.0 59.7 0.1 59.9 41.2 1.5 42.7 111.6 2.0 113.5
IV. Other sectors 5 129.4 3.8 133.2 97.1 11.5 108.6 148.5 8.8 157.3 375.0 24.1 399.1 Short-term 26.4 2.1 28.6 40.3 6.2 46.5 20.0 2.4 22.3 86.7 10.7 97.4 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 26.4 2.1 28.6 40.3 6.2 46.5 20.0 2.4 22.3 86.7 10.7 97.4 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 102.9 1.7 104.6 56.8 5.3 62.1 128.6 6.4 135.0 288.3 13.3 301.7 Bonds and notes 40.1 0.0 40.1 3.6 0.0 3.6 0.0 0.0 0.0 43.7 0.0 43.7 Loans 62.8 1.7 64.5 53.2 5.3 58.5 128.6 6.4 135.0 244.7 13.3 258.0
V. Direct investment: intercompany lending 50.6 4.5 55.1 60.7 9.8 70.6 133.6 7.5 141.1 244.9 21.9 266.8
GROSS EXTERNAL DEBT (I+II+III+IV+V) 287.4 11.3 298.7 299.3 23.1 322.3 409.2 62.2 471.4 995.9 96.5 1 092.4
Memo itemsLong-term external debt 6 260.0 9.1 269.1 204.0 16.8 220.8 332.7 59.8 392.5 796.6 85.8 882.4Short-term external debt 27.4 2.1 29.6 95.3 6.2 101.6 76.5 2.4 78.9 199.2 10.7 210.0
Public sector 99.3 2.7 102.0 29.8 1.6 31.4 45.7 45.3 91.1 174.8 49.6 224.4Private sector 188.1 8.5 196.7 269.5 21.5 291.0 363.4 16.9 380.3 821.1 46.9 867.9
Revolving credits 7 275.6 1.8 277.4 214.2 2.9 217.1 239.9 3.4 243.2 729.7 8.0 737.7Trade 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)
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11/2016 EXTERNALSECTOR
2.5. GROSS EXTERNAL DEBT SERVICE1
(continued) (EUR million)
By institutional sectorApril 2016 May 2016 June 2016 II quarter 2015
Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total
I. General government 2 61.9 1.1 63.0 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 0.0 0.0 0.0 Long-term 61.9 1.1 63.0 66.6 10.3 76.9 132.3 6.6 138.9 260.7 18.0 278.7 Bonds and notes 9.5 0.5 10.0 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 39.7 0.0 39.7 44.0 0.0 44.0 90.4 0.0 90.4 174.1 0.0 174.1 Loans 12.7 0.6 13.3 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 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 32.4 0.5 32.9 37.6 0.3 37.8 33.3 0.5 33.8 103.4 1.2 104.6 Short-term 1.2 0.0 1.2 0.0 0.0 0.0 5.3 0.0 5.3 6.5 0.0 6.5 Loans 0.4 0.0 0.4 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 0.0 0.0 0.0 Other debt liabilities 0.8 0.0 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.0 0.8
Long-term 31.3 0.5 31.7 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 0.0 0.0 0.0 Loans 31.3 0.5 31.7 37.6 0.3 37.8 28.0 0.5 28.5 96.9 1.2 98.1
IV. Other sectors 5 182.4 3.8 186.2 167.0 12.5 179.5 274.6 14.7 289.3 624.0 31.0 654.9 Short-term 2.1 0.9 3.0 86.6 2.0 88.5 43.7 2.3 45.9 132.3 5.2 137.5 Bonds and notes 0.0 0.0 0.0 3.6 0.0 3.6 5.5 0.0 5.5 9.1 0.0 9.1 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 2.1 0.9 3.0 83.0 2.0 84.9 38.2 2.3 40.4 123.2 5.2 128.4 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 180.3 2.8 183.1 80.4 10.5 90.9 230.9 12.5 243.4 491.6 25.8 517.4 Bonds and notes 13.3 0.0 13.3 8.2 0.0 8.2 0.0 0.0 0.0 21.5 0.0 21.5 Loans 167.0 2.8 169.8 72.3 10.5 82.7 230.9 12.5 243.4 470.2 25.8 495.9
V. Direct investment: intercompany lending 38.2 6.3 44.4 59.2 11.0 70.1 284.0 9.5 293.6 381.4 26.7 408.1
GROSS EXTERNAL DEBT (I+II+III+IV+V) 314.9 11.6 326.5 330.3 34.0 364.3 724.2 31.3 755.6 1 369.4 76.9 1 446.3
Memo itemsLong-term external debt 6 311.7 10.6 322.2 243.7 32.0 275.8 675.2 29.1 704.3 1 230.6 71.7 1 302.3Short-term external debt 3.3 1.0 4.2 86.6 2.0 88.5 49.0 2.3 51.3 138.8 5.2 144.0
Public sector 69.7 1.2 70.9 76.8 12.6 89.4 165.7 6.9 172.6 312.2 20.7 332.9Private sector 245.2 10.4 255.6 253.5 21.4 274.9 558.5 24.4 582.9 1 057.2 56.2 1 113.4
Revolving credits 7 29.5 2.1 31.6 329.6 1.5 331.2 422.9 2.1 425.0 782.0 5.7 787.8Trade 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)
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MONTHLY BULLETIN 11/2016
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 August 2016 as of 16 September 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.
