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 unemployment rate dropped to 11% in May 2012 from 11.4% the previous month, according to the country's Employment Agency.
Bulgaria's employment offices listed a total of 360 114 unemployed persons in April 2012, 13 410 fewer than a month earlier.
A total of 24 352 people found jobs over the month, a 4 213 increase year on year.
In May, more jobs became available in manufacturing, tourism and employment and programmes funded by the European Union and state budget took...
The World Bank has revised sharply downwards forecasts for Bulgaria's economy, estimating it is to expand just 0.6% this year.
The bank expects Bulgaria's gross domestic product (GDP) in 2013 and 2014 to grow by 2.5% and 3.3% respectively.
Developing nations should brace themselves for weak growth and "tougher times", the World Bank warned.
It said that there may be "a long period of volatility in the global economy" as the eurozone debt crisis escalates.
The bank forecast that...
Bulgaria's Devnya-based chemical fertilisers maker Agropolychim received Thursday the long-awaited signature by Agriculture Minister Miroslav Naydenov clearing the construction rights for the company's waste depot.
On Wednesday, the company said it was considering halting operations and laying off all of its 1100 workers because it had spent eight years trying to obtain construction rights for the facility that was essential for the plant's functioning.
In 2006, Bulgaria's Council of...
Bulgaria's top male tennis player Grigor Dimitrov defeated Frenchman Nicolas Mahut 7-6(3), 6-4 in the third round of the AEGON Championships at Queens Club in London.
Mahut broke the 21-year-old Bulgarian early on, but Dimitrov fought back to win the difficult first set.
The talented youngster was much more energetic than his opponent in the second set, easing to the quarter-finals where he will meet ninth seed Kevin Anderson.
Anderson overcame fifth seed Feliciano Lopez 7-6 (12/10)...
A mere 1000 (0.8%) of the total of 350 000 companies re-registered in Bulgaria's Trade Register are big (total headcount of 250+), the remaining ones being small and middle-sized, according to Bulgarian President Rosen Plevneliev.
The trend was highlighted Thursday at a meeting of the Economic Development and Social Policy Council at the President's Office held under the motto ""Inclusive growth: Employment and Social Inclusion".
The participants in the meeting agreed on the notion of...
The number of Belarusian tourists in Bulgaria has doubled in May-June 2012 year-on-year, the Bulgarian Foreign Ministry announced.
According to the Ministry, in May and early June 2012, the Bulgarian consular service in Belarus's capital Minsk issued a total of 18 500 visas compared with only 8 000 visas in the same period of 2011.
The Bulgarian Foreign Ministry has sent 6 more employees to Minsk in order to boost its consular staff in the Belarusian capital for the period between May 13...
Bulgarian Prime Minister Boyko Borisov, Energy and Economy Minister Delyan Dobrev and Sheila Camerer, Ambassador of the Republic of South Africa to Bulgaria, opened Tuesday a plant for luxury seats and interior for BMW cars in the village of Musachevo.
"I am really pleased to welcome investors who make plants, real production, and open job places," Borisov stated during the ceremony in the southwestern Bulgarian village.
The Prime Minister voiced hopes that the road to Musachevo would be...
Bulgaria's Agency for Privatization and Post-Privatization Control has formally declared the cargo department of the Bulgarian State Railways (BDZ) for sale.
The privatization of BDZ Freight Services, the only even remotely profitable section of the vastly indebted BDZ, has been a highly controversial matter for the past few years.
The aims of the privatization motion as recorded in the official paperwork are to preserve the business activity of BDZ Freight Services, to help modernize the...
South Africa company ALC will open a production facility Tuesday for luxury seats and interior for BMW cars in the village of Musachevo near the town of Elin Pelin, just outside of Bulgaria's capital Sofia.
The invesment made by the company amounts to EUR 4 M, and it has opened 500 jobs, which will build seats for the luxury BMW Series 5 and 7.
South African company Automotive Leather Company (ALC) has a long tradition of working with premier car producers, such as Mercedes, Volkswagen,...
The second bridge linking Bulgaria and Romania across the Danube has been completed at 81%, the Spanish construction firm FCC announced Monday.
The adjacent infrastructure of the Vidin-Calafat bridge has been completed more than 90%, with the so called Danube Bridge 2 expected to be fully operational at the end of 2012.
The builders have already launched into operation some of the road junction at the bridge, and have completed the international passenger and freight railway terminals in...
