Bulgarian premier urges banks to lend more

Bulgarian prime minister Ivan Kostov on Tuesday urged local bankers to lend more to boost economic growth instead of keeping funds deposited abroad. He told an annual bankers meeting Bulgaria's banks had transfered $600 million in deposits this year with banks abroad instead of channelling the funds to local busineses.

"Banks face a serious challenge to become well-functioning intermediaries, which direct cash flows to achieve sustained development of the real economy in the country," said Kostov

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