Bulgaria's Borissov Calls for Suspension of Media Grants Amid Budget Controversy
Boyko Borissov, leader of GERB, escalated his criticism of Bulgarian media outlets receiving grants today, calling for the suspension of such funding
The Association of Banks in Bulgaria (ABB) and the Ministry of Finance are facing uphill negotiations over new legislation restricting cash payments, analysts say.
At the end of January this year Bulgaria's parliament adopted amendments, which ban cash payments exceeding BGN 15 000.
Amounts exceeding BGN 15 000 must be paid only through bank transfers, the MPs decided in a bid to prevent VAT frauds and unregulated salary payments in the gray economy.
The Ministry of Finance and MPs from the ruling centrist GERB agreed on increasing the maximum sum allowed for cash payments to BGN 15 000, saying the initially proposed BGN 5 000 limit would have caused inconveniences for the citizens trying to purchase second-hand cars and domestic appliances.
The amendments also provide for relieving clients from transactions fees when paying state and municipal taxes via POS terminals.
How and when the new service will begin to be provided however is still unclear.
The service calls for software corrections in the systems of Borika – Bankservice card operator, all ATMs and POS terminals. Besides it is not still known who will foot the bill, which is expected to run into millions since the expenses have not been included in the state budget, while the banks are unwilling to share the costs.
The Finance Ministry will insist on doing away with the fees as soon as possible. The banks will most likely be granted a grace period of seven-eight months to adapt to the new conditions.
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
Kalin Hristov, former deputy governor of the Bulgarian National Bank and former finance minister, expressed concern over the public discourse on key economic issues
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