Damaged Leva Banknotes to Be Exchanged for Euros Under BNB’s New Guidelines
The Bulgarian National Bank (BNB) has released another set of practical guidelines regarding the transition to the euro once the country joins the eurozone
The majority shareholder in Bulgaria's collapsed Corporate Commercial Bank, or KTB, has appealed the central bank's decision to scrap KTB's banking licence, frognews.bg reported on Wednesday.
Bromak, a company owned by Tsvetan Vasilev, is KTB's majority shareholder. The appeal was filed with the Supreme Administrative Court (SAC).
According to unnamed sources, other shareholders and many depositors in KTB have also submitted appeals against the central bank's decision with SAC, the media outlet said.
Under Bulgarian law, the appeals stall the insolvency lawsuit against KTB launched by BNB with Sofia City Court earlier this month. The insolvency proceedings could only resume after SAC rules on the appeals.
KTB, Bulgaria's fourth largest lender, has been closed since June 20 following a bank run. The central bank, BNB, revoked KTB's banking licence on 6 November and asked Sofia City Court to declare KTB insolvent the following day.
KTB shareholders and depositors claim in their appeals that the BNB and the administrators it had appointed at KTB severely violated more than 30 regulations and procedures provided for in European Commission directives as well as national legislation, frognews.bg said.
The appeals don't prevent the repayment of state-guaranteed deposits of up to BGN 196,000 with KTB which is due to begin on 4 December.
Sofia continues to dominate Bulgaria's housing market, securing the top spot for the third consecutive year in the construction of large residential properties.
According to the latest data from the Bulgarian National Bank (BNB), the number of individuals in Bulgaria holding bank deposits of over 1 million BGN continues to rise steadily—at an average rate of one new millionaire depositor per day.
Bulgarian MPs in a temporary road safety committee supported a proposal to deny annual car inspections (GTP) to drivers with unpaid traffic fines.
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Bulgaria has accelerated in embracing digital technology, with 84% of its population actively involved on the internet.
Plovdiv has emerged as the most dynamic regional office market in Bulgaria, with over 237,000 square meters of Class A and B office space, according to the latest “Offices in Regional Cities in Bulgaria” report published by Colliers International.
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