President Rumen Radev will hold consultations with DPS on Wednesday, November 2, the head of state's press office said. is the consultations are part of a series of meetings with all political parties prior to the handing of the first mandate to form a government. The President has already met with representatives of the two largest political forces in Parliament - GERB and We Continue the Change. Based on statements made by various political leaders, the outlook for the formation of a government is poor.
Gas prices drop by 47 %
The Energy and Water Regulatory Commission designated the wholesale price of natural gas for November at 123.01 levs (62.9 euro) per megawatt-hour excluding access and, transmission fees, excise and VAT, which is a reduction of just over 47% from the price valid for October. At this price Bulgargas EAD will sell natural gas to the final suppliers and the utilities licensed for production and transmission of heat.
Budget swings to deficit in October
The state finances are expected to be in deficit of 20 million levs in the first ten months of 2022, compared to a surplus of 989 million levs in the nine months through September, the Ministry of Finance said. According to preliminary data, the consolidated budget shows an estimated deficit of 1 billion levs for the month of October alone, mainly due to increased pension spending and higher VAT refunds to businesses.
Banks report record profits
The combined profit of Bulgarian banks for the first nine months of 2022 rose by more than 400 million levs compared to the same period of last year, reaching some 1.5 billion levs. The banking sector's current profit exceeds the levels for the same period in 2018 and 2019, when the sector reported record profits of over 1.67 billion levs. Now, beating that record in the remaining three months by the end of 2022 seems almost guaranteed given the current forecasts for the economy.