Friday, 2 January 2009

Credit Crunch in Bulgaria - What Credit Crunch?

Seems like because of lack of living on credit in Bulgaria, the impact of the 'Credit Crunch' is non existent. I have seen major advertising to save with banks personally so this is no surprise to me. Bulgarians are very much influenced by what they hear and see on TV. They believe most of what they see and are told in this media - This is a big problem in future time with manipulation in advertising. You wil have to excuse the spelling of the report, it is has bee clipped direct as it is.
Deposits in Bulgarian Banks to Grow Thanks to Financial Crisis - Report

Deposits in Bulgarian banks are going to continue to grow because of aggressive banking campaigning to attract fresh capital necessitated by global financial crisis.

This is forecasted by the market research firm RNCOS in its new report "Bulgaria Banking Sector Analysis", published Friday at the paid website

The forecast states that before the global crunch, Bulgarian banks had easy access to credit, and had no incentive to launch aggressive campaigns to attract deposist.

The report points out that Bulgarian banks were now offering unprecedented annual interest rates on deposits in BGN and EUR, and that Bulgarian consumers preferred bank deposits as investment instrument.

Bank deposits accounted for 65.2% of the BGN 33,5 B in financial wealth accumulated by Bulgarians, rising by 28% over the previous 12 months (December 2007 to November 2008).

clipped from