Bulgaria Parliament Set to Re-Elect Bank Governor This Week

Business » FINANCE | May 25, 2009, Monday // 18:24
Bulgaria: Bulgaria Parliament Set to Re-Elect Bank Governor This Week Ivan Iskrov has been tipped for another term. Photo by BGNES

Bulgaria's parliament is expected to elect this week for another six-year-term the current governor of the central bank BNB, according to reports.

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

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.

The nomination of Ivan Iskrov has not yet been tabled to the parliament, but the three-party ruling coalition has reportedly reached an agreement on the issue.

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.

Iskrov reelection is believed to be a trump card for pressing the party of Simeon Saxe-Coburg into making a number of concessions in the sharing out of key posts in the state among members of the ruling coalition.

 

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