2.5. GROSS EXTERNAL DEBT SERVICE1
(continued) (EUR million)
By institutional sectorJuly 2016 August 2016
Principal Interest Total Principal Interest Total
I. General government 2 24.6 22.1 46.6 133.2 1.5 134.6 Short-term 0.0 0.0 0.0 0.0 0.0 0.0 Long-term 24.6 22.1 46.6 133.2 1.5 134.6 Bonds and notes 6.8 42.7 49.6 103.6 0.4 103.9 Bonds and notes held by residents 3 17.5 -20.7 -3.1 22.1 0.0 22.1 Loans 0.2 0.0 0.2 7.5 1.1 8.6 Transferable loans held by residents 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
III. Banks 4 80.0 0.6 80.6 24.9 0.1 25.0 Short-term 0.0 0.0 0.0 11.8 0.0 11.8 Loans 0.0 0.0 0.0 1.2 0.0 1.2 Currency and deposits 0.0 0.0 0.0 0.0 0.0 0.0 Other debt liabilities 0.0 0.0 0.0 10.6 0.0 10.6
Long-term 80.0 0.6 80.6 13.1 0.1 13.2 Bonds and notes 0.0 0.0 0.0 0.0 0.0 0.0 Loans 80.0 0.6 80.6 13.1 0.1 13.2
IV. Other sectors 5 45.3 0.2 45.5 567.5 0.1 567.6 Short-term 3.4 0.0 3.4 2.7 0.0 2.7 Bonds and notes 2.8 0.0 2.8 1.7 0.0 1.7 Money market instruments 0.0 0.0 0.0 0.0 0.0 0.0 Loans 0.6 0.0 0.6 1.0 0.0 1.0 Other debt liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Long-term 42.0 0.2 42.1 564.8 0.1 564.9 Bonds and notes 1.8 0.0 1.8 0.0 0.0 0.0 Loans 40.2 0.2 40.3 564.8 0.1 564.9
V. Direct investment: intercompany lending 66.8 1.2 68.0 71.2 0.6 71.9
GROSS EXTERNAL DEBT (I+II+III+IV+V) 216.7 24.0 240.7 796.8 2.3 799.2
Memo itemsLong-term external debt 6 213.3 24.0 237.3 782.4 2.3 784.7Short-term external debt 3.4 0.0 3.4 14.5 0.0 14.5
Public sector 27.2 22.1 49.2 671.2 1.5 672.7Private sector 189.5 2.0 191.4 125.6 0.8 126.5
Revolving credits 7 15.6 0.1 15.6 14.7 0.2 15.0Trade credits 7 0.0 0.0 0.0 0.0 0.0 0.0
93
11/2016 EXTERNALSECTOR
2.6. EXTERNAL DEBT INDICATORS*(per cent)
2015 2016ІII VI IX XII ІII IV V VI VII VIII
Gross external debt/GDP 87.03 78.59 75.90 75.27 76.50 77.72 77.18 76.73 76.51 76.30Short-term debt/Gross external debt 21.95 22.13 23.00 23.11 21.66 21.38 21.55 21.78 21.85 22.07Short-term debt/GDP 19.10 17.39 17.46 17.40 16.57 16.62 16.64 16.71 16.72 16.84BNB international reserves/Short-term debt 219.22 244.06 254.64 257.45 283.53 286.29 287.50 295.31 303.95 304.40Gross external debt service/GDP 7.87 12.82 15.54 18.59 2.40 3.12 3.92 5.58 6.11 7.87Gross external debt service/Exports of goods and non-factor services 54.96 41.88 31.68 29.03 17.03 16.38 16.32 18.47 16.60 18.06
* When calculating the indicators, which include the GDP, the following data are used: GDP for 2015 – EUR 45,286 million (NSI data as of 11 October 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.
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MONTHLY BULLETIN 11/2016
2.7. BULGARIA’S INTERNATIONAL INVESTMENT POSITION 1
(EUR million)
(continued)
III.2015 VI.2015 IX.2015 XII.2015 III.2016 VI.2016
International investment position, net 2 -30 928.4 -28 262.7 -27 593.4 -27 172.2 -25 944.1 -25 259.8Direct investment, net -37 625.7 -35 328.5 -36 125.0 -36 193.4 -36 258.1 -36 965.9Portfolio investment, net 750.3 -205.5 129.3 548.2 -653.0 -728.2Financial derivatives, net -45.3 -20.1 -44.6 -30.5 -88.4 -84.1Other investment, net -12 971.2 -11 933.0 -11 686.9 -11 782.0 -10 304.6 -9 924.0Reserve assets 18 963.4 19 224.3 20 133.8 20 285.4 21 360.0 22 442.4
Assets 38 113.0 37 144.0 37 845.3 38 051.9 40 044.9 41 571.6Direct investment 4 113.2 4 142.0 3 922.8 4 078.3 4 029.4 4 168.8
Equity and reinvestment of earnings 3 1 344.4 1 378.2 1 384.4 1 396.1 1 404.0 1 447.4Debt instruments 4, 5 2 768.8 2 763.8 2 538.4 2 682.2 2 625.4 2 721.4
Portfolio investment 6 6 012.6 4 763.3 4 670.0 5 050.1 5 019.2 4 919.0Equity and investment fund shares 1 281.4 1 230.7 1 201.4 1 406.5 1 318.1 1 250.5
Equity securities 530.9 484.1 468.2 543.1 507.9 546.2Investment fund shares 750.4 746.6 733.2 863.4 810.2 704.3
Debt securities 4 731.2 3 532.6 3 468.6 3 643.6 3 701.1 3 668.5Short-term 318.6 79.2 96.4 91.4 239.8 254.4Long-term 4 412.6 3 453.4 3 372.2 3 552.2 3 461.3 3 414.1
Financial derivatives (other than reserves) and employee stock options, net 65.5 49.9 38.6 46.8 35.2 32.9Other investment 8 958.3 8 964.5 9 080.0 8 591.4 9 601.0 10 008.4
Other equity 73.3 73.3 73.3 73.3 73.3 77.2Currency and deposits 7 5 945.7 5 847.2 6 014.5 5 578.3 6 615.9 6 986.6
Central bank 0.0 0.0 0.0 0.0 0.0 0.0Other MFIs 4 085.6 3 878.3 4 039.6 3 569.7 4 575.7 4 942.2General government 138.1 159.1 139.1 100.5 11.1 15.2Other sectors 1 722.0 1 809.8 1 835.8 1 908.1 2 029.2 2 029.2
