Money

BNB Set to Restrict Mortgage Loans

The Bulgarian National Bank has taken a decision to restrict mortgage lending. The Board of Directors has decided to increase the capital buffer for banks' risk loans from 0.5% to 1% from 2021. The measure aims to ensure that vaults have sufficient reserves to cover losses on non-performing loans. As a rule, the buffer is increased when it is necessary to "cool" a large increase in credit. 

Turkish Central Bank lowers interest rate to 18 pct

Turkey's Central Bank on Sept. 23 lowered its one-week repo rate - also known as the policy rate - by 100 basis points to 18 percent.

The Monetary Policy Committee at its ninth meeting this year evaluated core inflation and supply shocks which can be affected by monetary policy, and decided to revise the bank's monetary policy stance.

Slovenia, Australia to talk double taxation avoidance deal

Canberra – Slovenia and Australia will start negotiations to conclude an agreement on avoidance of double taxation next year, the Slovenian Embassy in Canberra has announced.

Announcing the negotiations, the embassy said on Wednesday that such an agreement would have a positive influence on the volume of economic cooperation between the countries, especially in investments.

Bitcoin Mining Generates Waste comparable to e-waste produced by The Netherlands

Bitcoin mining produces electronic waste (e-waste) annually comparable to the small IT equipment waste of a place like the Netherlands, research shows.

Miners of the cryptocurrency each year produce 30,700 tonnes of e-waste, Alex de Vries and Christian Stoll estimate.

That averages 9.5oz (272g) per transaction, they say. By comparison, an iPhone 13 weighs 6oz.

Turkey's short-term external debt stock at $125.3 bln in July

Turkey's short-term external debt stock stood at $125.3 billion at the end July, according to data released on Sept. 17. 

The debt that must be paid in a year or less climbed 9.7% in July compared to the end of 2020, according to the Turkish Central Bank.

A total of 40.7% of the debt stock is in U.S. dollars, 25.8% in euros, 13.3% Turkish liras, and 20.2% in other currencies.

Central Bank reserves top $120 bln, 1st time since November 2016

The Turkish Central Bank's total reserves rose by $944 million to hit $120.1 billion last week, for the first time since November 2016.

According to weekly money and bank statistics published by the bank, the gross foreign exchange reserves increased by $1.6 billion to $79.6 billion on Sept. 10, from $78.5 billion on Sept. 3.

Greece plans early repayment of loans

Greece is "getting rid" of expensive debt, laying the groundwork for the early repayment of part of the bilateral loans from the first Memorandum of 2010 (2.7 billion euros per year) and the further repayment of IMF loans (1.9 billion euros). The signal was officially sent by the Minister of Finance Christos Staikouras and according to information, these moves will start in the near future.

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