Previously Critical Analysts Support Bulgarian Currency

Business | March 18, 2009, Wednesday // 09:46|  views

Experts from the Danish Danske Bank have backed the Bulgarian Lev's stability after previously critisizing it. Photo by marxist.dk

The previously critical Danish Danske Bank has made a u-turn regarding Bulgaria's national currency, the Lev.

Analysts from the bank who had criticized the Bulgarian government for not changing the rate at which the Lev is pegged to the Euro have now stated that the lev is "stable as a currency." "

"They also stated that they are now using the Bulgarian lev to test their own markets," Bulgaria's Finance Minister Plamen Oresharski said, when commenting on Danske Bank issuing lev-denominated bonds worth BGN 70 M on the Bulgarian securities market.

According to Oresharski, this was a recognition that both Bulgaria's Lev and currency board are reliable.

"We have sent our comments as regards to the way the financial institutions of the Kingdom of Denmark are intervening in the local market using the guarantees of our government, to the Finance Minister of Denmark and the Governor of the Danish central bank," Oresharski concluded.

 

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Tags: Danske Bank, finance minister, lev, Euro peg

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