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...
According to flash data about revenues as of beginning of May 2012, Bulgaria's State budget is balanced for the first time since June 2009.
The information was reported Friday in the Parliament by Deputy Prime Minister and Finance Minister, Simeon Djankov.
He stressed that his ruling center-right Citizens for European Development of Bulgaria party, GERB, began its term with a legacy of huge deficit, left by his predecessor in the Cabinet of the Three-Way Coalition, and two years were...
Bulgaria's government has offered the European Union to change the principle of determining fuel excise duty, according to Energy and Economy Minister Delyan Dobrev.
Dobrev said Friday that Bulgaria had made two proposals: for determining the excise tax rate on fuel on the basis of the country's gross domestic product (GDP), setting a minimum excise rate at a certain GDP, or calculating the excise duty rate on the basis of purchasing power of the population.
Bulgaria's Energy Minister...
Bulgaria's capital Sofia will have its first operational overpass road junction in July 2012, Sofia Mayor Yordanka Fandakova promised.
The Sofia Municipality has launched the construction of a third overpass that is supposed to help relieve the tough street traffic situation in the city.
Fandakova referred to the overpass located on the crossing of the Andrey Sakharov Blvd and the Alexander Malinov Blvd in the Mladost quarter, which was in fact supposed to be completed by May 2012.
It...
Bulgaria has completed the rehabilitation of its key southern railway linking the cities of Plovdiv and Burgas at about 35%, the Transport Ministry announced Friday night.
In May 2011, the Bulgarian government formally started the project for the rehabilitation of the southern rail highway between Plovdiv and Burgas, a major and long-anticipated infrastructure project, whose total length is 292 km.
Thus, trains will be able to reach a speed of 160 km/h in the rehabilitated railway...
Bulgaria ranks second among the European Union Member States by the production of electric energy with a 7.5% increase.
The number one spot is taken by Greece with 12.2%. Poland (3.1%), Slovakia (2.3%) and the Czech Republic (2%) also register an increase.
Bulgaria's gross production of electricity in April 2012 is 3 560 GWh, while the net one is 3 231, according to data from the National Statistics Institute, NSI. Import of electricity in April is about 100 GWh, while export - 800...
Bulgaria's seasonally adjusted industrial production index increased by 1.5% in April 2012 as compared to the previous month, according to the country's National Statistical Institute.
On a yearly basis, April's working day-adjusted industrial production index increased by just 0.3%, according to the institute's data.
The most significant monthly increases were seen in the production of basic metals (by 56.0%) and electrical equipment (by 9.2%)
The most significant monthly decrease was...
Bulgaria's government has selected BNP Paribas, HSBC and Raiffeisen as mediators for the eurobond issue that the country plans to float this year.
This becomes clear from a bill for ratifying the contracts with the three banks that the cabinet has tabled to Bulgaria's parliament, thus confirming earlier media reports.
BNP Paribas, HSBC and Raiffeisen will be appointed to advise the Bulgarian state as well as manage the sale of the bond.
The authorities evaluated bids submitted by 17...
Bulgaria's Gross Domestic Product, GDP, was BGN 15.7 M or EUR 8.8 M in the first quarter of 2012 at current prices.
The GDP growth rate in the first quarter of 2012 was 0.5% compared with the same quarter of the previous year and remains at the same level compared with the fourth quarter of 2011.
The official quarterly estimates of GDP for the first quarter of 2012 were released Tuesday by the Bulgarian National Statistics Institute, NSI.
According to the preliminary data, the GDP at...
Since the beginning of 2012, Bulgaria has awarded five "Class A" investor certificates for investments of over EUR 225 M, compared to three first-class investor certificates for the entire 2011, according to Economy and Energy Minister Delyan Dobrev.
On Wednesday, Dobrev awarded a"Class A" investor certificate to Swiss company Reichle & De-Massari, which is to invest BGN 9.7 M into a new Sofia-based factory specialized in the manufacturing and assembly of fiber-optic components.
The...
Sofia public transportation buses serving line 111 now have free wireless internet.
The service has been launched on Monday, June 4. The buses are equipped with wireless routers of the Vivacom telecom.
