Up To BGN 5,000 Fine For Incorrect Conversion And Rounding Of Prices From BGN To EUR
In order to protect the economic interests of consumers, there will be a period of double labeling of the prices of goods and services - in leva and in euros
HOT: » Assessing the Legacy of Bulgaria's "Denkov" Cabinet: Achievements, Failures, and What Comes Next
Bulgaria and Deutsche Bank have agreed on a EUR 360 M Schuldschein loan to finance the country's budget shortfall, the finance ministry said on Thursday.
Deutsche Bank and Raiffeisen Bank International are the arrangers of the Schuldschein loan, which is not well known in Bulgaria and is used to raise capital from both private corporations, municipalities and states.
"On November 4, 2013 Bulgaria's Finance Minister Petar Chobanov has signed promissory note loan contracts (Shuldscheindarlehen) maturing in 2020, 2023 and 2028 with fixed interest rates with Deutsche Bank acting as creditor and payment agent," the ministry said in a statement.
The loan agreement envisages three tranches of seven, 10 and 15 years paying fixed rate interest rates.
The loan agreement is yet to be ratified by Bulgaria's parliament.
Last month it emerged that Bulgaria’s government has invited offers from ten German banks and Minister Petar Chobanov, who will be in charge of placing debt under German legislation, is expected to pick the one with the lowest fee.
Economists have said the proposed loan is cheaper and faster to arrange.
“Obtaining additional external financing by placing debt under German legislation will lead to diversification of debt funding sources and the investor base of the Bulgarian public debt.
This will also prevent concentration of future debt payments,” the government said in a statement.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
In order to protect the economic interests of consumers, there will be a period of double labeling of the prices of goods and services - in leva and in euros
As Bulgaria inches closer to joining the Eurozone, concerns arise over the implementation of rounded prices in euros, potentially impacting citizens' wallets upon adoption of the single currency
On a briefing held at the National Press Club of BTA, Nikola Ilchev, the creator and organizer of the Balkan eCommerce Summit, showed projections indicating a significant rise in Bulgaria's e-commerce sector
The Ministry of Finance in Bulgaria has revealed that the process to facilitate the exchange of levs with euros in the country will come with a hefty price tag, estimated to be at least BGN 500 million
As Bulgaria steers towards adopting the euro, economists dispel concerns over potential price increases, assuring the public that the impact on inflation will be minimal
The Ministry of Finance has released a draft law for public discussion concerning the adoption of the euro in Bulgaria. The primary aim of the proposal is to ensure a smooth and transparent transition to the European currency
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022