site.btaMoney in Circulation at End-September 2023 Close to BGN 28.428 Bn

At the end of September 2023, the money in circulation reaches almost BGN 28.428 billion, the BNB reports. Over a period of one year (compared to the end of September 2022), it grew by 7.2%, or BGN 1,905.9 million.

Compared to the same period last year, the increase is lower both in terms of percentage and absolute value, the Bulgarian National Bank reports in its regular quarterly review of issuance and cash activity, published Tuesday on the BNB website.

In the July-September 2023 period, money in circulation increased by almost BGN 1.223 billion, or by 4.5% compared with the end of June 2023. The increase in the third quarter of 2023 is 0.5 percentage points less than that reported for the same period of 2022. In all three months of the third quarter of 2023, money in circulation recorded positive monthly growth, highest in July.

At the end of September 2023, the share of banknotes in the total value of money in circulation was 97.95%, and that of currency coins was 2.04%. The share of commemorative coins in the total value of currency in circulation is 0.01% and unchanged from end-June 2023.

At end-September 2023, almost 590 million banknotes were in circulation, up 3.9% compared with end-June 2023. Over the same period, their total value grew by 4.6%, reaching BGN 27.8 billion as of September 30.

The BGN 50 bill has the largest share (41.4%) in the total number of banknotes in circulation at the end of the third quarter of 2023, with 244.2 million banknotes of this denomination in circulation as of September 30. The smallest share (5.33%) is accounted for by the banknotes of BGN 5.

Over a one-year period, the number of banknotes in circulation increased by 5.7 million (1.0%) and their value - by over BGN 1.869 billion (7.2%). There is an increasingly clear trend towards an increase in the number of banknotes with high denominations (BGN 50 and BGN 100) and a decrease in the number of banknotes with lower denominations (BGN 10 and BGN 20).

The number of BGN 5 banknotes in circulation tends to decrease, the quarterly report says.

At the end of September 2023, the total value of banknotes with a denomination of BGN 100 outside the BNB's cash desks was over BGN 12.472 billion, which is the largest share (44.86%) in the value structure of banknotes in circulation.

At the end of September 2023, 3.175 billion coins are in circulation. In one year, the total number of coins in circulation increased by 165.2 million (5.5%) and their value - by BGN 31.4 million (5.7%).

On an annual basis, the number of coins with a denomination of BGN 2 increased at the fastest rate (6.7%). At the end of September 2023, 88.8 million of them were in circulation, which represents an increase of 5.6 million pieces.

For the period July-September 2023, a total of 340 non-genuine Bulgarian banknotes were seized from circulation at the BNB's National Centre for Analysis, which is 907 fewer, compared to the second quarter of 2023.  The largest share of non-genuine currency was in BGN 50 bills (81.77%), the BNB reported.

In the period July-September 2023, a total of 95 pieces of counterfeit Bulgarian currency coins were registered and detained, including 14 pieces of BGN 2, 13 pieces of BGN 1 and 68 pieces of 50 stotinkas, the central bank further reported.

During the machine processing of banknotes received in the third quarter of 2023, 17.3 million bills were separated as unfit for further use in monetary circulation. They represent 5.92% of the total number of banknotes processed during the reporting period.

As a result of the machine processing of banknotes in the third quarter of 2023, the largest share in the total number of banknotes separated as unfit were those with a denomination of BGN 10 (32.84%), followed by banknotes of BGN 20 (29.72%) and BGN 50 (21.28%). The shares of unfit banknotes of BGN 5 and BGN 100 were smaller, 13.49% and 2.67%, respectively.

In the third quarter of 2023, 360,800 coins were separated as unfit for monetary circulation. They represent 2.10% of the total number of coins in circulation processed during the reporting period.