Financial corporations other than MFIs 125.1 143.5 120.4 86.9 115.5 115.5Non-financialcorporations,householdsandnon-profitinstitutionsservinghouseholds 1 596.9 1 666.3 1 715.3 1 821.2 1 913.6 1 913.6
Loans 4 1 192.9 1 243.1 1 340.0 1 400.4 1 350.6 1 319.3Central bank 0.0 0.0 0.0 0.0 0.0 0.0Other MFIs 425.7 468.3 544.4 549.1 531.7 490.2General government 149.5 144.1 144.1 147.8 141.9 146.1Other sectors 617.6 630.7 651.4 703.5 677.0 683.1
Financial corporations other than MFIs 75.6 77.4 79.0 86.1 86.3 88.7Non-financialcorporations,householdsandnon-profitinstitutionsservinghouseholds 542.0 553.3 572.5 617.4 590.7 594.3
Trade credits and advances 1 214.3 1 366.3 1 230.5 1 220.1 1 226.8 1 289.7Other accounts receivable 532.0 434.6 421.9 319.3 334.5 335.6
Reserve assets 8 18 963.4 19 224.3 20 133.8 20 285.4 21 360.0 22 442.4Monetary gold 1 416.8 1 358.3 1 292.0 1 263.3 1 405.3 1 532.9Special drawing rights 784.2 768.8 766.4 776.4 756.9 770.6Reserve position in the IMF 43.7 42.9 42.7 43.3 121.4 123.6Other reserve assets 16 718.7 17 054.4 18 032.7 18 202.5 19 076.4 20 015.3
Liabilities 69 041.4 65 406.7 65 438.7 65 224.2 65 989.0 66 831.3Direct investment 41 738.9 39 470.5 40 047.8 40 271.7 40 287.5 41 134.7
Equity and reinvestment of earnings 26 702.0 26 882.5 27 806.5 28 003.6 28 051.7 28 592.8Debt instruments 9, 10 15 036.9 12 588.1 12 241.3 12 268.1 12 235.8 12 541.9
Portfolio investment 11 5 262.3 4 968.7 4 540.7 4 501.9 5 672.2 5 647.2Equity and investment fund shares 177.5 199.2 195.3 216.5 194.2 177.9
Equity securities 163.1 179.8 178.5 199.2 176.5 157.7Investment fund shares 14.5 19.4 16.9 17.3 17.7 20.2
Debt securities 5 084.8 4 769.5 4 345.4 4 285.4 5 478.0 5 469.3Short-term 0.0 42.1 6.7 20.0 20.0 7.4Long-term 5 084.8 4 727.4 4 338.7 4 265.4 5 458.0 5 461.9
Financial derivatives (other than reserves) and employee stock options, net 110.8 70.0 83.3 77.3 123.6 117.0Other investment 21 929.5 20 897.5 20 766.9 20 373.4 19 905.6 19 932.4
Currency and deposits 6 5 270.2 4 194.7 4 280.2 4 108.0 3 793.3 3 808.6Central bank 12.4 8.7 69.1 50.3 28.3 39.8Other MFIs 5 257.8 4 185.9 4 211.1 4 057.7 3 765.0 3 768.7General government 0.0 0.0 0.0 0.0 0.0 0.0Other sectors 0.0 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 0.0
95
11/2016 EXTERNALSECTOR
2.7. BULGARIA’S INTERNATIONAL INVESTMENT POSITION(continued) (EUR million)
III.2015 VI.2015 IX.2015 XII.2015 III.2016 VI.2016Non-financialcorporations,householdsandnon-profitinstitutionsservinghouseholds 0.0 0.0 0.0 0.0 0.0 0.0
Loans 13 986.7 14 054.9 13 961.8 13 744.8 13 705.6 13 794.9Central bank 0.0 0.0 0.0 0.0 0.0 0.0Other MFIs 12 0.0 0.0 0.0 0.0 0.0 0.0General government 13 2 543.5 2 526.2 2 514.0 2 432.1 2 425.3 2 370.6Other sectors 14 11 443.1 11 528.7 11 447.8 11 312.7 11 280.3 11 424.3
Financial corporations other than MFIs 1 843.0 1 903.2 1 891.7 1 903.7 1 854.7 1 811.6Non-financialcorporations,householdsandnon-profitinstitutionsservinghouseholds 9 600.2 9 625.4 9 556.1 9 409.0 9 425.6 9 612.7
Trade credits and advances 10 1 636.6 1 604.9 1 489.8 1 498.1 1 385.0 1 310.1Other accounts receivable 252.7 275.2 269.6 247.0 265.7 249.1Special drawing rights (SDRs) 15 783.3 767.9 765.5 775.5 756.0 769.8
1 Preliminary data as of 30 September 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. Sources: companies with international interest and companies investing abroad, banks, the Central Depository, notaries, the NSI, the
Privatization Agency, etc.4DatabasedonthereportssubmittedtotheBNBbybanksandcompanieswhichextendedfinancialloanstonon-residents.Duetoquarterlyreporting,dataaresubjecttorevi-
sion.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.DatauptoMarch2016,publishedinJuly2016,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 external liabilities of domestic legal entities on trade credits (received advances and payables to suppliers), reported to the BNB. Due to quarterly reporting,
data are subject to revisions. 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.
96
MONTHLY BULLETIN 11/20162.
8. T
EM
PLAT
E O
N I
NT
ER
NAT
ION
AL
RE
SER
VE
S A
ND
FO
RE
IGN
CU
RR
EN
CY
LIQ
UID
ITY
2.8.
1. P
art I
. OFF
ICIA
L R
ESER
VE
ASS
ETS
AN
D O
THER
FO
REI
GN
CU
RR
ENC
Y A
SSET
S (A
PPR
OX
IMAT
E M
AR
KET
VA
LUE)
(E
UR
mill
ion)
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
VIII.
