Bulgaria's finance minister, who was initially targeting rapid accession to the euro zone, has confirmed the country is in no hurry to adopt the single currency.
"We will not make any move toward the switchover in the next two years," Simeon Djankov told reporters in Vienna on Thursday.
The statement is in line with the opinion of local analysts, who have tried to tone down the cabinet's enthusiasm for adopting rapidly the common European currency, saying it makes more sense for the...
Bulgaria's Currency Board Is Super Stable
(Sofia, Jan 12) - "The currency board functioning in Bulgaria is super-stable," the monthly analysis of Raiffeissen Bank Bulgaria reads.
The experts have calculated that at the end of November 2012 the currency board's reserves amount to 15.1 billion euro, which is an increase by 2.2 million euro from a month ago.
The board's reserves have increased by 1.9 billion euro (14.4%) year-on-year, which is a surplus of about 89% to the minimum...
The European Bank for Reconstruction and Development has revised upwards its forecast for Bulgaria's economic growth in 2013 from 1.7% to 1.9%.
The bank cut its forecast for economic growth in October last year from 2.5% in the previous report published in May to 1.7%, citing slumping exports.
"Recovery is expected to continue to be modest in Bulgaria into 2012, due mainly to sluggish export demand. Growth in 2012 is likely to have ended up at around 1% only, with a modest forecast...
A total of 21% of the eligible voters cast their votes in Bulgaria's nuclear energy referendum on Sunday, according to data from the 100% completed parallel vote count by polling agency Alpha Research.
The agency said this meant about 1.4 million voters cast their votes in Bulgaria on Sunday; of those, 61% voted in favor of the construction of a second nuclear power plant, and 39% voted against.
The Bulgarian citizens were supposed to answer "yes" or "no" to the following question:...
PES and Bulgarian Socialist Party chair Sergey Stanishev should resign over the outcome of Sunday's referendum on nuclear energy in Bulgaria, stated Minister of Finance Simeon Djankov.
As results from exit polls come in, political leaders have engaged in a heated battle of interpretations on the outcome.
Some 60% of ballots cast answered positively to the referendum question - whether Bulgaria needs a new NPP - the position supported by the Bulgarian Socialist Party.
The turnout is...
The Bulgarian government should impose a moratorium on the Belene NPP project until an overall energy strategy is drafted, according to Meglena Kuneva, former EU Commissioner and leader of the Bulgaria for Citizens party.
She says that the fact that the center-right ruling party GERB and the Bulgarian Socialist Party (BSP) have reached consensus on the matter raises suspicion.
Kuneva suggests that the actual goal of the referendum is to tie the next government down to a...
The right-wing Blue Coalition has requested from Bulgarian President Rosen Plevneliev and Chief Prosecutor, Boris Velchev, to ask the Constitutional Court to elaborate on the upcoming referendum on the fate of the Belene Nuclear Power Plant project.
The Blues insist the Court must have a say in explaining the law before the Parliament passes the decision, the Bulgarian online news agency Dnevnik reports.
According to the law, the Constitutional Court must act on the request of at least...
The upcoming referendum on the fate of Bulgaria's Belene Nuclear Power project is a provocation made by the Bulgarian Socialist Party (BSP), according to the right-wing Blue Coalition.
"In our opinion, the referendum is a deliberate provocation made by BSP," Blue Coalition co-chair Martin Dimitrov told reporters on Friday. According to Dimitrov, the left wingers are fully aware that the question they have posed for the referendum is anti-constitutional.
As the Blue Coalition has pointed...
Bulgarian President Rosen Plevneliev is holding Friday political consultations for the upcoming referendum on the fate of the project to build a second Nuclear Power Plant in the Danube town of Belene.
Plevneliev is convinced that the referendum is a test for democracy and must be held.
The consultations will include parliamentary represented political parties in an attempt to reach consensus on the wording of the question to be asked.
They will be held in the Presidential building,...
