Bulgarian Innovation Minister: Inflation will Calm Down by the End of the Year

Finance | March 11, 2022, Friday // 11:24|  views

“When there is a war next to us, it inevitably changes all the plans of the world. There will be inflation and it will calm down, if it calms down at all, by the end of the year.”

This is what the Minister of Innovation and Growth Daniel Lorer told Nova TV this morning.

The Minister commented on the program approved by the government for the use of humanitarian aid for persons seeking temporary protection.

“No money on hand. Ukrainian refugees will not receive direct financial assistance, the BGN 40, approved by the government, will be given to hoteliers who will accommodate people for day-to-day accommodation plus meals. They must be legal entities and will receive the sums at the end of the month”, Laurer said.

I am convinced that there will be European solidarity for all, as the social pressure is huge, he added and recalled that on Thursday Prime Minister Kiril Petkov called on European partners to financially support Bulgaria and countries close to the war in Ukraine that accept refugees.

EU Rules Out Quick Accession to Ukraine but Opened the Door to the Community

A decision by the European Central Bank (ECB) on the Ukrainian currency is also awaited - as the hryvnia is currently virtually frozen - it has not been repealed, but no one knows what the exchange rate is, Lorer said.

The Minister was adamant that the ruling coalition is moving forward successfully.

“I find the effect of this crisis rather curative,” he added.

Russia has long been Bulgaria's most important trading partner. The only important thing we import from there are energy sources. After the war, the Russian tourist will probably no longer be solvent, but the energy issue is pan-European, Lorer said, adding that the war would push Europe towards an alternative.


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Tags: lorer, Ukraine, Bulgaria, inflation


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