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Economy and Banking Sector of Bulgaria

Financial System Development

Financial System
59.6, 73rd out of 144 countries
Banks' Soundness
61.9, 86th out of 144 countries

According to World Economic Forum's Global Competitiveness Report 2019, financial market development in Bulgaria is scored 59.6 out of maximum 100.0 and ranked 73rd out of 144 analysed economies.

Financial Market Development in Bulgaria.

Chart 1. Financial Market Development in Bulgaria. Source: WEF.

Soundness of banks is scored 4.7 bringing Bulgaria into the 86th place.

Soundness of Banks in Bulgaria.

Chart 2. Soundness of Banks in Bulgaria. Source: WEF.

Further Information

Banking Focus

Banks in Bulgaria are mainly focused on the following areas:

  • universal banking
  • corporate banking
  • SME lending

Banking Supervision

Bulgarian National Bank

Bulgarian National Bank

Banking Sector Structure

Number of Banks
Consolidated Assets (2019)
58,861.77 mln EUR  (+6.56%)
Recent Changes (2018)
new banks: 1, closed banks: 3

Currently there are 25 credit institutions operating in Bulgaria.

In 2019 consolidated banking assets in Bulgaria were 58,861.77 mln EUR. The consolidated banking assets' evolution is shown at Chart 3 below.

Consolidated banking assets in Bulgaria.

Chart 3. Consolidated banking assets in Bulgaria.

Recent structural changes (2013 - 2018) of the banking sector of Bulgaria are summarised in Table 1.

Number of Opened Banks000001
Number of Closed Banks020103

Table 1. Recent structural changes in the banking sector of Bulgaria.

The list of the most recently opened banks in Bulgaria is provided in Table 2.

NameStart Date
BNP Paribas Personal Finance S.A., Bulgaria BranchJune 2018

Table 2. The most recently opened banks in Bulgaria.

All the credit institutions operating in Bulgaria can be classified into several categories. Table 3 summarises the number of banks in each category.

CategoryNumber of Banks
Branches of foreign banks6
Central banks1

Table 3. Number of banks by category in Bulgaria.

There are 6 branches of foreign banks from 5 different countries in Bulgaria. Table 4 shows the number of branches grouped by the country of origin.

Country of OriginNumber of Branches
FR France2
IE Ireland1
NL Netherlands1
TR Turkey1
DE Germany1

Table 4. Number of branches of foreign banks in Bulgaria grouped by country of origin.

Deposit Guarantee Scheme

Maximum Protected Amount
100,000 EUR

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Bulgaria are summarised in Table 5.

Maximum Protected Amount
100,000 EUR
Scheme Participants
all credit institutions operating in Bulgaria
branches of non-EU banks
branches of Bulgarian banks abroad
Scheme Exemptions
branches of EU-banks (covered by their home countries)
Eligible Depositors
natural persons
  • Bulgarian citizens
  • Bulgarian residents
  • foreign citizens
  • foreign residents
legal entities
  • registered in Bulgaria
  • registered abroad
Covered Accounts
all funds on a bank account, for example
  • term deposit
  • demand deposit
  • savings account
  • current account
Covered Currencies
all currencies, namely
  • BGN (Bulgarian levs)
  • foreign currencies
Paid In Currency

Table 5. Deposit guarantee scheme in Bulgaria.

Further Information

Country Ceiling for Deposits

Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.

Local Currency (Bulgarian lev)
A3 (upper medium grade)
Foreign Currency
Baa2 (lower medium grade)

Local currency (Bulgarian lev) deposit ceiling for Bulgaria is set to A3 (upper medium grade), foreign currency deposit ceiling is Baa2 (lower medium grade).

Deposit Rates

Average Deposit Rate (Mar 2020, BGN)
0.10 %  (Feb 2020: 0.09 %)
In March 2020, an agreed annualised deposit rate in local currency (Bulgarian lev) of new contracts with agreed maturity up to 1 year between credit institutions and households was 0.10%.
Deposit Rates in Bulgaria.

Chart 4. Deposit Rates in Bulgaria. Source: ECB.

Further Information