Bulgaria Plans to Establish Financial Ombudsman by Mid-Year

Deputy chairperson of Bulgaria's parliamentary Budget Committee Diana Yordanova. Photo: BGNES

The deputy chairperson of the parliamentary Budget Committee Diana Yordanova announced during the weekend that Bulgaria should have a financial ombudsman by the middle of the year.

Yordanova pointed that the establishment of the institution was recorded in the governance programme, daily Dnevnik reports.

The ombudsman will be responsible for preventing fraud and easing the granting of credits to businesses.

Yordanova revealed that there were many cases in which the banks altered their interest rates without informing their customers.

She added that a lot of people were not familiar with the small print that featured in the contracts.

The lawmaker also explained that the ombudsman will have the opportunity to negotiate with different banks better terms for certain types of businesses.

In her words, the ombudsman will function as a mediator between the bank and the entrepreneur.

Yordanova pointed to some other measures against administrative burden and corruption, such as allowing for speedier launching of businesses and Value Added Tax (VAT) registration.

Other measures foresee cutting the administrative burden pertaining to construction works and renovation of buildings.

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