The news was reported by the Deputy Mayor of Sofia, Lyubomir Hristov.
He says the 111 line is a pilot project and if it is proven successful, other bus lines will be equipped with wireless routers.
The project is part of the initiative to support Sofia's bid as European Culture...
The construction of the South Stream gas pipeline will begin by the end of 2012, Russian President Vladimir Putin announced on Monday.
Putin has reminded that the project has received additional support, as it has been backed by Turkey.
"Turkey approved the passing through of the pipeline through its exclusive economic zone," he said, as cited by ITAR-TASS.
The project is expected to become operational by the end of 2015.
The South Stream pipeline is intended to transport up to 63...
Bulgarian Agriculture Minister Miroslav Naydenov has said that he expects a wheat harvest of around 3.8-3.9 million tons.
Speaking Tuesday in the southern town of Sadovo, he assured that the Bulgarian market would not experience difficulties because a total of 1.5 million tons of wheat would suffice to cover domestic needs.
Naydenov informed that there would remain available export volumes.
Bulgaria's Agriculture Minister suggested that wheat and bread prices were not expected to...
The share of organic vs conventional production in Bulgaria registered a 30% annual increase in 2011, according to Tsvetan Dimitrov, Deputy Minister of Agriculture and Food.
Speaking Tuesday at the opening of a seminar on the benefits of organic products, he said that the control system indicated a total area of 26 622 hectares used for organic farming in 2011 due to the increased demand for such products on the European and global markets.
Tuesday's seminar took place within a forum held...
Bulgaria has offered to Rosatom to participate in the construction of Unit 7 of Bulgaria's Kozloduy Nuclear Power Plant, NPP.
The news was announced by the Deputy CEO of Rosatom, Kiril Komarov, speaking at the international "Atom Expo 2012" forum, and cited by Russia's RIA-Novosti and the Bulgarian Standard daily.
"The Bulgarian side proposed to examine our inclusion in the construction of Unit 7 of Kozloduy NPP. I believe that despite Bulgaria abandoning the Belene NPP project, our...
The northeastern Bulgarian city of Dobrich has become the second location in Bulgaria to open an electric vehicle charging station outside of the capital Sofia.
Dobrich has thus become the first provincial city in Bulgaria to have a charger for electric vehicles.
The electric vehicle charging station in Dobrich has been built as a private investment of FullCharger Bulgaria in cooperation with Atanasov Group EOOD, a chain of gas stations.
The two companies have decided to put up a total...
A private investor could possibly purchase by the end of 2012 the abandoned project to build a second Nuclear Power Plant, NPP, in the Bulgarian Danube town of Belene, and pay the looming compensation fees.
The statement was made by the Chairman of the Bulgarian Atomic Forum BULATOM, Bogomil Manchev.
"The purchase of the project by a foreign investor will resolve the problem with Russian claims for compensations," Manchev is quoted saying. He is also the CEO and main shareholder in the...
Bulgaria's Minister of Agriculture and Food, Miroslav Naydenov, has announced that the country has fulfilled all requirements of the European Commission (EC) regarding laying hen welfare.
Speaking Monday in the central town of Veliko Tarnovo, he boasted that Bulgaria had managed to meet the end-June deadline set by the EC and would not face sanctions.
"Staring Monday, all poultry farms in Bulgaria are raising happy hens and we met the deadline we were given earlier," the Agriculture...
Bulgarian companies will be monitored for and fined in cases of abuse of "significant market power," according to draft amendments to the Competition Protection Act.
The legal amendments envisage the introduction of the concept of "significant market power" and set fines in cases of abuse, according to a project published by the Ministry of Economy, Energy and Tourism.
The step will allow the Bulgarian anti-trust watchdog to penalize companies that do not have a dominant position on the...
Sofia Municipality is going to open at least five more Tourist Information Centers, in addition to the only existing one, according to Deputy Sofia Mayor Irina Savina.
The Tourist Information Center in Sofia was opened in January 2010; it is located at the Sofia University metro station.
Savina announced Saturday, however, as cited by BTA, that similar tourist and cultural information offices will be opened at Terminal 1 and Terminal 2 of Sofia International Airport, the Central Railway...
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