2016
IX.2
016
A. O
ffici
al r
eser
ve a
sset
s 20
133
.820
297
.520
683
.620
285
.419
567
.919
747
.921
360
.021
631
.921
748
.622
442
.423
104
.323
308
.323
493
.71.
For
eign
cur
renc
y re
serv
es
(in c
onve
rtibl
e fo
reig
n cu
rren
cies
)118
032
.818
132
.118
556
.318
202
.517
432
.017
383
.119
076
.419
315
.919
447
.820
015
.320
659
.920
891
.921
067
.3(a
) Sec
uriti
es12
699
.112
912
.113
376
.513
415
.412
245
.512
741
.314
085
.814
586
.414
797
.015
066
.714
596
.315
090
.215
051
.8
of
whi
ch: i
ssue
r hea
dqua
rter
ed in
repo
rtin
g co
untr
y
but l
ocat
ed a
broa
d0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0(b
) Tot
al c
urre
ncy
and
depo
sits
with
:5
333.
65
220.
05
179.
74
787.
15
186.
64
641.
84
990.
74
729.
54
650.
84
948.
56
063.
65
801.
76
015.
5
ot
her n
atio
nal c
entra
l ban
ks, B
IS a
nd IM
F13
5.1
128.
711
9.6
113.
210
8.8
106.
110
1.9
100.
196
.387
.913
9.4
132.
112
3.0
bank
s hea
dqua
rtere
d in
the
repo
rting
cou
ntry
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
of w
hich
: loc
ated
abr
oad
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
bank
s hea
dqua
rtere
d ou
tsid
e th
e re
porti
ng c
ount
ry5
198.
65
091.
35
060.
14
673.
95
077.
84
535.
74
888.
84
629.
44
554.
54
860.
65
924.
25
669.
75
892.
4
of
whi
ch: l
ocat
ed in
the
repo
rtin
g co
untr
y0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
02.
IMF
rese
rve
posi
tion
42.7
43.2
44.2
43.3
43.1
124.
512
1.4
122.
112
3.4
123.
612
3.0
122.
912
2.7
3. S
DR
s76
6.3
775.
479
3.3
776.
477
3.3
775.
975
6.9
761.
276
9.2
770.
676
6.9
766.
176
4.9
4. G
old
(incl
udin
g go
ld d
epos
its a
nd g
old
swap
ped)
21
292.
01
346.
81
289.
91
263.
31
319.
51
464.
41
405.
31
432.
61
408.
11
532.
91
554.
51
527.
51
538.
7
volumeinmillionsoffi
netroyounces
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
1.3
5. O
ther
rese
rve
asse
ts0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Fi
nanc
ial d
eriv
ativ
es0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
Lo
ans t
o no
n-ba
nk n
on-r
esid
ents
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Oth
er 3
0.0
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
fore
ign
curr
ency
ass
ets
118.
411
6.4
117.
611
8.9
120.
412
5.2
123.
412
3.6
140.
613
8.3
129.
912
4.5
124.
4
Securitiesn
otincludedinofficialreserveassets
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Depositsnotincludedinofficialreserveassets4
100.
797
.910
0.0
101.
510
2.3
105.
410
4.3
104.
112
1.5
117.
510
9.1
103.
710
3.7
Loansn
otincludedinofficialreserveassets
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Financialderivativesnotincludedinofficialreserveassets
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Goldnotincludedinofficialreserveassets
17.7
18.5
17.6
17.4
18.1
19.8
19.1
19.5
19.2
20.8
20.8
20.8
20.8
Oth
er0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
01 F
orei
gn c
urre
ncy
rese
rves
dire
ctly
man
aged
by
the
BN
B.
2 Gol
d is
val
ued
at m
arke
t pric
e.
3 Acc
rued
inte
rest
.4 C
entra
l gov
ernm
ent d
epos
its w
ith lo
cal b
anks
.
Sour
ce: B
NB
.
97
11/2016 EXTERNALSECTOR
(con
tinue
d)
2.8.
2. P
art I
I. PR
EDET
ERM
INED
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(E
UR
mill
ion)
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
VIII.
2016
IX.2
016
TOTA
L
1. F
orei
gn c
urre
ncy
loan
s; se
curi
ties a
nd d
epos
its-1
042
.7-1
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
-1 4
35.8
-1 4
28.5
outflows(-)(P
rincipal)
-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
-1 1
26.7
-1 1
20.0
outflows(-)(Interest)
-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
.5-3
09.0
-308
.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-1
5.6
-26.
7-4
49.8
-5.9
-3.7
-332
.3-1
5.5
-32.
7-3
8.0
-46.
2-3
.6-8
4.0
-15.
3outflows(-)(P
rincipal)
-12.
0-1
6.2
-428
.2-0
.1-1
.3-2
36.1
-12.
0-2
2.4
-32.
5-0
.1-1
.3-2
7.8
-12.
0outflows(-)(Interest)
-3.6
-10.
5-2
1.6
-5.8
-2.4
-96.
1-3
.5-1
0.3
-5.5
-46.
1-2
.3-5
6.1
-3.4
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
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
98
MONTHLY BULLETIN 11/20162.
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)
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
VIII.
2016
IX.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
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.
2-4
7.7
-81.
7outflows(-)(P
rincipal)
-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
-34.
4-5
4.1
outflows(-)(Interest)
-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
-13.
4-2
7.6
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
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) (
3 <
n ≤
12 m
onth
s)
1. F
orei
gn c
urre
ncy
loan
s; s
ecur
ities
and
dep
osits
-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
-1 3
04.0
-1 3
31.5
outflows(-)(Principal)
-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
-1 0
64.5
-1 0
54.0
outflows(-)(Interest)
-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
.7-2
39.5
-277
.5inflows(+)(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
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
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
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 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
11/2016 EXTERNALSECTOR2.
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)
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
VIII.
