In July 2008, the annual growth rate of broad money (monetary aggregate M3) was 23.8% compared to 24.4% in June, data of he Bulgarian National Bank (BNB) show. M3 amounted to BGN 45.040 billion (70.2% of GDP) as at the end of July. Its most liquid component – the monetary aggregate M1 – increased by 14% annually in July (14.2% growth in June). Quasi-money, consists of deposits with agreed maturity of up to 2 years and deposits redeemable at notice of up to 3 months, rose by 33.7% compared to July 2007 (34.7% in June).

Net domestic assets reached BGN 39.146 billion at the end of July 2008, which is a 47.8-percent increase compared to the same month of 2007 (48.8% annual growth in June). The annual growth rate of their basic component – domestic credit – was 46.8% in July compared to 47.8% in June 2008. Claims on the Non-government sector rose by 51.2% compared to 52% in June.

At the end of July 2008, claims on loans to the Non-government sector stood at BGN 45.899 billion (71.5% of GDP) and their annual growth rate was 52.8% (53.5% in June). Loans to Non-financial corporations increased by 55% annually in July (55.5% in June) and at the end of the month amounted to BGN 28.523 billion (44.4% of GDP).

Loans to Households and NPISHs (Non-Profit Institutions Serving Households) were BGN 16.860 billion (26.3% of GDP) at the end of July, posting annual growth of 48.5% (48.9% annual growth in June). In July 2008, loans for house purchases grew by 50% on an annual basis compared to 53.3% in June. The annual growth rate of consumer loans was 47.2% in July and 47.3% in June 2008, while that of other loans – 26% and 18.5%, respectively

The total amount of loans to Financial corporations was BGN 517 million at the end of July 2008 and, compared to July 2007, it increased by 79.6% (99.5% annual growth in June).

The annual rates of changes in claims on loans were influenced by net sales of loans by Other MFIs- their volume for the last 12 months was BGN 2.270 billion. On an annual basis, loans sold amounted to BGN 2.866 billion, while the amount of loans repurchased were BGN 596 million.

Net foreign assets amounted to BGN 17.399 billion at the end of July 2008 and decreased by 6.3% on an annual basis compared to the 6.1% annual drop in June. The annual growth rate of foreign assets was 27.9% in July 2008 compared to 29.5% in June, while that of foreign liabilities was 108.6% in July and 110.2% in June 2008.