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...
Bulgaria’s energy production from renewable sources by the end of 2010 will be 3 times more than the one in 2009, according to Plamen Dechev from the State Commission for Energy and Water Regulation (DKEVR)
In 2009, Bulgaria produced 800 thousand MGWH from green sources while for the first six months of 2010, this production has already reached 1 million MGWH. According to the expert, in the next few years the share of renewable sources in energy production can reach 17% to...
The default bank loans in Bulgaria have reached 16% by the end of July, according to data from Bulgaria’s Central Bank, BNB.
The total amount of the so-called bad loans is estimated at BGN 6.2 B and went up by BGN 334 in the month of July, compared to BGN 198 M June, 2010. The record of BGN 424 M, however, was registered in April, 2010.
According to the data, corporate default loans top the list (17%), followed by consumer loans (16%) and mortgages (14%).
The total amount of loans in...
The Japanese company Toshiba is planning to invest in construction of solar power plants in the USA and countries in Europe, including Bulgaria.
The company has annouocned it is expecting an income of USD 1,8 B from these investments by March 2016.
Toshiba will begin implementing its investment plan with the construction of a 10 MW solar power plant in Bulgaria, which is expected to begin working in the next financial year.
The plant will be located near the Bulgarian city of Yambol...
The Ministry of Regional Development and Public Works paid off the amount of BGN 208 mln out of a total of BGN 285 mln which it owes to construction companies for assigned and carried out activities last year. “Out of the remaining BGN 77 mln, about BGN 24 mln are designated for the water mirror in the town of Kardzhali,” said Regional Minister Rosen Plevneliev for the BTV channel yesterday. He explained that the money for the site in Kardzhali will not be paid until the Prosecutor’s...
The demand for land in the Dobrich region considerably exceeds selling offers this summer but the reason is not only the relatively high price of wheat, the Regional Association of Real Estate Agencies (RAREA) claims, BTA (Bulgarian Telegraph Agency) reported.
“At least three potential buyers bid for a land plot,” said Nelly Vassileva, manager of a real estate agency. According to her, agriculture in the region has not been affected by the economic crisis, landowners get pretty good...
In June 2010 compared with May 2010, the EU industrial new orders index rose by 2,4%, according to estimates released by Eurostat, the statistical office of the European Union.
In the Eurozone, new orders increased by 2.5% in June 2010 while in May the index increased by 4.1%.
Excluding ships, railway and aerospace equipment, for which changes tend to be more volatile, industrial new orders grew by 1.6% in the Eurozone and by 1.8% in the E.
In June 2010, compared with June 2009,...
Construction permits issued in Bulgaria in the second quarter of 2010 are up compared to the first quarter, but down on annual basis.
The data was published by the National Statistics Institute (NSI) Monday.
1 441 residential permits have been issued between April and June 2010 for a total of 3 933 apartments. Compared to January – March, 2010, this is an increase of 46% and 41% respectively. On annual basis, compared to the second quarter of 2009 there is a respective reduction of 21%...
The construction of a new plant for the production of biofuels will begin by the end of 2010 in Bulgaria's southern city of Kardzhali.
The information was provided by Yves Crits, CEO of the Belgium company 4Energy Invest, which specializes in renewable energy by creating and managing a portfolio of small to middle-sized locally embedded projects that transform biomass into energy.
Crits is in Kardzhali on the invitation of the Member of the European Parliament, Vladko Panayotov. The CEO...
The German-Bulgarian company SRS Bulgaria will invest close to BGN 500 M to create a wind power park nearby the town of General Toshevo in northeastern Bulgaria.
The investment of the company, registered in the northern Bulgarian city of Pleven, will span over three years 2010-2012 and will open 20 new workplaces.
The project involves constructing and exploitation of a wind power station with 60 generators with 150-180 MW power.
The power generators will be placed nearby General...
Fitch confirmed its credit rating for Bulgaria and characterized the situation in the country as “stable”, announced the Bulgarian Ministry of Finance Thursday.