2016
IX.2
016
TOTA
L
1. C
ontin
gent
liab
ilitie
s in
fore
ign
curr
ency
-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.
5-6
6.1
-63.
1
(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.
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.
5-6
6.1
-63.
12.
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.
0(c)banksandotherfinancialinstitutionsheadquarteredoutside
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
MONTHLY BULLETIN 11/20162.
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)
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
VIII.
2016
IX.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
-1.6
-1.7
-2.4
-2.5
-7.3
-12.
5-1
.8-7
.3-2
.4-2
.5-7
.4-1
3.0
-0.3
(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
.6-1
.7-2
.4-2
.5-7
.3-1
2.5
-1.8
-7.3
-2.4
-2.5
-7.4
-13.
0-0
.32.
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
(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.
0(c)banksandotherfinancialinstitutionsheadquarteredoutside
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
11/2016 EXTERNALSECTOR2.
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)
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
VIII.
2016
IX.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)+
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
(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
) (1
< n
≤ 3
mon
ths)
1. C
ontin
gent
liab
ilitie
s in
fore
ign
curr
ency
-4.3
-4.9
-9.8
-21.
7-1
7.1
-9.1
-9.7
-4.9
-24.
5-2
1.9
-17.
0-3
.7-4
.8(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
-4.3
-4.9
-9.8
-21.
7-1
7.1
-9.1
-9.7
-4.9
-24.
5-2
1.9
-17.
0-3
.7-4
.82.
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.
0(c)banksandotherfinancialinstitutionsheadquarteredoutside
th
e re
porti
ng c
ount
ry (-
)0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
102
MONTHLY BULLETIN 11/2016
(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)
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
VIII.
2016
IX.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)+
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
(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
) (3
< n
≤ 12
mon
ths)
1. C
ontin
gent
liab
ilitie
s in
fore
ign
curr
ency
-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.
2-4
9.4
-58.
0(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
-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.
2-4
9.4
-58.
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.
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.
0
103
11/2016 EXTERNALSECTOR2.
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
.
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
VIII.
2016
IX.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.
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.
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)+
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
(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
104
MONTHLY BULLETIN 11/20162.
8.4.
Par
t IV.
MEM
O IT
EMS
(EU
R m
illio
n)
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
VIII.
2016
IX.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)
67.1
67.6
69.1
67.9
51.0
51.0
49.9
50.0
50.4
50.5
50.5
50.5
50.4
- 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
67.1
67.6
69.1
67.9
51.0
51.0
49.9
50.0
50.4
50.5
50.5
50.5
50.4
(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.
00.
00.
00.
00.
00.
0(d
) sec
uriti
es le
nt a
nd o
n re
po0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
-
lent
or r
epoe
d an
d in
clud
ed in
Sec
tion
I (-)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- le
nt o
r rep
oed
but n
ot in
clud
ed in
Sec
tion
I (-)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- bo
rrow
ed o
r acq
uire
d an
d in
clud
ed in
Sec
tion
I (+)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- bo
rrow
ed o
r acq
uire
d bu
t not
incl
uded
in S
ectio
n I (
+)0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0(e)fi
nancialderivativeassets(net,m
arkedtomarket)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- fo
rwar
ds0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
-
futu
res
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- 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
- op
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
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(f) d
eriv
ativ
es (f
orw
ard;
futu
res;
or o
ptio
ns c
ontra
cts)
that
hav
e a
res
idua
l mat
urity
mor
e th
an o
ne y
ear w
hich
are
subj
ect t
o
m
argi
n ca
lls0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
-
aggr
egat
e sh
ort a
nd lo
ng p
ositi
ons i
n fo
rwar
ds a
nd fu
ture
s in
fore
ign
curr
enci
es v
is-à
-vis
the
dom
estic
cur
renc
y (in
clud
ing
the
forw
ard
leg
of c
urre
ncy
swap
s)0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
• sh
ort p
ositi
ons (
-)0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
• lo
ng p
ositi
ons (
+)0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
-
aggr
egat
e 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
•
shor
t pos
ition
s0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
(i)
boug
ht p
uts2
0.0
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) w
ritte
n ca
lls3
0.0
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
pos
ition
s0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
0
(i)
boug
ht 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) w
ritte
n pu
ts0.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
00.
02)
To
be d
iscl
osed
less
freq
uent
ly:
(a) c
urre
ncy
com
posi
tion
of re
serv
es (b
y gr
oups
of c
urre
ncie
s)20
133
.820
297
.520
683
.620
285
.419
567
.919
747
.921
360
.021
631
.921
748
.622
442
.423
104
.323
308
.323
493
.7
-
curr
enci
es in
SD
R b
aske
t420
132
.920
296
.620
682
.920
284
.519
567
.719
747
.721
359
.921
631
.421
748
.222
442
.223
104
.123
307
.823
493
.1
-
curr
enci
es n
ot in
SD
R b
aske
t0.
90.
90.
80.
90.
10.
20.
20.
50.
40.
20.
20.
50.
61 G
over
nmen
t sec
uriti
es is
sued
for t
he st
ruct
ural
refo
rm (Z
UN
K).
2 Putoption–anoptionthatgivestheholdertherightbutnottheobligationtosellcurrenciesorotherfinancialinstrumentsattheexercisepricewithinasp
ecifiedperiodordate.
3 Calloption–anoptionthatgivestheholdertherightbutnottheobligationtopurchasetheunderlyinginstrumentattheexercisepriceonorbeforeaspecifieddate.
