Bulgarian national bank chief to run for 2nd term

Source: Novinite

Bulgarian National Bank Governor Svetoslav Gavriiski announced Tuesday he would run for a second six-year term.

Parliament is expected to move on this next week, when the candidature of deputy governor will also be considered.

Deputy Governor of Bulgaria's central bank and the country's currency board chief, Martin Zaimov, submitted his resignation in February after accepting an offer to become executive director and member of the management board of the Bulgarian Post Bank.

Earlier in the day Bulgarian President Georgi Parvanov praised the work of the Bulgarian National Bank during the mandate of the current governor of the bank Svetoslav Gavriiski.

At his meeting with Gavriiski Parvanov called the results achieved during the last six years a considerable success.

The Governor of the Bulgarian National Bank informed the president on the current condition of the bank and the financial system in Bulgaria.

Gavriiski underlined that Bulgaria now boasts high currency and financial reserves and a stable banking system.

Deposits guarantee fund, that considerably increases the trust in the banking system, has been formed and a Real-time Interbank Gross Settlement System (RINGS) has already been put into operation.

According to Gavriiski all these achievements form a stable financial sphere in the country and create possibilities for effective economic policy.