M3 amounted to 43.181 billion leva (67.4% of GDP) in May. Its most liquid component – the monetary aggregate M1 – increased by 20.7% y/y in May (22.3% growth in April). Quasi-money rose by 33.7% compared to May 2007 (34.2% in April).
Net domestic assets reached 36.737 billion leva at the end of May 2008, which is a 49.6% increase compared to the same month of 2007 (48.1% annual growth in April). The annual growth rate of their basic component – domestic credit – was 48.6% in May compared to 47.7% in April 2008. Claims on the Non-government sector1 rose by 54.4% compared to 55% in April.
At the end of May 2008, claims on loans to the Non-government sector stood at 42.711 billion leva (66.7% of GDP) and their annual growth rate was 55.5% (56.1% in April). Loans to Non-financial corporations increased by 59.3% annually in May (59.6% in April) and at the end of the month amounted to 26.369 billion leva (41.2% of GDP).
Loans to Households and NPISHs (Non-Profit Institutions Serving Households) were 15.819 billion leva (24.7% of GDP) at the end of May, posting annual growth of 48.8% (49.8% annual growth in April). In May 2008, loans for house purchases grew by 55.2% on an annual basis compared to 57% in April. The annual growth rate of consumer loans was 48.8% in May and 47.8% in April 2008, while that of other loans – 7.9% and 11.6%, respectively.
The total amount of loans to Financial corporations was 523.3 million leva at the end of May 2008 and, compared to May 2007, it increased by 85.4% (91.9% annual growth in April).
The annual rates of changes in claims on loans were influenced by net sales of loans by Other MFIs2 - their volume for the last 12 months was 2.222 billion leva. On an annual basis, loans sold amounted to 2.816 billion leva, while the amount of loans repurchased were 594 million leva.
Net foreign assets amounted to 17.291 billion leva at the end of May 2008 and decreased by 0.3% on an annual basis compared to the 3.8% annual growth in April. The annual growth rate of foreign assets was 26.2% in May 2008 compared to 27.2% in April, while that of foreign liabilities was 91.4% in May and 79.6% in April 2008.