Bulgaria C-Bank Governor 'Likely to Resign end-November'

Business » FINANCE | November 21, 2014, Friday // 13:08
Bulgaria: Bulgaria C-Bank Governor 'Likely to Resign end-November' Ivan Iskrov. Photo by BGNES

Bulgarian National Bank (BNB) governor Ivan Iskrov is likely to step down by the end of November, sources in Parliament say.

The arrangement has been made after consultations Iskrov held with Prime Minister Boyko Borisov and the parliamentary groups of parties in the ruling axis, the website Mediapool.bg reports citing the sources.

Bulgaria's currently governing minority cabinet supported by the nationalists from the Patriotic Front (PF) has maintained for weeks Iskrov had to resign, even though the Bulgarian legislation does not provide for any action against the BNB governor unless he willfully deposits his resignation.

Many politicians claim he is to be held accountable for the developments at Corporate Commercial Bank (KTB), which the BNB stripped of license after having imposed a special supervision on it for the previous four months. Iskrov is often blamed for his inadequate approach to the KTB crisis.

At the same time he demanded during the consultations to be appointed representative of Bulgaria at the
Thessaloniki-based Black Sea Trade and Development Bank (BSTDB), according to Mediapool's sources.

Bulgaria is currently represented at the bank by Nina Stavreva, who has given the post by the previous elected government.

The BSTDB was set up in the 1990s by eleven countries, seven of which have a Black Sea coast (Bulgaria, Georgia Moldova, Romania, Russia, Turkey and Ukraine). Albania, Armenia, Azerbaijan, Greece are also partners. Its first operations were in 1999.

Its main goal is to promote economic development and regional cooperation.

So far it is not clear who could take over the BNB, but the above-cited information suggests Parliament groups have united around the appointment of former Finance Minister (1997) and BNB Governor (1997-2003) Svetoslav Gavriyski.

Friday's reports come after Iskrov met Prime Minister Borisov at the government headquarters earlier this week, with none of them disclosing details.

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Tags: Boyko Borisov, BNB, Ivan Iskrov, Corporate Commercial Bank, KTB, BSTDB, Nina Stavreva

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