Bulgaria Parliament Re-Elects C-Bank Deputy Chief

Dimitar Kostov, 57, has been serving as deputy governor of the Bulgarian National Bank, in charge of the Banking Department since 2005. Photo by Sofia Photo Agency

Bulgaria's parliament has supported the nomination of National Bank deputy governor Dimitar Kostov for a second six-year term.

The proposal, tabled in parliament by the central bank governor Ivan Iskrov, was approved with 143 votes. Ten MPs voted against, while another six abstained.

Kostov, 57, has been serving as deputy governor of the Bulgarian National Bank, in charge of the Banking Department since 2005. His term in office ends on June 11, according to the central bank website.

The other two Deputy Governors of the BNB are Kalin Hristov – in charge of the Emission Department since 2009 and Rumen Simeonov – in charge of the Banking Supervision Department since 2007.

Dimitar Kostov was born on September 22, 1957, married, with two children. He is a fluent speaker of English.

Since June 11, 2005, Dimitar Kostov is Member of the Governing Council of the Bulgarian National Bank and Deputy Governor in charge of the BNB Banking Department.

Prior to taking these positions, he was the Chairman of the Governing Council of the Association of Commercial Banks in Bulgaria and Executive Director of Allianz Bulgaria AD Commercial Bank from August 1997. From May 1997 to August 1999, he was the Executive Director of Central Cooperative Bank AD.

He also held the following positions: Minister of Finance (1995-1997), First Deputy Minister of Finance (1993-1995), Deputy Minister of Finance (1990-1992), member of the External Debt Committee (1993-1994), member of the BNB Plenary Board (1991-1997), Governor for Bulgaria at the World Bank (1995-1996).

Presently, Dimitar Kostov is Chairman of the Board of Directors of the Bulgaian Mint EAD and of the National Payment Systems Council. He is an Alternate Governor to the World Bank Group organisations, of which the Republic of Bulgaria is a member, and the European Bank for Reconstruction and Development (EBRD).

Bulgaria is operating in a currency board regime, which was put in place after an economic crisis in 1997 led to hyperinflation and the lev's collapse. It pegs the lev to the euro.

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