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Bulgarian Bank Advisor: Bulgaria Lev Strongest Currency in Eastern Europe
Business | February 16, 2009, Monday // 00:00
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The Bulgarian Lev is the strongest currency in the region according to Bulgarian National Bank advisor, Kalin Hristov. Photo by Yuliana Nikolova (Sofia Photo Agency)
Kalin Hristov, an advisor to the Bulgarian National Bank's (BNB) Governor, has stated that he believes that the Bulgarian Lev (BGN) is the most stable currency in Eastern Europe due to the Bulgarian economy being the most flexible and competitive in the region, the German publication Frankfurter Allgemeine Zeitung reported Monday.
Hristov suggested that the currencies of countries with currency board arrangements, like Bulgaria, are more stable in times of crisis when floating courses start rapidly devaluating and create problems for banks.
After taking into account that Bulgaria's banking system has considerable reserves to fall back on in times of trouble, Hristov believes that Bulgaria's banks will remain more stable than the banks in other countries in Central and Eastern Europe in 2009, despite the fact that they will probably show a slower growth than in previous years.
Hristov suggested that the currencies of countries with currency board arrangements, like Bulgaria, are more stable in times of crisis when floating courses start rapidly devaluating and create problems for banks.
After taking into account that Bulgaria's banking system has considerable reserves to fall back on in times of trouble, Hristov believes that Bulgaria's banks will remain more stable than the banks in other countries in Central and Eastern Europe in 2009, despite the fact that they will probably show a slower growth than in previous years.
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