4 Und
er §
273
of t
he In
tern
atio
nal R
eser
ves a
nd F
orei
gn C
urre
ncy
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105
11/2016 EXTERNALSECTOR
2.9. CENTRAL EXCHANGE RATES OF SOME CONVERTIBLE CURRENCIES (BGN)
October 2016 EUR USD (100) JPY GBP CHF (10) TRY
3 1.95583 1.74068 1.71715 2.23989 1.79138 5.776064 1.95583 1.75238 1.70815 2.23421 1.78631 5.772305 1.95583 1.74456 1.69116 2.21863 1.78468 5.712956 1.95583 1.74862 1.68606 2.21441 1.78745 5.728687 1.95583 1.75568 1.69424 2.16465 1.78680 5.75498
10 1.95583 1.75254 1.69497 2.17146 1.78452 5.7074511 1.95583 1.76535 1.70220 2.16753 1.78811 5.7290212 1.95583 1.77480 1.70815 2.17339 1.79335 5.7458513 1.95583 1.77191 1.70830 2.16281 1.79368 5.7194714 1.95583 1.77770 1.70428 2.17532 1.79615 5.7576917 1.95583 1.77900 1.70875 2.16150 1.79896 5.7495718 1.95583 1.77916 1.71009 2.18370 1.79665 5.7392719 1.95583 1.78143 1.72335 2.18925 1.80194 5.7995220 1.95583 1.78127 1.71926 2.18363 1.80228 5.8198821 1.95583 1.79665 1.73144 2.18969 1.80677 5.8336024 1.95583 1.79582 1.72639 2.19719 1.80744 5.8381225 1.95583 1.79896 1.72092 2.19761 1.80294 5.8545526 1.95583 1.79023 1.71609 2.18614 1.80460 5.8033127 1.95583 1.78991 1.70979 2.19367 1.80460 5.7787928 1.95583 1.79073 1.69924 2.17544 1.80178 5.7426431 1.95583 1.78680 1.70117 2.17194 1.80761 5.75837
Monthly, average 1.95583 1.77401 1.70863 2.18819 1.79657 5.76772
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 1.74324 1.74581 1.75238October 1.74112 1.77401 1.77528 1.78680November 1.82201 1.84879December 1.79835 1.79007
Source: BNB.
106
MONTHLY BULLETIN 11/2016
3 Fiscal Sector
3.2. EXECUTION OF THE REPUBLICAN BUDGET1 (BGN million)
2015 2016
III VI IX XII III VI VII VIII IX
I. Revenue and grants 4 708.1 9 536.4 14 323.0 18 922.0 5 310.7 10 618.1 12 368.0 13 964.1 15 645.1
1. Tax revenue 4 119.8 8 494.1 12 909.1 17 151.5 4 679.5 9 458.6 11 035.6 12 517.5 14 058.4
2. Non-tax revenue and grants 588.2 1 042.3 1 413.9 1 770.5 631.2 1 159.5 1 332.4 1 446.6 1 586.7
II. Expenditure and transfers 4 610.2 9 082.8 13 563.8 20 041.9 4 668.3 9 147.5 10 720.2 12 084.0 13 592.8
1. Current expenses 2 047.6 3 921.9 5 992.5 8 678.5 1 997.0 4 086.9 4 858.8 5 427.4 6 187.5
2. Transfers 2 562.6 5 160.9 7 571.3 11 363.5 2 671.4 5 060.6 5 861.4 6 656.6 7 405.3
III. Contribution to the EU budget 301.9 505.3 624.5 946.4 253.9 397.4 467.0 536.4 611.5
IV.Deficit(-)/surplus(+)1.Primarydeficit/surplus2 48.9 237.0 733.2 -1 411.4 688.4 1 412.7 1 682.3 1 862.0 2 070.8
2.Internaldeficit/surplus3 -70.2 115.5 492.7 -1 652.8 555.0 1 271.4 1 458.0 1 621.1 1 814.8
3.Cashdeficit/surplus -204.1 -51.8 134.7 -2 066.4 388.5 1 073.2 1 180.8 1 343.7 1 440.8
V.Cashdeficit/surplusfinancing 204.1 51.8 -134.7 2 066.4 -388.5 -1 073.2 -1 180.8 -1 343.7 -1 440.8
1.Domesticandforeignfinancing(net) 434.8 335.5 137.9 2 430.2 -201.9 -853.2 -939.1 -1 068.9 -1 141.0
- foreign financing, net 1 553.5 1 478.0 1 444.5 1 460.5 3 786.7 3 652.1 3 675.5 3 667.9 3 618.7 - domestic financing, net -1 118.7 -1 142.5 -1 306.6 969.6 -3 988.6 -4 505.2 -4 614.6 -4 736.9 -4 759.7 2. Privatisation (+), acquisition of shares (-),
requited funds, net -230.7 -283.6 -272.6 -363.8 -186.6 -220.0 -241.7 -274.8 -299.8 - revenue from privatisation 0.0 1.8 1.9 2.0 0.1 0.2 0.2 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 VI VII VIII IX
1. Revenue and grants 7 796.5 16 303.1 24 149.4 32 205.1 9 097.1 17 709.5 20 549.1 23 015.1 25 650.3
2. Expenditure -7 237.5 -14 907.7 -22 903.5 -33 731.6 -6 979.6 -14 240.9 -16 802.7 -19 161.7 -21 676.6
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 -397.4 -467.0 -536.4 -611.5
5.Deficit/surplus 257.1 890.0 621.5 -2 472.9 1 863.6 3 071.2 3 279.3 3 317.0 3 362.2
6. Financing -257.1 -890.0 -621.5 2 472.9 -1 863.6 -3 071.1 -3 279.3 -3 317.0 -3 362.26.1.Domesticandforeignfinancing(net) -25.5 -598.8 -337.9 2 960.5 -1 691.6 -2 876.7 -3 080.8 -3 113.7 -3 134.5 - foreign financing, net 1 548.4 1 498.8 1 464.9 1 485.8 3 800.8 3 661.9 3 718.1 3 708.3 3 675.3 - domestic financing, net -1 573.9 -2 097.7 -1 802.8 1 474.7 -5 492.4 -6 538.7 -6 798.9 -6 822.0 -6 809.7 6.2. Privatisation (+), acquisition of shares (-),
requited funds, net -231.6 -291.1 -283.6 -487.6 -172.0 -194.4 -198.5 -203.3 -227.8 - revenue from privatisation 2.7 11.7 16.3 4.2 0.6 1.1 1.1 1.3 1.8
* On a cash basis. End of period data.
