STEVE HANKE: BULGARIA SHOULD PRESERVE THE CURRENCY BOARD

Business | February 17, 2002, Sunday // 00:00

Bulgaria should preserve the Currency Board Arrangement (CBA) former President Stoyanov economic adviser Steve H. Hanke said in an interview published in the new issue of magazine “TEMA.” According to him Bulgaria should not fear of developments similar to the ones in Argentina since Bulgaria is under Currency Board at the moment while Argentina went out of CBA last year. Numerous discussions took place in Bulgaria after Argentina’s economy collapsed. One of the polls at novinite.com concerned that issue. Then the majority of the readers who cast their votes supported the currency board in Bulgaria. To the question “Should Currency Board remain in Bulgaria?,” 71% of those who voted, answered positively. The rest 29% voted against the system, imposed in 1997 by the International Monetary Fund. Following a period of deep crisis in 1996 and in early 1997, the Currency Board Arrangement (CBA) was acknowledged as the best tool for stabilization and a way out of the crisis for Bulgaria. It was introduced formally in July 1997.

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