Deputies Approve Easter Supplements of 100 BGN for Pensioners Below Poverty Line
Today, deputies voted to provide Easter supplements of BGN 100 to pensioners whose pensions fall below the poverty threshold of BGN 526
Bulgarian National Bank (BNB) Governor Dimitar Radev has said it is the right time for the country to access the ERM II Mechanism, the so-called "Eurozone waiting room".
Radev has opined that Bulgaria should reassert its commitment to further financial integration with Europe "precisely in these times that both European institutions and the European project as a whole are under very strong pressure. The time is now to confirm our commitment and work for the realization," Capital weekly quotes Radev as saying at an event marking bankers' holiday.
(St Nicholas, celebrated on December 06, is marked as a festive day by sea men, those involved in the fisheries sector, and bankers alike.)
"This commitment is an easy one when it comes to words, in good times, but very hard in tough times."
Earlier, outgoing Bulgarian Finance Minister Vladislav Goranov said, when asked by a lawmaker whether it was time for the country to pursue further steps toward Eurozone integration, that Sofia will submit the demand to EU institutions when there is "external support" for them, in a reference to bigger EU member states and Brussels.
In January of last year, Goranov said the country was willing to restart talks on adopting the euro with the governments of the 19 Eurozone economies.He then argued Bulgaria should aspire to join ERM II by 2018.
Bulgaria is operating a currency board arrangement, a tight monetary policy system that pegs its lev currency to the euro at a fixed exchange rate, but is not in Exchange Rate Mechanism (ERM) II, the formal EU mechanism for limiting currency fluctuations. Countries must spend at least two years in ERM II before joining the euro.
Bulgaria said in September 2012 it was putting on hold its plans to adopt the euro due to the debt crisis and the double dip recession facing the eurozone, along with rising public opposition to abandoning the lev.
Since then, successive governments have been sending controversial signals as to whether the country should adopt the single European currency sooner or later.
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Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member.
The National Statistical Institute's latest report unveils a marginal annual increase in the income of Bulgarians in 2023 compared to their expenses, marking a reversal of the trend observed in 2022
In a recent interview on Nova TV, former Minister of Economy Bogdan Bogdanov expressed skepticism regarding Bulgaria's prospects of entering the Eurozone at the outset of 2025
The path to Eurozone accession for Bulgaria may see a significant milestone in 2025, albeit not at the outset of the year, according to Dimitar Radev, the governor of the Bulgarian National Bank (BNB)
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