The upcoming referendum on the fate of Bulgaria's Belene nuclear power plant will prove that the project is pointless, according to Interior Minister Tsvetan Tstevatov.
On Friday, Tsvetanov reiterated that the former socialist-led three-way coalition would have fulfilled the project if it was favorable for Bulgaria.
"They had the executive power, they had the legislative power, they had the presidential power...but they knew what the dangers were," he told reporters, referring to the...
The vote in the January 27, 2013, national referendum on development of atomic energy in Bulgaria will be organized in the same manner as any election.
The spokesperson of the Central Electoral Commission, CEC, Bisser Troyanov, explained at a press conference that the referendum will be held in adherence to the Election Code since the Act for Direct Participation of Citizens in the Rule of the State and in Local Rule was too "scarce" without any detailed regulations.
The voters will...
Bulgaria will "logically" go for building a seventh reactor at its existing NPP in Kozloduy, Bulgarian Economy Minister Delyan Dobrev commented Sunday on the results of the nation's referendum on the construction of a second nuclear plant.
Bulgaria's referendum, which had a voter turnout of only 22%, with 61% voting in favor of the construction of a second nuclear power plant in Bulgaria, while 39% voted against, implicitly referred to the project for the construction of the 2000-MW Belene...
Valentin Nikolov, CEO of the Kozloduy NPP, has said that a seventh unit at the plant could be functional by 2020 or 2022.
In a Monday interview for Nova TV, he suggested that the project for building a seventh unit at the nuclear power plant in Kozloduy had already attracted serious investor interest but he did not disclose details.
He suggested that there was already investor interest in the project but did not disclose details.
"In 20 years' time, when the exploitation deadline of...
Bulgaria's Education Minister, Sergey Ignatov, has resigned from the post.
Ignatov has submitted his resignation on the request of Prime Minister, Boyko Borisov, the Cabinet's press office informs Monday.
The news broke just hours after the resignation of the manager of Bulgaria's embattled and scandal-ridden Scientific Research Fund, Hristo Petrov.
Petrov's resignation was also immediately accepted by Borisov.
The manager deposited his resignation after it emerged that a probe of...
Bulgaria's new Chief Prosecutor Sotir Tsatsarov will make his first visit to Brussels accompanied by Interior Minister Tsvetan Tsvetanov and Justice Minister Diana Kovacheva.
Tsatsarov will meet with EC Secretary-General Catherine Day and OLAF Director General Giovanni Kessler on January 29, according to the press office of Bulgaria's prosecuting authority.
Meanwhile, Tsvetanov will take part in a high-level international conference on countering violent extremism organized by Home...
Bulgarian Prime Minister, Boyko Borisov, is proposing to the Cabinet to dismiss from the post the Chairman of the State Commission for Energy and Water Regulation, DKEVR, Angel Semerdzhiev.
The proposal is connected with the delay and lack of a number of administrative acts from the Electricity and Gas Directives, requested by the European Commission.
It was reported last Thursday that EC is referring Bulgaria, Estonia and the United Kingdom to the Court of Justice of the European Union...
Valentin Nikolov, CEO of the Kozloduy NPP, has said that a seventh unit at the plant could be functional by 2020 or 2022.
In a Monday interview for Nova TV, he suggested that the project for building a seventh unit at the nuclear power plant in Kozloduy had already attracted serious investor interest but he did not disclose details.
He suggested that there was already investor interest in the project but did not disclose details.
"In 20 years' time, when the exploitation deadline of...
A controversial referendum on whether to build a new nuclear power plant in Bulgaria appears to have been invalidated by low turnout.
An exit poll put turnout at around 20% - far below the 60% required for the poll, which was called on the basis of an opposition petition.
The opposition Socialists want the centre-right government to reverse its decision not to build the plant.
The poll has been seen as a barometer for elections later this year.
It was also important as a measure of...
Bulgaria's next referendum should be on an important environmental topic, according to Finance Minister Simeon Djankov.