Bulgaria's best swimmer Petar Stoychev earned a berth to London 2012 with a bronze medal finish Sunday in the men's 10-kilometre race at the FINA Olympic Marathon Swimming qualifier.
Tunisia's Oussama Mellouli won the gold medal in one hour 45 minutes 18.5 seconds. Canadian Richard Weinberger followed in 1:45:30.2 and Petar Stoychev was third in 1:45:34.1.
This will be the second time that Petar Stoychev will compete in the Olympic marathon swimming. In the previous games in Beijing in...
Bulgaria's exports to non-EU countries decreased by 2.0% year on year in the period January-April 2012, according to preliminary data released by the country's National Statistical Institute.
Bulgaria's total exports to non-EU countries in the period amounted to BGN 4.9 B.
Turkey, China, Russia, Serbia, The Former Yugoslav Republic of Macedonia and United Arab Emirates formed 50.6% of Bulgaria's exports to non EU countries between January and April 2012.
The exports to United Arab...
Sofia Airport will launch a new cargo service in May, operating the Sofia-Belgrade-Prague route.
Czech Airlines will run the cargo flights twice weekly, on Wednesday and Friday,
The cargo flights- will be executed twice weekly, on Wednesday and Friday, on an АTR72 freighter.
In May, Sofia Airport registered the highest amount of freight and postal shipments processed since the beginning of 2012, at 1441 tons, up by 6.2% from May 2011.
There was a significant 28% increase in...
Bulgaria's exports to other EU countries decreased by 4.6% year on year in the first quarter of 2012, amounting to BGN 5,4 B (approximately EUR 2,8 B), according to preliminary data.
The country's main trade partners in that period were Germany, Italy, Romania, Greece and France, forming 66.7% of its total exports to the EU member states, Bulgaria's National Statistical Institute says.
The most significant growths were observed in Bulgaria's exports to Cyprus and Portugal, while the most...
Bulgaria's Deputy Prime Minister and Minister of Finance Simeon Djankov has been invited to join the World Bank Knowledge Advisory Council, the press service of the Finance Ministry announced.
The World Bank Knowledge Advisory Council is supposed to advise the President and the Managing Directors of the financial institutions on matters related to the knowledge agenda.
This is said to include strategic advice on the roles the Bank plays as producer, connector and customizer of knowledge,...
State-owned gas supplier Bulgargaz has requested a 15.73% price increase from July 1, according to a media statement published on the company's website on Monday.
Bulgargaz bases its demand on the higher US dollar value and on the unfulfilled circumstances provided in the report of the State Commission for Energy and Water Regulation (DKEVR) on gas prices from April 1.
The company further highlights the need to inject some 148.5 million cubic meters of gas into the Chiren underground...
Bulgaria's Deputy Prime Minister and Finance Minister, Simeon Djankov, has promised additional funding from Budget 2013 for municipalities with a stable fiscal state.
The news was announced by Djankov during his visit of the Danube city of Silistra, explaining that there will be a ban to use the said additional funding for salary increases or bonuses.
The financial state of all Bulgarian municipalities will be published by the end of June, according to the Minister.
He traveled to...
Bulgaria expects a 5% to 8% increase of foreign tourists during summer season 2012, according to the Minister of Economy, Energy and Tourism, Delyan Dobrev.
Dobrev attended Sunday the official opening of the season at Bulgaria's largest beach resort "Sunny Beach."
The Minister noted that the Russian market in particular is developing very well and there is an expected 15% to 20% increase from there, reminding that on Monday the 100 000th Bulgarian visa was issued to a Russian...
The consumer price index (CPI) in Bulgaria in May 2012, compared to April 2012, was 99.9%, i.e. the monthly inflation was -0.1%.
The data was reported Tuesday by the Bulgarian National Statistical Institute (NSI).
The inflation rate since the beginning of the year (May 2012 compared to December 2011) has been 1.6% and the annual inflation in May 2012 compared to May 2011 was 1.7%.
The annual average inflation, measured by CPI, in the last 12 months (June 2011 – May 2012) compared to...
Bulgaria's parliament ratified on Friday the contracts with BNP Paribas, HSBC and Raiffeisen as mediators for the eurobond issue that the country plans to float this year.
The motion, tabled by the government, was approved by 101 members of parliament, 34 voted against, while 12 abstained.
Bulgaria plans to tap international markets to raise funds to repay the first tranche of about EUR 835 M (USD 1.07 B) in 11-year eurobonds maturing on January 15, 2013.
The bonds offered on...
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