Bulgaria to Pick Next C-Bank Governor on July 10

Business » FINANCE | June 19, 2015, Friday // 09:24
Bulgaria: Bulgaria to Pick Next C-Bank Governor on July 10 Incumbent Ivan Iskrov is set to vacate the position in October when his term expires, though some reports have suggested he might choose to do this earlier. Photo by BGNES

A new Governor of the Bulgarian National Bank (BNB) is to be elected out of the four registered candidates on July 10, an official has said.

Menda Stoyanova, who heads the Budget and Finance Committee in Parliament, told public broadcaster BNT on Friday there will be "no political bargaining" prior to the procedure.

All four contenders will have to present their ideas on how to run the BNB in a session of the Committee that Bulgarians will be able to follow through live streaming.

This comes as the 6-year term of Ivan Iskrov, the incumbent, ends in October, but also amid rumors he is to step down earlier than expected.

Iskrov came under fire from numerous political forces last year for his actions with regard to the bank run on Corporate Commercial Bank (KTB) and its subsequent collapse. KTB's majority owner also believes Iskrov acted as part of a plot to destroy the bank, something the latter consistently denies.

A year ago he moved to place KTB under special supervision which lasted for months following a run on deposits at the bank. He acted differently with regard to First Investment Bank, which was also exposed to a run just days later, and his response prompted some to accuse him of applying double standards.

He was then put under strain to resign, but repeatedly refused to do so.

Public hearings will thus bring together candidates put forward by the main coalition partners (conservative GERB and right-wing Reformist Bloc), by left-wing ABV party which is also in the government, and by the Patriotic Front, a nationalist coalition backing the cabinet.

Stoyanova (GERB) stressed the qualities of Dimitar Radev, a seasoned economist with experience in the International Monetary Fund, but underlined those of other candidates as well. GERB endorsed his candidacy, and the Reformist Bloc tabled its own proposal but said it was not against that of its coalition partner.

ABV's contender is Victor Yotzov, who previously worked at the Economic Analyses department at the BNB.

The PF nominated Grigorii Vazov, who heads the University of Finance, Business  and Entrepreneurship (VUZF) and who previously served as Deputy Economy Minister.

Biser Manolov, backed by the Reformist Bloc, headed the Deposits Insurance Fund in 2003-2011, and is still part of the fund's Governing Council.

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Tags: Grigorii Vazov, Victor Yotzov, Dimitar Radev, Bulgarian National Bank, Central Bank, BNB, Biser Manolov, GERB, Ivan Iskrov, KTB
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