site.btaBase Interest Rate Up at 1.42% as of January 1

The Bulgarian National Bank (BNB) Friday announced a base interest rate (simple per annum interest) of 1.42% as of January 1, 2023. The central bank began to incrase the rate from October this year when from 0% it rose to 0.49% for the first time since 2016.

In November the base interest rate rose to 0.59% and in December to 1.3% based on the transactions of the interbank market. 

With the higher base interest rate the penalty interest increases too which is plus 10% over. It is set twice annually in July and January, which means that as of January the National Revenue Agency has to factor in the higher rate.