UniCredit Bulbank

As Bulgaria grapples with a deepening political crisis and the looming specter of early elections, the economic ramifications are starkly evident. A recent economic forecast from the Italian financial group "Unicredit" sheds light on the dire consequences, estimating that the turmoil will cost the Bulgarian economy a staggering BGN 1 billion.

The trend of rising fees that banks collect for various products and services continues. The next increase has been a fact since the beginning of August, mainly referring to the service in the branches. The explanation is that, in addition to inflation, the administrative costs of maintaining a branch network make services offered locally more expensive.

For the most trivial service - opening a regular current account. the banks charge BGN 2.55 on average. The service is used by almost all Bulgarians and most widely by physical persons.

Bulgarian economy has been shrinking in the last trimester of 2020, but the same trend is expected to persist in the first months of 2021 too, forecast UniCredit Bulbank experts in their three-month analysis of economic development of the Central and East European countries.

"United against COVID-19" will support projects that assist vulnerable groups affected by the crisis, including medical staff, people with disabilities, the elderly, children, minorities, the homeless, the unemployed, single parents and others, the US Embassy in Bulgaria reported.

Six Bulgarian banks rank in the Top 100 of the largest financial institutions in Central and Eastern Europe. DSK, First Investment Bank and UBB are making significant progress in the ranking compared to last year. It is composed by RIA Rating Agency on the order of Russia's leading financial site Prime.

The construction of a mansard floor on the roof of one of the most remarkable buildings in Sofia, which is located at the corner of Ivan Vazov Street and Rakovski Street, is under preparation. The work plan for the change already has the consent of the Ministry of Culture and has been signed by the Minister of the Ministry Boil Banov.

The problem of negative interest rates directly damages the business in our country. Big banks in Bulgaria have been getting a hefty "fee" for about a year to maintain large corporate deposits, it is clear from their tariffs, a Mediapool check shows.

Fitch has confirmed BBB's UniCredit Bulbank's Long Term Issuer Ratings (IDRs) and self-rating bb +.

The ECB's assessment of six major banks working in the country has to show whether they can resist external as well as internal risks. Stress tests are already running and are due to the demand for Bulgaria to enter the Eurozone waiting room (ERM II mechanism) and the Banking Union, the 24-hour newspaper writes.