Bulgaria Household Wealth up to 26.3 bln Levs in Q2, Says Industry Watch

Bulgaria Household Wealth up to 26.3 bln Levs in Q2, Says Industry Watch

Domestic household wealth in cash and equity holdings and bank deposits totalled 26.3 bln levs by the end of the second quarter of 2007, up a third over the same period a year ago, said Industry Watch, the Bulgarian economic analysts and forecasters, Dnevnik a.m. reports.

The economic growth, the stock market rally and conducive tax reforms should ensure stable gains in personal savings over the medium-term, said Industry Watch.

In Q2, bank deposits increased their popularity as a savings product among Bulgarian households.

According to central bank data, household deposits were chasing 17 bln levs by August with over half of their balance denominated in a foreign currency.

Recent inflationary gains, especially in the month of August, wiped out deposit returns, providing an additional incentive for banks to amp up deposit rates over the past couple of months.


In response to competitive offerings from the mutual funds, the local lenders have also created risk-weighted deposit products. The ongoing improvement in deposit terms and conditions will continue in 2008, said Industry Watch.


The domestic cash holdings of were reported unchanged at 6.8 bln levs at end-August. Equities posted the biggest gain in terms of a share in household wealth portfolios, up 150% year-on-year by end-September.

Industry Watch estimates that local households have invested more than 1.67 bln levs in stocks.

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