Bulgarian National Bank: Incompetent and Irresponsible Statements! Changing the BGN-EUR Exchange Rate is Impossible

Finance | March 16, 2023, Thursday // 09:49|  views

BNB @Wikimedia Commons

"Changing the leva-euro exchange rate is impossible". This is stated by the Bulgarian National Bank to National radio, after yesterday information was spread, which is claimed to be from a report of the Ministry of Finance, according to which there is a risk of a change in the exchange rate of the leva against the euro.

The BNB defines such statements as incompetent and irresponsible.

"There is no reason to change the existing exchange rate of the leva to the euro, and such statements are 'incompetent and irresponsible'", the Bulgarian National Bank told BTA.

When asked whether there are reasons to believe that the leva-euro exchange rate can be changed, the BNB replied:

"No, there are no such reasons. The international currency reserves of the Bulgarian National Bank (which secure levs in circulation) are at their highest level for the last 30 years".

The central bank also indicated that there were no talks between their representatives and those of the Ministry of Finance regarding a possible change of course.

At an extraordinary briefing, the Minister of Finance, Rositsa Velkova, stated that "theoretically, there is also a danger for the currency board if an excess deficit is reached". The state's financial situation is not rosy at all, and our country is threatened by an excess deficit if it does not take a number of unpopular measures, Velkova announced.

Earlier today, Velkova backtracked on her statements and clarified that "there is no risk of bankruptcy of the state, nor of the intervention of the International Monetary Fund and the need to take out new debt."

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Tags: bank, euro, leva, velkova


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