Central Banking

Bulgaria to keep currency board until joins EU

Bulgaria will keep its currency board until it joins the European Union, and will reduce borrowing from international lenders such as the International Monetary Fund and the World Bank, Prime Minister Ivan Kostov said Monday.

The currency board, set up in mid-1997, has been the main means of taming hyperinflation and stabilizing Bulgaria's ever-weakening currency, the lev. The board is a panel, which bars the Bulgarian central bank from issuing new money to cover fiscal deficits and bail out d