Bulgaria Cbank Governor Tipped for Another Term

Business » FINANCE | May 22, 2009, Friday // 12:00
Bulgaria: Bulgaria Cbank Governor Tipped for Another Term Ivan Iskrov is a favorite of the ruling majority in parliament. Photo by BGNES

The current governor of Bulgaria's central bank BNB is very likely to spend another six-year-term in office with the support of the ruling majority, it emerged on Friday.

A month ahead of the general elections, the ruling majority is expected to rush through his re-appointment in parliament just as easily as they filled in vacant posts in state institutions in a highly controversial vote on Thursday.

The move was seen by the right-wing opposition as an attempt by the ruling majority to secure jobs for some of its MPs, who will hardly make it to the next parliament.

The term of the current governor of the Bulgarian National Bank Ivan Iskrov expires on October 9. Under local legislation a new governor can be appointed no earlier than three months and no later than two months before the term of the previous term expires. This pens the date for new appointment no earlier than July 9, when the current parliament will already be dissolved.

The majority is expected to find a way out of this stalemate by pressing Iskrov to resign and launch the procedure for the election of a new governor.

Ivan Iskrov was appointed Governor of the Bulgarian National Bank in October 2003 after serving as head of the parliamentary budget committee on the ticket of the centrist party of former king Simeon Saxe-Coburg.

 

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