Bulgaria New Government Decides against Ousting Central Bank Governor

Business » FINANCE | August 5, 2009, Wednesday // 17:40
Bulgaria: Bulgaria New Government Decides against Ousting Central Bank Governor Cbank governor Ivan Iskrov is very likely to stay for another six years in office after GERB made a U-turn in its plans. Photo by BGNES

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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