Bulgaria takes counter-cyclical measures

The Bulgarian National Bank has taken counter-cyclical measures to support its domestic banks.

The central bank on Thursday relaxed rules on the evaluation and classification of banks' risk exposures, the allocation of provisions to cover credit risk and on capital adequacy of credit institutions, all of which will free up funds for the banks to lend.

"We have imposed very rigorous rules on provisions during the credit boom several years ago. As this is no longer necessary, we are bringing the