Bulgarian MPs Set Upper Limits on Wages at Financial Regulator FSC
The Bulgarian legislators have imposed an upper limit for salary of the head of the country’s financial regulator, making it equal to the wage of the Speaker of Parliament.
Bulgaria's new premier Boyko Borisov has apparently given up plans to oust the central bank governor, reelected in a highly controversial parliamentary vote just before the elections.
The reelection of Ivan Iskrov, member of the centrist party of Simeon Saxe-Coburg, at the end of May was believed to be a trump card for pressing the formation into making concessions in the sharing out of key posts in the state among members of the ruling coalition.
This scenario failed after the former ruling Socialist-led coalition suffered a crushing defeat in the general elections on July 5, while the centrist party of Saxe-Coburg even did not manage to 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 penned the date for new appointment no earlier than July 9, when the previous parliament was already dissolved, and no later than August 9, when the new parliament is in a summer recess.
It was not immediately clear what brought about the U-turn in GERB firm initial decision to replace BNB governor. All possibilities for ousting Ivan Iskrov will be irreversibly gone after October 9 when his new term starts.
Reports have been pointing to Petar Andronov, chief executive of EIBank, majority-owned by Belgian KBC, as his most likely successor.
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In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
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According to Levon Hampartzoumian, the likelihood of Bulgaria joining the Eurozone in 2025 is very slim, as no country has ever entered during the middle of the year
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