Fitch Ratings themselves report that Bulgaria's rating stays at F3 for short-term foreign currency, BBB- for long-term foreign currency, and BBB for long-term local currency.
The outlook for the long-term rating of Bulgaria nevertheless also stays "Negative."
Among the main causes Fitch sees for the stability in Bulgaria's...
Sofia, Bucharest and Warsaw are the three most expensive capitals in Europe when measured by the ratio of how much the average resident earns versus the cost of housing, a survey shows.
The average yearly salary in Poland, Romania and Bulgaria is only sufficient to buy a mere one or two square meters in the respective centers of each of the three countries’ capital cities, according to data of the Polish real estate company Home Broker.
With the average yearly salary, a Bulgarian...
"Two buildings of 17 and 24 floors could be built in front of the Bonsist hall close to the University for National and World Economy," said yesterday Architect Boriana Shivacheva from the Civil Association Beli Brezi. She explained that the Detailed Spatial Development Plan (DSDP) of the district of Studentski Grad, adopted last month by the Sofia Municipal Council was a prerequisite for the realization of such works. Shivacheva explained that it was possible that a bulding of 20 floors be...
The opening of new fields in Bulgaria will boost production by 7,500 barrels of oil equivalent per day, Melrose Resources said, as interim pre-tax profits at the Edinburgh-based oil and gas group jumped by more than a third.
Melrose, which has operations in Egypt, Bulgaria, Romania and Turkey, said it produced an average of 40,000 boe/d in the first half of this year, driven by its offshore Egyptian assets.
The group expects to receive a boost when the first of two Bulgarian fields begins...
Czech electric power utility CEZ announced a BGN 0.5 M investment in infrastructure in the resort village Ribaritsa in the Stara Planina mountains in central Bulgaria.
Ribaritsa, close to the town of Teteven, is a favored place for holidays for well-to-do Bulgarians and offers peace and freshness with its old-timey streets and houses and the green Stara Planina hills around it. It also gives many opportunities for hiking in the higher Stara Planina.
The Ribaritsa investment aimed at...
Bulgaria registered once again an inflation of 0.4% on monthly basis in July, after a relatively short period of stability, data published Thursday by the National Statistics Institute (NSI) reveals.
The annual inflation is up 2.4% and was 1.4% in June, 2010.
The higher prices were triggered by cost increase of fuels, electric power, water and gas.
Inflation is up 1.9% since the beginning of the year – January – July, 2010.
If EU standards are used, inflation is even higher –...
President of the World Bank Robert Zoellick praised the Bulgarian government for successfully tackling the global economic crisis on his official visit to the country Monday.
“I came hear to learn and listen,” said Zoellick, adding that in the situation of heavy economic crisis Bulgaria is doing “not worse than most” and that achieved results are manifest for all to see.
The World Bank president stated that his visit comes at a crucial time for the relations between the...
A record amount of new commercial space was opened in Bulgaria in the second quarter of 2010, according to a report of Forton International, a property advisory company.
A total of 163 000 square meters of new commercial space was inaugurated in April-June 2010, Forton says, currently estimating the total commercial space in the country at 485 000 square meters.
The new commercial space was mostly the result of the opening of new commercial complexes and shopping malls in Sofia, Varna,...
The Navigation Maritime Bulgare company (NAVIBULGAR) is planning to construct at least 6 ships in the ship building yard of MTG-Dolphin PLC in the Bulgarian Black Sea city of Varna.
According to the Bulgarian daily “Pozvanete”, two of the vessels have to be ready by the end of the year. They are part of the six vessels that the company is planning to acquire in 2010.
“It all depends on whether we will manage to find financing or not. For two of them, we are sure we can get credit...
The prices of real estate in Bulgaria will probably remain at their current level in the next few months, the head of the National Real Estate Association has announced.
At the moment, the average prices for residential properties range between EUR 550 and EUR 1100 per sq.m.
“In the second trimester, the prices for residential properties in Sofia increased by 4-5%, while in Varna and Plovdiv the prices dropped by 2,5-7% in comparison to the first trimester,” said Lachezar Iskrov, head...
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