Interest rates on the up
Interest rates on both loans and deposits are continuing to rise, according to statistics from the Bulgarian National Bank from the end of 2022. It shows that newly granted loans in almost all segments are becoming more expensive, and the yield on funds attracted by the banks, although it remains close to zero values, is picking up. At the same time, loan book growth rates are slowing down in almost all segments.
The effects of a tightening of monetary policy across the Eurozone are expected to be felt in Bulgaria as well. This knock-on effect is currently delayed due to the over-liquidity of local banks, which is holding back the increase in interest rates and helping to fuel relatively high demand for bank financing.
Survey finds young Bulgarians dodge work and study
Many young Bulgarians dodge study or work and drink and smoke, according to a Gallup study commissioned by the Ministry of Youth and Sports which surveyed youngsters aged between 15 and 29.
The questions were addressed in such a way as to cover youngsters' opinions of their peers' behavior. Every second person said they have peers who are not studying or working (the so-called NEETs - not in employment, education or training). In addition, levels of civic participation were found to be low.
Douglas Bulgaria will be entirely German-owned
Perfume and cosmetics chain Douglas, which currently operates a total of 18 stores in Bulgaria, will now be 100% owned by Netherlands-based Kirk Beauty Netherlands Holding B. V.
The Holding already has a 76% stake in the Bulgarian subsidiary and is to buy out the remaining 24% from Nina Georgieva, who initially opened the Beauty Zone perfumery chain in 2005 and converged it with the Douglas brand in 2009, when Kirk Beauty Netherlands Holding bought out 51% of shares in the company.
Since then, the Holding has bought extra shares from Georgieva, and is on its way to become sole owner of the business as per its initial plans for the development of the local brand, says the German-based retail company.