In a Monday interview for Nova TV, he suggested that the next referendum could involve the statute of the Bulgarian Black Sea coast.
Djankov informed that he had abstained from voting at the January 27 nuclear referendum because the issue required expert knowledge and could not be sold through a plebiscite.
He claimed that the only good thing about Sunday's referendum...
Bulgaria's Parliament has adopted at first reading amendments to the Energy Efficiency Act.
The amendments initiated by the government were passed Friday with 79 votes in favor, 3 against, and 14 abstainees, according to reports of the Focus news agency.
The amendments envisage drafting a national plan for increasing the number of nearly zero-energy buildings and the introduction of energy performance certificates of buildings and building components.
During the discussion of the bill,...
Another euro-pegged government defending an overvalued exchange rate bites the dust, a reminder that the underlying economic and social disaster across the Europe's Arc of Depression is still getting worse.
Bulgarian prime minister Boiko Borisov resigned Wednesday morning after days of mass protests against austerity across the country.
"I will not participate in a government under which police are beating people. Every drop of blood is a shame for us," he said. "Our power was handed to...
Around 500 members of the Anti-mafia civic association are protesting in front of the President's Office in Sofia, prior to the anticipated official statement of Rosen Plevneliev on the situation in the country in the aftermath of the collective resignation of the government.
According to reports of the Bulgarian National Radio (BNR), the people are voicing their discontent with the judiciary, saying that the head of state is currently the only guarantor of statehood in the...
The European Union's Agriculture Ministers have gathered in Brussels for talks that are focused on the growing horsemeat scandal in Europe.
Authorities across Europe have started doing random DNA checks after traces of horse meat recently turned up in frozen supermarket meals such as burgers and lasagna.
The scandal erupted last month when horsemeat was found in some beef meals and burgers in the UK and Ireland.
Since then, supermarkets across Europe have had to withdraw affected...
The Bulgarian Parliament will hold an emergency sitting Tuesday to decide on the fate of the project to build a second Nuclear Power Plant in the Danube town of Belene.
The reason for the above are the results of the January 27 referendum on the development of nuclear energy in Bulgaria through the construction of a new nuclear power plant, which showed that the issue would be conclusively decided by Bulgaria's Parliament.
Under the law, the recent referendum results impose for the Belene...
Clashes with the police marked Sunday the protest rally in Bulgaria's Black Sea city of Varna.
Bulgarians across the country staged once again demonstrations against high utility bills, monopolies, poverty, economic stagnation, corruption, and the political model of ruling the country after the fall of the Communist regime in 1989.
The rallies, however, did not bring together as many people as previous weekend marches.
The largest one was once again held in Varna where 2 000 (compared...
The Bulgarian government will within 10 days appoint an international auditor to review the country's energy sector, stated caretaker Minister of Regional Development Ekaterina Zaharieva.
"We need a full financial analysis of everyone in the energy sector. We will work in full cooperation with the European Commissions, so that no doubts be thrown on the final report," said Zaharieva.
The minister added that this would bring full transparency in the sector, something requested by numerous...
BNK Petroleum has became the third US company with interest in extracting Bulgaria's shale gas, according to the Bulgarian Prime Minister Boyko Borisov.
Borisov announdced that after he met the former NATO Secretary General Wesley Clark, who is currently on the BNK Petroleum's bord of directors. Bulgaria's Minister of Energy, Economy and Tourism Traicho Traikov also participated in the meeting.
BNK Petroleum is based in California and operates mostly in Oklahoma. In Europe, the company...
The delegation of the Bulgarian Chamber of Commerce and Industry (BCCI) accompanying Bulgarian PM Borisov on a Japan visit will emphasize the stability and deepening of bilateral investment and business relations.
Bulgarian Prime Minister Boyko Borisov set out Friday together with a government and business delegation on a four-day working visit to Japan (January 21-26, 2011).
In a statement dedicated to the Bulgarian business delegation to Japan, the BCCI states Japan is increasingly...
The combined profit of the Bulgarian state-owned companies increased by BGN 300 M in 2010 year-on-year, announced Minister of Economy, Energy, and Tourism Traicho Traikov.
Traikov spoke in Parliament Thursday during the debate for the confidence vote of the Borisov Cabinet.
He pointed out to the MPs that the government has made important modifications in the Investment Encouragement Act to lure foreign investors.
"The number of projects for boosting the exports of Bulgarian companies...
Almost 9 million tourists were registered in Bulgaria in 2010, according to data of the National Tourism Board, an association of the tourism industry, which had a conference in Sofia Wednesday.
The National Tourism Board conference was attended by Finance Minister Simeon Djankov, who promised government support for key tourist infrastructure projects.
The tourism industry data presented at the conference says that Bulgaria saw a 5% increase in bed occupancy in 2010 year on year, with the...
Bulgaria's Finance Minister Simeon Djankov has urged anew an emphasis on cultural and historical tourism, and a program to boost the Bulgarian pilgrimage sites.
Djankov took part Wednesday in a conference of the National Tourism Board, during which he encouraged the tourism sector to attract wealthier foreign tourists by focusing on cultural and historical sites, golf, and mountain tourism. He also said Bulgaria should not put efforts into developing its historical attractions from the...
The occupation of industrial zones in the Bulgarian capital increased by 40% in 2010, according to an analysis by the consultant company Forton International.
The data from the analysis shows that the modern industrial zones in the region of Sofia increased by 27%, in comparison to the end of 2009, and are currently more than 538,000 square meters.
The beginning of 2010 set the start of a smooth decrease in the level of occupancy of industrial zones in Sofia. In the third quarter of the...
Sofia has topped the chart for cheapest European destinations, which includes 40 cities, according to the travel website priceoftravel.com.
Deutsche Welle has reported that the rating for 2011 was made on the basis of the prices for cheap/good hotel, transportation, meals, drinks/entertainment and attractions.
"Europe's cheapest tourist city [Sofia] is becoming more popular each year, partly due to the low prices for almost everything, but its remote location will still be a problem for...
Bulgaria is expected to resume its electricity exports to Turkey at the end of March 2010, according to the head of the Bulgarian National Electric Company NEK, Krasimir Parvanov.
"I am all up for restarting the electricity trade with our southern neighbor because it is no secret that the prices there are better than the market prices in the region," Parvanov said during a forum at the Parliament organized by the Sofia-based Center for the Study of Democracy entitled "Energy and Better...
Bulgaria will take part in the International Holiday Exhibition CMT in Stuttgart, Germany and will present itself as a diverse holiday destination, the Bulgarian Economy Ministry has announced.
This year's edition of the exhibition, which will be held Tuesday, will focus on traditional tourism and traveling by caravans and motorcycles.
Bulgaria will participate with a 36 square meter stand, which will present the Municipality of the Bulgarian Black Sea city of Varna and the resort Albena....
SES Astra, a Direct-to-Home (DTH) satellite system in Europe, is expanding into central and eastern Europe, and plans to enter into a new growth market, Bulgaria, in days, the company announced.
The Bulgarian Direct-to-Home (DTH) operator Satellite BG will use three transponders at SES Astra's 23.5 degrees East orbital position for broadcasting its channel portfolio to TV homes across Bulgaria.
Satellite BG will launch its channel bouquet on 1 February 2011. The offer will consist of more...
Bulgaria’s State Commission for energy and Water Regulation (DKEVR) has approved a price reduction of 5,17% for natural gas from January 1, 2011.
The news was announced after the DKEVR meeting behind closed doors Monday. The new prices will be effective for 3 months.
The cumulative decrease of natural gas price from October 1, 2010 and from January 1, 2011 is 6,11%.
The price reduction of heating and hot water is 5,1% in Sofia, 5,2% in the cities of Plovdiv and Burgas, and 5,7% in...
The receiver of the bankrupt Bulgarian steel factory Kremikovtzi has scheduled February 7 as the date for the third attempt to sell off the failed behemoth's assets.
Two prior auctions were held over the fall, but failed because actually no one turned out to bid for Kremikovtzi, which is considered the pride of communist-era industry in Bulgaria.
Unlike the first closed-bid auction, the second was with direct bidding. The starting price was BGN 452 414 008, down by 20% over the initial...
Bulgarian state railway company BDZ expects to start making profit in 2015 as a result of a program of wide-ranging measures, its management announced.
In the first 11 months of 2010, BDZ improved its financial results by BGN 17 M compared with the same period of 2009, according to Vladimir Vladimir, Chair of the Board of Directors of the state-owned company.
He said that the total loss of BDZ in 2010 is expected to be down by between BGN 15 M and BGN 25 M compared with 2009. The board...
Bulgaria is looking at opportunities to export electricity to Lebanon, according to the Minister of Economy, Energy, and Tourism, Traicho Traikov.
As part of a Bulgarian state delegation to Lebanon, Traikov met with Lebanese Minister of Energy and Water Resource Gebran Bassil in Beirut.
Bassil has pointed out that Lebanon is planning to invest about USD 1 B in the construction of micro-hydro power plants, and Traikov has suggested that Bulgarian companies could participate in the...
The Bulgarian Postal Services have made BGN 250 000 in profits in 2010, the Minister of Transport, Information Technologies and Communications, Aleksander Tsvetkov, told the media Saturday.
Tsvetkov further pointed out the Posts have registered a loss of BGN 8 M compared to the 2010 positive result.
The Minister and his 9-year-old daughter, Mariana, sent a letter to Santa from the new postal services counter at the "Opalchenska" metro stop in Sofia. A new postal branch is also open at the...
Along with attacking Europe's failing framework amids the euro crisis, Bulgaria's finance minister has made it clear the country will pursue with zeal entry into the currency union, so that it can reap its benefits as well.
"The Bulgarian currency the lev has been tied to the euro since 1999, so in a way we are already in a situation where it is as if we have the euro and all of its recent negatives. But we don't have the main positive, which is actually having the euro bills," Simeon...
The Bulgarian government is planning 6 new tenders for natural gas exploration permits in the near future, Diana Yaneva from the Ministry of Economy has told Novinite (Sofia News Agency).
This information comes in a context where shale gas - a novel approach of extracting gas dissolved in clay-like rocks - is becoming popular in Bulgaria.
This far two companies involved in shale gas production - Direct Petroleum and Park Place Energy - have received permits from the government. Major US...
Qatar is interested in Bulgaria's cattle breeding and fishing sector, its Environmental Minister Abdulla bin Mubarak Abud Almudadi announced Thursday.
Qatar considers importing Bulgarian meat and other food products, including living cattle -sheep and lambs.
"We have a considerable interest in Bulgaria's agricultural sector and we hope they materialize as soon as possible," Minister Almudadi stated.
He met with his Bulgarian counterpart Miroslav Naydenov as a part of Naydenov's...
The United Arab Emirates (UAE) are interested in the opportunity to import meat, diary products and fruits, Bulgarian Agriculture Minister Miroslav Naydenov informed.
Naudenov announced that in Abu Dhaby, where he met Chief Executive Officer of the Emirates Investment Authority, Rashid Mubarak al-Mansouri. The Bulgarian Agriculture and Food Minister has invited the authority to visit Bulgaria in order to get acquainted with possible investment opportunities.
Meanwhile, the Abu Dhabi...
Bulgaria's trade unions, employers and the cabinet signed two agreements to regulate the rights of those who work from home and of freelancers.
The agreements were concluded Wednesday at the Council of Ministers in the presence of Prime Minister, Boyko Borisov and the Minister of Social Policy and Labor, Totyu Mladenov.
The agreements include a mandate for those working from home to have labor contracts, pay social security, and have years of service count towards retirement for freelance...
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