Bulgaria PM Confirms Stability of Bulgaria Banking System

Bulgaria PM Boyko Borisov (R) personally minted a coin after he held a meeting regarding banking stability with the BNB Governor Ivan Iskrov (L) on Thursday. Photo by BGNES

Bulgaria PM and Bulgarian National Bank (BNB) Governor Ivan Iskrov have held a meeting to discuss the stability of Bulgaria’s banking system Thursday morning.

After Borisov and Finance Minister Simeon Djankov met with Iskrov, all three assured that the banking system in Bulgaria is stable in the short and long term.

Borisov added that interest rates on loans have begun to fall, but that this should not happen too fast. He also stated that the fiscal reserve is in the Bulgarian National Bank and “hasn’t got anywhere to go," referring to the recent controversy about ex Finance Minister Plamen Oresharski striking a secret deal with Central Bank Governor Iskrov, back in May 2008 for depositing 14% of the fiscal reserve into commercial banks.

He concluded by saying that in Bulgaria the financial crisis is not serious enough to hit people's savings.

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