Source: MF–consolidatedfiscalprogramme.
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11/2016 FISCALSECTOR
3.3. GOVERNMENT DEBT1
(EUR million)
2015 2016IX X XI XII I II III IV V VI VII VIII IX
Domestic government debt 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 3 541.9 3 541.8 3 437.0External government debt 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 9 818.8 9 817.3 9 791.8І.Bonds 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 7 587.0 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 850.0 850.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0
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 1 144.0 1 144.0
1.7. EUR-denominated bonds issued in interna-tional capital markets, maturing in 2028 - - - - - - 850.0 850.0 850.0 850.0 850.0 850.0 850.0
ІІ.Loans 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 2 231.8 2 230.3 2 204.8Government debt, total 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 13 360.7 13 359.2 13 228.8Government debt, total/GDP2 (%) 25.9 26.1 26.4 25.6 25.5 25.5 29.4 29.3 29.4 29.3 29.4 29.4 29.1
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 45,286 million for 2015 (NSI data as of 11 October 2016), and EUR 45,474 million for 2016 (BNB projection).
Sources: MF Government Debt Management Bulletin and NSI.
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MONTHLY BULLETIN 11/2016
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 II quarter
General government (S.13) 24 354.0 24 237.9 23 205.3 23 049.5 26 497.0 26 445.3Currency and deposits AF.2 – – – – – –Debt securities AF.3 18 252.9 18 358.7 17 327.5 17 178.9 20 892.2 21 001.9 Short-term debt securities AF.31 2 055.1 2 055.1 773.3 0.0 0.0 0.0 Long-term debt securities AF.32 16 197.7 16 303.6 16 554.2 17 178.9 20 892.2 21 001.9Loans AF.4 6 101.1 5 879.2 5 877.8 5 870.6 5 604.8 5 443.4 Short-term AF.41 342.8 192.6 206.6 308.8 37.8 18.0 Long-term AF.42 5 758.3 5 686.6 5 671.3 5 561.8 5 567.0 5 425.4
Central government (S.1311) 24 116.9 23 974.7 22 934.5 22 762.2 26 199.5 26 151.7Currency and deposits AF.2 – – – – – –Debt securities AF.3 18 799.1 18 906.9 17 874.4 17 752.0 21 439.2 21 540.2 Short-term debt securities AF.31 2 064.9 2 064.9 782.6 0.0 0.0 0.0 Long-term debt securities AF.32 16 734.2 16 842.0 17 091.8 17 752.0 21 439.2 21 540.2Loans AF.4 5 317.7 5 067.8 5 060.0 5 010.1 4 760.3 4 611.4 Short-term AF.41 283.1 117.5 135.0 137.7 0.8 2.4 Long-term AF.42 5 034.6 4 950.3 4 925.0 4 872.4 4 759.6 4 609.0
Local government (S.1313) 1 050.0 1 119.0 1 147.7 1 218.1 1 145.3 1 139.9Currency and deposits AF.2 – – – – – –Debt securities AF.3 84.0 92.7 100.2 95.5 94.1 118.7 Short-term debt securities AF.31 0.0 0.0 0.5 0.0 0.0 0.0 Long-term debt securities AF.32 84.0 92.7 99.7 95.5 94.1 118.7Loans AF.4 966.0 1 026.3 1 047.5 1 122.7 1 051.3 1 021.2 Short-term AF.41 59.7 75.1 71.5 171.0 114.1 70.6 Long-term AF.42 906.3 951.3 976.0 951.7 937.2 950.6
Social security funds (S.1314) 6.1 4.1 4.1 2.1 2.1 0.0Currency and deposits AF.2 – – – – – –Debt securities AF.3 0.0 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 0.0 Long-term debt securities AF.32 0.0 0.0 0.0 0.0 0.0 0.0Loans AF.4 6.1 4.1 4.1 2.1 2.1 0.0 Short-term AF.41 0.0 0.0 0.0 0.0 0.0 0.0 Long-term AF.42 6.1 4.1 4.1 2.1 2.1 0.0
General government debt (S.13)/GDP2 (%) 27.5 27.4 26.2 26.0 29.8 29.7
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 88,571 million for 2015 (NSI data as of 11 October 2016) and BGN 88,939 million for 2016 (BNB projection).
Source: MF.
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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 15 773 17 061 16 692 20 146 69 672 15 897 16 721 Individual 14 139 15 255 15 077 18 092 62 563 14 403 15 050 Households 12 418 13 211 13 260 15 942 54 831 12 579 13 055Non-profitinstitutionsservinghouseholds 125 129 185 117 555 136 132 Government 1 596 1 915 1 632 2 034 7 177 1 688 1 863 Collective 1 634 1 807 1 615 2 054 7 109 1 495 1 672
Gross fixed capital formation 3 057 4 854 5 110 5 591 18 612 3 070 4 809Inventory change -59 -8 -106 329 156 163 432Balance (exports – imports) -661 27 2 178 -1 413 131 67 340 Exports of goods and services 12 691 14 443 16 352 13 295 56 781 12 555 14 368 Imports of goods and services 13 352 14 416 14 174 14 707 56 650 12 489 14 028Statistical discrepancy 0 0 0 0 0 0 0
Gross domestic product 18 111 21 933 23 874 24 654 88 571 19 197 22 302
* Non-adjusted data. Preliminary data as of 11 October 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 442 830 1 656 736 3 664 429 757
Mining and quarrying; manufacturing; production and distribution of electricity, heating and gaseous fuels; water supply; sewerage, waste management and remediation activities 4 020 4 912 4 645 4 437 18 013 4 292 4 949
Construction 654 779 1 060 829 3 322 677 847
Wholesale and retail trade, repair of motor vehicles and motocycles; transport, storage and communications; hostels and catering 2 727 4 382 4 623 5 152 16 884 2 976 4 302
Creation and dissemination of information and creative products; telecommunications 824 910 1 166 1 154 4 053 945 983
Financial and insurance activities 1 294 1 072 1 410 1 580 5 355 1 483 1 252
Real estate activities 1 883 2 014 1 752 1 886 7 535 1 895 2 130
Professionalandscientificactivities;administrativeandsupportserviceactivities 844 1 018 1 376 1 577 4 815 951 1 074
General government; education; healthcare and social work activities 2 635 2 677 2 537 3 189 11 037 2 596 2 552
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 247 406 511 703 1 868 311 392
Gross value added at base prices, total 15 569 19 000 20 735 21 242 76 546 16 554 19 238
Adjustments 2 541 2 933 3 139 3 411 12 025 2 643 3 064
GROSS DOMESTIC PRODUCT 18 111 21 933 23 874 24 654 88 571 19 197 22 302
Physical volume index (%) (corresponding period of previous year = 100) 3.9 3.1 3.8 3.6 3.6 3.6 3.5
* Non-adjusted data. Preliminary data as of 11 October 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 8.2August 261 525 33 108 228 417 8.0September 255 466 35 104 220 362 7.8
Source: Employment Agency.
