Bulgaria Central Bank Gives State Much More Money than Expected

Bulgarian National Bank will contribute over BGN 100 M more to the state budget than previously expected. Photo by capital.bg

The Bulgarian National Bank is going to contribute BGN 456M from its 2009 operations to the state budget for 2010.

This has become clear from the budget of the BNB for 2010 which was submitted to the Parliament Friday.

Bulgaria’s Central Bank is obliged by law to return to the state budget all funds from its profit which exceeded its expenses for the year.

Thus, at the end of 2009, the BNB will give back to the state BGN 456 M, which is considerably more than the BGN 342 M previously expected.

In April 2008, the BNB transferred to the state budget BGN 401 M, which was the difference from its profit and its expenses in 2008.

However, according to the 2010 state budget, the BNB is expected to have a surplus of only BGN 80 M, which means a much smaller contribution to the 2011 budget.

This is largely going to be the result of the fact that the 2010 program of the Bulgarian National Bank provides for five times smaller investment.

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