Minimum Wage Hike on the Horizon for Bulgaria in 2025
Starting from January 1, 2025, Bulgaria aims to raise its minimum wage to at least BGN 1,080 (EUR 552), a significant increase from the current BGN 933
Bulgaria’s central bank BNB on Monday adopted a plan for reforming its banking supervision activities which takes into account the conclusions made by the International Monetary Fund, the World Bank and the country’s Audit Office.
The reform plan is intended to make Bulgaria’s banking supervision practices comply as closely as possible with the current international standard, namely the Basel Core Principles for Effective Banking Supervision from 2012, the BNB said in a statement.
The plan has been drafted for about a year following the collapse of Corporate Commercial Bank (KTB) in the summer of 2014.
The blueprint identifies problematic practices and structural deficiencies in BNB’s banking supervision function that need to be addressed in 2015 and 2016 to make supervision more efficient.
To avoid exposing the supervisory function to risks associated with vesting the majority of the powers of supervision in the BNB deputy governor in charge of banking supervision, in the future the BNB Governing Council will approve the internal rules and manuals regulating supervisory activities.
Another change, which aims to make the Banking Supervision Department more accountable, provides for issuing quarterly reports to the Governing Council about the detected problems, the measures undertaken for their resolving as well as the changes in the shareholding structure of commercial banks. The department will also have to pass yearly audits of compliance of its activities with the regulations.
The changes also provide for the eastablishment of a new body, a Bank Restructuring Directorate, outside the Banking Supervision Department.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Starting from January 1, 2025, Bulgaria aims to raise its minimum wage to at least BGN 1,080 (EUR 552), a significant increase from the current BGN 933
Bulgaria’s prospects for joining the euro in 2025 have been bolstered by a cooling annual inflation rate, which dropped to the eurozone average of 2.4% in April, marking its first dip below 3% since the summer of 2021
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
Sofia Airport's Terminal 3 Construction Set to Begin in Early 2026
COVID-19 Impact: Bulgaria's Grim Milestone as Highest Death Rate in EU