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.

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