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...
The Bulgarian National Bank announced a major sale of EUR 61.5 M worth of state bonds, exceeding more than four times the initially planned amount.
The average profitability of the bonds sold is 3.15%.
Last week the National Bank also scored a BGN 90 M sale, with an initially offered amount of BGN 45 M.
Thus the total amount of state bonds sold for just two weeks is over BGN 200 M.
The Bulgarian Ministry of Finance plans to auction more issued state...
The Center for Economic Development has announced its forecast that Bulgaria will overcome the economic crisis at the end of 2010 or at the beginning of 2011 the earliest.
According to the experts' report, announced Monday, the economy of the country has shrunk by 1% in the second trimester, in comparison to the first trimester, when the compression has been 3,6%.
The Center has criticized the macro framework of the state budget, according to which Bulgaria's GDP will grow by 3,6% in the...
Norway will give Bulgaria financial support for projects focused mostly on environment and energy efficiency issues.
Bulgaria will receive the EUR 126,6 M in the next four years.
The Norwegian help for Bulgaria is part of a new agreement between the EU and the countries from the so-called European Economic Area (EEA), which include Norway, Iceland and Liechtenstein. The goal is to decrease the social and economic differences in Europe.
In the fall, the Bulgarian government will sign...
The Bulgarian National Bank (BNB) has set the basic interest rate back to its lowest levels since the index was recorded for the first time in 1991.
From August 1 2010, the basic interest rate has been set at the record low of 0,17%, which is down by 0,01 percentage points compared to the previous month.
The interest rate decrease is part of a continued trend that started at the beginning of last year from levels at 5,17%. The downward movement was reversed in May only for the growth to...
Bulgaria's PM Boyko Borisov and the Minister for Regional Development, Rosen Plevneliev, will make the first groundbreaking of Lot 3 of the Trakiya Highway on Monday.
The whole length of Lot 3, connecting the Bulgarian town of Nova Zagora and the city of Yambol, is 34,3 km. It will include two lanes in each direction.
The executing company is the Greek “Aktor”, which has proposed BGN 133 973 907 for the construction. "Aktor" has also stated that they will not use subcontractors and...
AES Corp., the U.S. power producer with operations in more than two dozen countries, is keen on constructing in Bulgaria a USD 400 M solar power plant with a capacity of 80 megawatts, the American ambassador in Sofia announced.
“AES has been waiting for six months to go ahead with its investment, which costs nothing to the Bulgarian government,” US Ambassador to Bulgaria, James Warlick, said a joint press conference with representatives of AES Solar Energy.
The ambassador pointed out...
Lufthansa Technik Sofia, a joint venture between Germany’s Lufthansa Technik and the Bulgarian Aviation Group, announced it will invest in the construction of new facilities for aircraft overhaul and maintenance near Sofia Airport.
The company, which has served so far 40 planes of more than 20 airlines in Europe, the Middle East and Northern Africa, said it has been flooded by orders and will accept no more by the end of 2011.
Another 35 aircraft will be serviced over the next 17...
The Czech-owned electric power utility CEZ will invest BGN 1 936 000 M in a renovation of the “Metro”subfeeder, which provides electricity to the northwestern region of the Bulgaria's capital.
According to the company, the renovation will increase the safety level and will provide power for the development of new residential and business projects in the area. It will also decrease the number of breakdowns and will cut the repair time by 15 minutes.
“CEZ has always tried to invest...
The European bank groups represented in Bulgaria, which took part part in the pan-European bank stress tests demonstrated stability and high capital adequacy, the Bulgarian National Bank declared in a statement.
The European banking system stress tests were organized according to a decision of ECOFIN and were coordinated by the Committee of European Banking Supervisors (CEBS) in cooperation with the European Central Bank, the European Commission, and the consolidating national...
The Bulgarian military-industrial complex invests between 10% and 30% of its combined profit annually in research and development activities.
According to the latest report of the Bulgarian Defense Industry Association made public during its recent annual meeting this makes between BGN 2 M and BGN 6 M.
The total turnover of the Bulgarian military plants in 2009 was a little over BGN 200 M.
The major topic discussed during the annual meeting of the Bulgarian Defense Industry Association...
