Parliament to Elect Bulgarian National Bank Governor by July 8

Business » FINANCE | June 4, 2015, Thursday // 08:40
Bulgaria: Parliament to Elect Bulgarian National Bank Governor by July 8 Bulgarian National Bank headquarters, photo by BGNES

Bulgaria’s Parliament is to elect a new Governor of the Bulgarian National Bank (BNB) by July 8 at the latest, according to Menda Stoyanova, Chair of the parliamentary budget and finance committee.

Stoyanova announced in a Wednesday interview for Bulgaria on Air TV that it was possible that the name of the successor of the incumbent, Ivan Iskrov, was clear by July 1.

She suggested that the first thing that the new BNB Governor had to do was to propose amendments to the Law on the Bulgarian National Bank, adding that the absolute independence of the Deputy Governors of the BNB had to change.

Stoyanova claimed that the step would enable the BNB Governor to exercise greater control over the Deputy Governors and to impose penalties on them, if necessary.

She said that the hearing of the candidates for the post of BNB Governor would take place at a meeting of the parliamentary budget and finance committee after the MPs approved the election procedure.

Stoyanova emphasized that Bulgaria’s entry into the so-called Eurozone waiting room by end-2018 was a priority of the 43rd National Assembly at the insistence of President Rosen Plevneliev.

She said that the move, which was included in Bulgaria’s EU Accession Treaty, would ensure a smooth exit from the currency board.

Stoyanova argued that the fact that Bulgaria was not a Eurozone country only entailed financial obligations, without Bulgaria being able to take advantage of the benefits.

She recommended that Bulgarian banks conduct stress tests on their own initiative before undergoing the tests of the European Central Bank and the European Commission.

The Chair of the parliamentary budget and finance committee said that the internal tests would help Bulgarian banks ensure compliance with EU rules in advance.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: Bulgarian National Bank, BNB, BNB Governor, Deputy Governor, Menda Stoyanova, Budget and Finance Committee, Ivan Iskrov, Eurozone, ERM 2, stress tests, European Central Bank, European Commission
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria