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 has registered an increase in its foreign direct investment in January-May 2012 year-on-year, according to the latest data of the Bulgarian National Bank released on Monday.
According to the Bulgarian National Bank's preliminary data, the foreign direct investment in Bulgaria for January - May 2012 increased by EUR 473.8 M (1.2% of GDP), compared to an increase of EUR 72.2 million (0.2% of GDP) for January – May 2011.
Bulgaria's attracted Equity Capital (acquisition/disposal of...
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...
Wall Street legend and highly successful international investor, author and commodities expert, Jim Rogers has said he is considering investing in Bulgaria.
Bulgaria is among the few countries, in which he is considering investing right now, since they have made the most improvement since his latest trip around the world, the billionaire, currently based in Singapore, said in an interview for Gold Radio Cafй.
He joined the broadcast for a brief discussion on his new book "Street Smarts:...
Italian companies may be attracted in privatization projects, including for tourist sites, as well as concessions agreements and modernization schemes for airports, and construction and reconstruction of road and railway infrastructure in Bulgaria, according to Minister Bozhidar Lukarski.
Speaking Tuesday at the opening of an economic forum titled “Bulgaria and Italy: Together for Achieving Growth”, Lukarski pointed out that the trade and economic cooperation between Bulgaria and Italy...
“The opportunities OP Environment provides in the previous and the new programme periods establish prerequisites for a huge volume of work on designing and construction of ecological infrastructure as well as possibilities for the state to tackle challenges,“ said Ivelina Vasileva, Bulgarian Minister of Environment and Water, speaking at an annual conference themed “Strategic infrastructure and investments – Bulgaria and the Western Balkans“, FOCUS News Agency reported.
“In the...
There has been a slight raise of foreign investments in Bulgaria for August, reported the Association for the Promotion of Foreign Investments.
This information, reported by the Bulgarian National Radio, comes after a long time of steady dropping of FDIs to the crisis-hit country.
According to data from the Bulgarian National Bank, investments for the frist eight months of 2010 have been just 40% of the amount for the same period 2009 and totalled just EUR 830 M.
A large part of the...
Both Bulgaria and Romania might profit from South Stream, stated Bulgarian economy minister Traikov, commenting on views that the two countries are competing for a place in the Russian project.
Speaking in an interview for the Bulgarian National Radio, Traikov stated that there are many opportunities for the route of the South Stream pipe and that there are possibilities for branches from the main route that can lead to neighboring countries like Romania.
Friday Gazprom CEO Alexei Miller...
China's Deputy Minister of Trade Gao Hucheng was welcomed in Sofia by Bulgaria's Economy Minister Traicho Traikov.
Gao arrived to Bulgaria for the 14th session of the Bulgarian-Chinese Intergovernmental Commission for Economic Cooperation in his capacity as co-chair. On Bulgaria's side, the Commission is co-chaired by Deputy Economy Minster Ivo Marinov.
"Bulgaria emphasizes the importance of the project for setting up a joint industrial zone with China in Bozhurishte near Sofia," Traikov...
The passengers traffic at the Bulgarian Sofia Airport increased by 9,6% in September, year-on-year, reaching a total of 310,000 passengers, officials from the airport have announced.
The increase of international flights passengers was 13%, while the growth of people attending internal flights was 9%.
The total number of arriving and departure flights in September was 4228, which is an 8,2% increase in comparison to the same month in 2009.
A growth by 11,1% was also registered in...
The Bulgarian economy will contract by 0.3% this year and grow by 2.5% in 2011, according to Bulgaria's Postbank, controlled by Greek EFG Eurobank.
The bank projects Bulgaria's inflation rate to reach 3% this year and mark a slight decrease to 2.7% in 2011.
"The real estate and construction sectors are no longer the drivers of Bulgaria's economy. Exports and tourism are the leading sectors now," says Anthony Hassiotis, the Country Manager for the six affiliated companies of the Eurobank...
Bulgaria's government will make a new attempt to cut gas prices and sign a direct gas supply contract with Russian energy giant Gazprom during the one-day visit to Sofia of its chief executive officer Alexei Miller.
Miller will hold talks with Prime Minister Boyko Borisov and Minister of Economy and Energy Traicho Traikov.
Minister Traikov negotiated a gas price reduction during his talks with Russian officials in July and forecast that prices for industry and households will be "a few...
More than 400 businesspeople have given the start of Confindustria Balcani, the Balkan association of Italian companies, at a special ceremony in the Bulgarian capital Sofia.
The ceremony marked the first session ever of Confindustria Balcani, the union of Italian business associations in the Balkan countries, that took place in Sofia on Wednesday.
The brand-new federation brings together Italian entrepreneurs operating in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia,...
The following sample of random ads is shown with the sole purpose to demonstrate price levels for certain types of properties throughout Bulgaria. These offers are dated Oct...
The town council of Bulgaria's Black Sea resort Nessebar has effectively saved its UNESCO-recognized Old Town from destruction over the construction of a dolphinarium.
The Nessebar Dolphinarium saga finally ended on Thursday, after the town councilors approved the settlement between the municipality and Festa Holding, a private company which planned to build a dolphinarium on the small Black Sea peninsula harboring the Old Town, an UNESCO World Heritage site.
In a special press statement,...
By the end of 2010, Bulgaria will likely have attracted a total of EUR 2 B in foreign direct investments, forecast Borislav Stefanov, head of the InvestBulgaria Agency.
This development would still be a substantial decline as in 2009 Bulgaria attracted a total of EUR 3.2 B of foreign investments, not to mention a comparison with the pre-crisis years: EUR 6 B in 2008, and EUR 9 B in the record 2007.
The top sectors that have drawn foreign direct investments in Bulgaria to date are the...
Russian energy giant Gazprom has practically renewed its threat to replace Bulgaria with Romania as the primary transit hub of the South Stream gas pipeline.
This view is expressed in an article of the Russian business newspaper RBK Daily entitled "Gazprom Threatens Bulgaria Again."
The paper points out that Wednesday's news of Gazprom signing a memorandum of mutual understanding with Romania's company Transgas are a clear sign that Russia could decide to go for picking Romania as a...
The Bulgarian Cabinet has approved draft amendments to extend by 6 months the legal deadline for the campaign to register anew all firms in the country.
Under the Commercial Register Act changes adopted in 2008, all active legal companies in Bulgaria are required to make new registration with the Registry Agency so that inactive and "ghost" firms can be eliminated from the entries.
Less than three months before the deadline about 285 000 firms renewed their registration, in addition to...
The Czech-owned electric power utility CEZ, servicing western Bulgaria, announces BGN 2.9 M in new investments in their network.
The money is slated for repairs and improvements of the network and preparation for the winter tourist season.
The largest investment project, to be launched in October, is planned for the resort village of Ribaritsa where nearly BGN 900 000 would be used for network reconstruction.
The company's management point out the resort has many hotels while the...
Bulgaria's prime minister has described taxes in his country, which has a flat tax applicable for all income levels and one of the lowest effective rates in the world, as "fantastic".
"Bulgaria has at the moment low, favorable, fantastic tax rates. I would have rather expected our employers and businessmen to take every care that nothing bad is said about the government," Boyko Borisov told his ministers, according to the shorthand from their meeting on Wednesday.
"Given the conditions of...
An agreement for the avoidance of double taxation between Bulgaria and Brazil is believed to boost the economic ties between the two countries.
This is the conclusion of a meeting of Bulgaria's Honorary Consul in Brazil Joao Vaz, and the Bulgarian Chamber of Commerce and Industry (BCCI).
An agreement for the encouragement and mutual protection of investments is also said to be very important, should the two countries want to expand their economic exchange.
The BCCI thinks Bulgaria's...
Bulgaria's Varna has hosted the first ever annual conference of the Federation of National Associations of Ship Brokers and Agents (FONASBA) to take place in the Black Sea region.
Over 80 ship brokers from 50 countries have come together for the 41st annual conference of FONASBA taking place in the Golden Sands resort near Varna October 11-15, 2010.
"The international ship transport sector is overcoming the crisis. Each day we say signs that the shipping industry is getting beyond the...
The figures presented in this Factsheet are estimated average costs when setting up a business in Bulgaria. Costs are in Bulgarian Leva (BGL) and are merely a guideline. (Exchange rate USD 1=BGL 1.45, Sept...
Salaries for the positions of Senior Programmer, Sales Representative, Managing Director and a Plumber in Bulgaria are compared with those of 8 other countries....
Bulgaria Translation