111
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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 1 023 908 770 855 986
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 1 018May 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
Consumer Price Index
Harmonised Index of Consumer Prices
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 -0.4August 0.0 0.0 -0.3 -1.1 -0.2 -0.3September -0.5 -0.7 -0.6 -1.1 -0.7 -1.1
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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MONTHLY BULLETIN 11/2016
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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• 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
Non-financialcorporations
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 for consumer loans and loans for house purchase only.
25 Last update as of 27 September 2016.26 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
are contracts that specify the interest rate, maturity and other conditions of the deposit or loan for thefirsttime.Anewagreementisalsoeveryrenegotiationoftheinterestrate,maturityand/orotherconditions 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. Loan terms are set in an non-transferable document (contract) and earn income in the form of interest. Restructured loans and non-performing loans past-due over 90 days (the categories cor-respond to ‘non-performing exposures’, ‘loss’ and ‘restructured exposures’ according to the repealed Ordinance 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
– Overdraft – a debit balance on a current account. Overdraft also includes revolving loans, draw-downs on credit lines and credit card credit. Interest rates and volumes on new business and on out-standing amounts for overdraft coincide.
– Loans, other than overdraft–includesallloanswhicharenotclassifiedasoverdraft.
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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Currency – BGNBreakdown by purpose of loans (only for the households and NPISHs sector)• Consumer loans – loans granted for the purpose of purchase of 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. • 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.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, and when this simple av-erage amounts to a value less than zero, the BIR is set to a value equal to zero
• 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.
30 GuidelineoftheEuropeanCentralBankof4April2014onmonetaryandfinancialstatistics(ECB/2014/15)asamended.
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Data sourceMethodology and Financial Markets Directorate of the BNB.
III. YIELD TO MATURITY ON GOVERNMENT SECURITIES. LONG-TERM INTEREST RATE FOR CONVERGENCE ASSESSMENT PURPOSESScope• 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 of interest rate statistics time series as of the date of publication for the respective 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
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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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 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)reportsbyenterpriseshavingfinancialloansborrowed
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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from 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-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.
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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:
• 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.
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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. 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
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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 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.
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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-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:
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• 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 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
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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.
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.
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 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 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-
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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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 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.
37 These papers are available on the BNB website at www.bnb.bg, section Statistics/Methodological notes (left-hand menu).
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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).
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.Publiccorporationsandunincorporatedenterprisesthatfunctionasif
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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they 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 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.
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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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.
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:
Bulgarian National BankBalance of Payments and External Debt Division1, Knyaz Alexander I Square1000Sofia,Bulgaria
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
45 Revised methodological notes as of 30 June 2015.
International Investment Position of Bulgaria45
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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 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-
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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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 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
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(whichgiveinformationabouttheirandtheirclients’portfolioinvestments),non-bankfinancialinstitu-tions, insurance companies and pension funds, the Bulgarian National Bank and the Ministry of Finance.
C. Financial DerivativesTheassetsandliabilitiesinfinancialderivatives(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
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of Central Banks. These revisions provide users with timely information on the updated data by separate 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:
Bulgarian National BankBalance of Payments and External Debt Division1, Knyaz Alexander I Square1000Sofia,Bulgaria
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.ThetemplatecoverstheBulgarianNationalBank
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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as monetary authorities which manage and hold the international reserves and the central government (excludingsocialsecurityfunds)whichaccountsformostoftheofficialforeigncurrencyobligations.
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.
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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.
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:
Bulgarian National BankBalance of Payments and External Debt Division1, Knyaz Alexander I Square1000Sofia,Bulgaria
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-
3
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4
sector. The institutional coverage of this sub-sector corresponds to the methodology of the European Sys-tem of Accounts.
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
20 October The BNB Governing Council adopted Ordinance No 19 on Credit Intermediaries, which establishes the procedure for entering into or deleting from the BNB public register credit intermediaries.
The BNB Governing Council decided to put into circulation on 5 December 2016 a gold commemorative coin ‘Exarch Anthim I’ with a nominal value of BGN 100.
27 October The BNB Governing Council refused to issue a license to Varchev Exchange OOD for conducting activity as a payment institution under Article 14, item 2 of the Law on the Law on Payment Services and Payment Systems.
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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
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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
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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
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11/2016 BNBPUBLICATIONS
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
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MONTHLY BULLETIN 11/2016
Banks’ Head Offices(as of 4 November 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
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11/2016 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
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MONTHLY BULLETIN 11/2016
© Bulgarian National Bank, 2016
This issue includes materials and data received up to 4 November 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)