The savings of the Bulgarian households reached BGN 25.5 B in June 2010, which is a year-on-year increase of 13.4%.
According to latest data of the Bulgarian National Bank, the household deposits grew by BGN 218 M in June compared with the previous month.
Experts have attributed the increase of the savings to the fact that most Bulgarians are still afraid to spend, and are restricting their consumption.
The company deposits in Bulgaria dropped by 1.3% in June year-on-year, down to BGN...
The Gorna Arda hydropower plant project is extremely important for the development of the region of south-eastern Bulgaria, said Bulgarian PM upon the joining of Austrian energy giant EVN in the venture Monday evening in Vienna.
The Bulgarian National Electrical Company (NEK) and Austrian energy giant EVN stroke a deal earlier Monday over the construction and exploitation of the hydropower station during Borisov's official visit to Austria
Commenting upon the event, Borisov said that...
Two US companies have expressed interest in drilling for shale gas in Bulgaria, the Ministry of Economy, Energy and Tourism announced.
The Ministry has received a total of seven requests for exploration permits by two companies – Chervon Bulgaria Holding BV stationed in the Netherlands, and the Texas-based Integrity Tower Inc.
Chevron has expressed interest in exploring two sites, while Integrity Tower has asked for five permits for exploration in Northeast Bulgaria.
The possibility...
Bulgaria’s Cabinet has approved legislative measures providing for state aid and other incentives for foreign investments in projects entailing hi-tech industries, and research and development.
The Borisov government has adopted amendments to the Regulations for the Application of the Investment Encouragement Act.
The changes provide for a state aid to foreign investors reimbursing them with up to 50% for their spending on educational and research and development activities, and a...
Bulgaria's capital Sofia ranks third in the EU for drop of rent prices for outlets on commercial streets for the past three years, a research shows.
The research by the consultant company CB Richard Ellis (CBRE) showed that in the past three years the rents in Sofia have gone down by 38,46%.
In the last year the drop has increased to 27,27% with a drop of 11,11% only for the past three months.
According to another consultant company, Colliers International, the opening of new shopping...
The US ambassador to Bulgaria James Warlick gave an official presentation Tuesday of American company Chevron, which has expressed interest in drilling for shale gas in the country.
Chevron representatives, headed by company vice-president Ian MacDonald, are in Sofia for talks with PM Boyko Borisov and other high-ranking officials in order to present their offers.
“Bulgaria has the opportunity to diversify its energy sources. I hope that a prospecting license will swiftly be granted to...
Bulgaria's Environment Minister Nona Karadzhova has broken the ground for the construction of a glass recycling plant in the village of Ravno Pole near the capital Sofia.
The Ecopack, a joint stock company that does not distribute its profit formed in 2004 by 18 Bulgarian and foreign firms, is going to invest BGN 3.8 M in the glass recycling facility.
The plant is going to use empty bottles from around Bulgaria; the recycled glass material will be provided to two glass producing...
The export of Bulgaria's largest pharmaceutical company Sopharma has seen a substantial growth of 38% in the first half of 2010.
Only in June 2010, the company's exports grew by 66% compared to the same month of 2009, it has announced.
Sopharma's total sales have grown by 42% in June, with a 2% increase of the sales on the Bulgarian market.
The total sales for the first six months of 2010 grew by 23% year-on-year., with the sales on the Bulgarian market retaining their level from the...
The first Bulgarian factory for the recycling of old electric appliances and equipment, the largest and most modern of its kind in Eastern Europe, was opened Monday in the town of Novi Iskar near Sofia.
The Bulgarian company Nadin Jsc is the owner and operator of the new plant, and has invested BGN 40 M in its construction. It has created 150 news jobs.
The factory is the largest of its type in Eastern Europe and uses German technology allowing the complete recycling of used electric...
Chinese car parts manufacturer KSM Dongfang is going to purchase machines and equipment for EUR 1.8 M from the Ilinden factory located in Bulgaria’s Pleven.
The deal between the KSM Castings Dongfang located in Changchun in Northeastern China and the Bulgarian company from Pleven was signed in the presence of Bulgarian Economy Minister Traicho Traikov, who is on an official trip to China.
The KSM Castings Dongfang is part of the German-owned KSM Castings Group, and produces parts for...
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