The official reserve assets of the Bulgarian National Bank (BNB) rose by 0.1% m/m to EUR24.8bn at end-May, according to the latest BNB data. The foreign reserve assets represented 41.7% of the expected GDP for 2019, unchanged m/m. The reserve coverage of imports also remained unchanged at 9.8x months and the reserve coverage of short-term external debt was 3.0x.
The slight m/m increase in the foreign reserves was driven by a 1.7% m/m growth in BNB’s liabilities to the government, as well as to an 8.9% increase in BNB’s liabilities to other depositors, BNB balance sheet data suggested. On the other hand, banknotes in circulation declined by 0.1% m/m and BNB’s liabilities to banks also dropped, by 2.5% m/m.
Pre-determined reserve drains for the next twelve months were calculated at EUR559.1m and the contingent outflows were estimated at EUR86.2m for the same period.