Bulgaria to Meet Eurozone's Final Price Stability Requirement This Month
Bulgaria is projected to meet the convergence criterion for price stability in January 2025, with expectations to continue achieving this for the rest of the year
State General Reserve Fund of the Sultanate of Oman, one of Corporate Commercial Bank (KTB) shareholders, is free to take steps to save it, Bulgaria's Finance Minister announced.
Minister Petar Chobanov explained in an official statement he had held phone conversations with the SGRF's chief executive Abdulsalam Al-Murshidi, whose fund owns a 30% stake at KTB.
Both sides dismissed speculative claims that shareholders had not been invited to take part in the search for a viable solution regarding the bank's future.
The government will also give the fund an opportunity to secure the resource necessary (capital and liquidity) for the troubled bank, and the state is to intervene according to its legal competences only if shareholders fail, the message also reads.
Bulgaria's Finance Ministry is of the opinion that finding a "private" solution that does not require "public resources" is the most desired way out of the situation.
The latest developments come after the Bulgarian National Bank (BNB) announced Friday last week plans to suspend the license of KTB and to nationalize its subsidiary Credit Agricole Bulgaria after announcing auditors had discovered illicit banking practices.
An inspection was carried out at the bank after BNB placed it under conservatorship in mid-June following the exhaustion of its liquidity.
Professor Steve Hanke, who established Bulgaria’s currency board, emphasized that the country should maintain the current system, as it continues to work effectively
Bulgaria has the lowest minimum wage among the European Union member states as of January 2025, standing at 551 euros
Since being created as a joke cryptocurrency , Dogecoin has become a popular cryptocurrency with an active community of developers, traders, and investors.
Economists have urged Bulgaria’s leadership to submit an application to the European Commission and the European Central Bank for an extraordinary convergence report on joining the eurozone
Representatives of Bulgaria’s ruling coalition have once again highlighted a significant deficit in the state budget, with Stanislav Balabanov from "There Is Such a People" (TISP) stating that 2025 will be a transitional year regarding the eurozone
Valeri Belchev, former acting Minister of Finance, recently expressed strong concerns about Bulgaria's financial management, particularly focusing on the lack of proper budget management tools
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