Банкеръ Weekly

Briefs

TREASURY

The Japanese Bank for International Cooperation (JBIC) will hold negotiations with the Sofia Great Municipality for a credit of USD104MN. The funds are intended for the expansion of the metropolitan railway from station 7 to station 9. The loan is to be repaid in 30 years, including a 10-year grace period.

SG EXPRESSBANK increased the interest rates on euro-denominated fixed-term and current deposits. The interest rate on 1-year deposits in 3.50%, on 6-month deposits - 3.35%, and on 3-month deposits - 3.25 per cent. On September 30, 2001, SG EXPRESSBANK will automatically transform in euro the accounts in which currencies of the 12 countries within the euro-zone are deposited. The exchange will be for free at an official rate, and all terms agreed with customers will be kept.

The Agency for State Receivables sold at auction on July 23 office equipment and inputs, inherited from the bankrupt Private Agricultural Investment Bank (PAIB) and ELITBANK. The Agency got BGL36,080 for PAIB's property, evaluated at BGL35,190. ELITBANK's things were sold at the initially asked price of BGL470.

In mid-year NEFTINVESTBANK's profit before taxation was BGL1,261,000. On June 30, the bank's balance-sheet value stood at BGL107,430,000, and money attracted from private citizens and companies totalled BGL38,527,000. The financial institution extended BGL28,181,000 in credits to citizens and households.

On the demand of HEBROSBANK the Blagoevgrad District Court adjudicated Franel OOD insolvent. The magistrates levied a disraint on the debtor's property and appointed Temenouzhka Zahova temporary trustee in bankruptcy. Her first remuneration of BGL300 should be paid by HEBROSBANK. A general meeting of Franel OOD's creditors has been scheduled for October 11, 2001.

The deficit in the current account of Bulgaria's payment balance reached USD309.7MN in the first six months of 2001, down USD145.7MN from the same period of last year. The trade balance (which is a part of the current account along with the balance of services) registered a deficit of USD545.8MN by end-May, 2001. The balance of services showed a surplus of USD194.9MN. The positive result is due to forex proceeds from tourist and other services, which exceeded expenses by USD 255.8MN. The balance of transport services registered a deficit of USD61.8MN.

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