The proposal to tax banks` excess profits will have negative

The proposal to tax banks` excess profits will have negative consequences for the country`s economic activity and financial stability, BNB Governor Dimitar Radev said in a conversation with BNT presenter, Georgi Lyubenov, on the Banker`s Day, December 6.

Here is how Dimitar Radev described the idea of the Ministry of Finance:

" Since loans are affordable, they are at an acceptable rate. Taxing banks` extra profits will have the immediate effect of making loans more expensive and limit the availability. This will put a very serious drag on economic activity, negatively affecting everyone—banks, businesses, and households—ultimately resulting in a loss for the state budget. When you find yourself in a hole, the first thing to do is stop digging. Taxing the extra profits of banks won’t fill the hole but will make it deeper, " said Dimitar Radev.


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