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Bulgaria in surprise boost?

Jaimie Kanwar

New figures reveals a positive surprise for Bulgaria's economy...

According to Violina Marinova, Chair of the Association of Banks in Bulgaria, banks loans in Bulgaria increased by 7% for the month of April. Calculated on an annual basis this would constitute a whopping 35% growth.

When asked about the expected price increase of loans in Bulgaria over the course of the year as a reflection of the global mortgage crisis, Marinova replied: "It is very difficult to make such predictions. I am sure that you do not expect me to say an exact number or specify the exact time when such price increase is going to happen.

“This depends on many factors. It depends on the international markets' state, the Bulgarian economy as a whole, the tax and budget policies and the regulations' frame. Many factors influence the rise of the interest percentage. It is not a simple process for me to precisely pinpoint or to offer some sort of recipe."