Financial and business news from Bulgaria

Surprise! The Bulgarian spends large sums of money in the middle of the pandemic and this proves it

Bulgarians carry more banknotes of 50 levs and 100 levs in their pocket, according to the Bulgarian National Bank data. This shows that Bulgarians spend larger amounts despite the spread of Covid-19. Money in circulation grew by BGN 1.578 billion, or 8.62 per cent for a year and reached BGN 19.884 billion at the end of September, the Central Bank announced, Trud reports.
Curiously, within the last quarter alone from July to September, money in circulation increased by more than £1bn, or 5.39%. This shows that despite the limited travel abroad, Bulgarians spent large amounts of cash in the summer.

The average value of a banknote that stands in our pocket is 37.68 levs, rising by 0.88% per year, the data of BNB show. This is due to the faster growth of the banknotes of BGN 50 and BGN 100 in cash circulation compared to the other banknotes, the BNB said.

The most common banknote is the 50 BGN. Of all 515 million banknotes in circulation, those of BGN 50 have a share of 31.81%. Which indicates that this banknote is most often found in our wallet. As of September 30, 163.8 million banknotes of BGN 50 were in circulation. The 100 leva banknote is also becoming more common. With the smallest share (3.57%) is the number of banknotes of BGN 2.

For the period from July to September 2020 in the National Analysis Centre 154 counterfeit Bulgarian banknotes circulating in the monetary circulation.

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The most commonly counterfeited banknote is that of BGN 20, and it has a 47.40% share of the unreal money withheld. The reason for this is that the value of this banknote is not large, and cashiers are more careless when working with it. Second place is the 50 leva banknote, which has a share of 40.26% in the total number of fakes detained. Non-genuine banknotes of 10 BGN have a share of 8.44% and those of 100 BGN have a share of 2.6%.

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