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...
A map with little-known yet interesting places to visit in Sofia will be presented Wednesday to Sofia municipal councilors and the business sector.
The colorful leaflet titled "The Unknown Sofia" is to be ready by the end of the month, according to a report of state-owned TV channel BNT.
It will be distributed free of charge at airports, railway stations, hotels and border checkpoints.
Some of the sights on the map are: a mausoleum from the Late Antiquity discovered on the territory of...
Bulgarian banks have seen a significant growth in deposits over the last two months thanks to Greek and Romanian nationals, who rush to stash their savings here, officials and bankers say.
The deposits of foreign citizens and companies in local banks have increased by BGN 18 M and BGN 49 M respectively in June over the previous month, according to figures, cited by 24 Hours daily.
"There has been recently a noticeable trend among Greek citizens and businesses, who prefer to open deposit...
The sales of wine on the local market in Bulgaria are up 40% in the first half of 2011, compared to the same period of last year.
The data was released Wednesday by the Bulgarian Executive Vine and Wine Agency.
The 40% mean Bulgarians drank 11.5 millions more liters of wine in the first six months this year, compared to 2010.
Meanwhile, wine exports are up by only 1%, with half of the exported quantities going to the Russian market. There is a slight increase in exports to Romania, the...
Sofia Airport registered a monthly slowdown in passenger traffic growth in July.
In July 2011 Sofia Airport serviced a total of 336.5 passengers, up by 3% compared to the same month in 2010, according to a media statement of the company.
In June 2011, however, the annual increase settled at 6% and the half-year growth came in at 8.4%.
In July 2011, passenger traffic at the airport in Bulgaria's capital went up by 8.6% on the month.
Over 90% of the people traveled on international...
Europa Capital LLP, a member of the Rockefeller Group, has completed the acquisition of Mall of Sofia, the first shopping mall in Bulgaria's capital, the company has announced.
"Europa Capital LLP, the fund manager of Europa Fund III and the Europa Emerging Europe Fund, is pleased to announce that it has completed the acquisition of Mall of Sofia, Sofia, Bulgaria, from GE Real Estate and Avestus Capital Partners. This is Europa's second investment in Bulgaria this year and demonstrates its...
Bulgaria's government has been giving too much money for the security sector, and too little for, and that is bound to change in 2012, Finance Minister Simeon Djankov has promised.
"The major focus of the 2012 Budget Act will be the redistribution of funds from the security sector, which includes the Interior Ministry, the intelligence services, and the State National Security Agency DANS, towards science, education, and culture," Djankov pledged speaking for Nova TV Tuesday morning.
He...
Sofia Municipality is taking a number of measures to revamp the public city transport in order to make a better use of the second line of the Sofia Metro that is to be launched in 2012, officials have announced.
In early 2012, the municipality will start the reconstruction of the underpass of the Sofia Central Railway Station, which will feature a metro station and an underground connection to the Sofia Central Bus Station located nearby, announced Sofia Chief Architect Petar Dikov, as cited...
The trolleybus park in the Bulgarian capital Sofia will be replaced nearly 100% in the next year to year and a half.
Thirty new trolleys have been purchased with EU funding in 2010, which is about 30% of the existing trolley park in the capital. 50 new trolleys are to be purchased as part of a project for integrated public transportation.
Lyubomir Hristov, Deputy Mayor for Transportation at the Sofia City Hall, has informed that the above said project is already in Brussels, at an...
Bulgarian Revenue Agency, NRA, has launched a probe of 47 yachts at the beach resort towns of St. Vlass and Nessebar on the southern Black Sea coast.
The information was reported Tuesday by the NRA press center.
The revenue agents have listed the registration plates of the yachts and now Maritime Administration is identifying their owners. NRA will follow with a check to see if the latters' declared income corresponds to their asserts. There will be an audit of the violators.
In March...
Qatar's national carrier has confirmed it is about to launch flights to and from Sofia in the middle of September and tickets are already on sale.
The flights will be launched on September 14 and will be served four times a week via Bucharest on board Airbus A320 aircraft.
Qatar Airways announced its plans for regular flights to Sofia airport a few months ago, saying the move is part of the company's expansion in Europe.
The flights will give customers the opportunity to transfer to...
The Balchik palace complex in the northern Black Sea coast of Bulgaria is marking during summer 2011 a peak of weddings of couples from all over the world.
Over 30 couples from Bulgaria, the US, Switzerland, Australia, Romania and Slovakia have chosen the beautiful backdrop of the sea and the castle to tie the knot, the Culture Activities Department at the complex reports.
The most exotic wedding had been the one of a couple from Iran, who had chosen the Bulgarian site after visiting it...
Bulgaria attracted a total of only EUR 7.9 M in foreign direct investment in the first six months of 2011, according to latest data from the Bulgarian National Bank.
Compared with the first six months of 2010 when the foreign investments in Bulgaria reached EUR 532.7 M, Bulgaria's H1 2011 FDI declined 67 times.
The newly announced H1 2011 FDI result, however, is still an improvement after all throughout the first five months of the year Bulgaria kept registering a negative inflow of...
Bulgaria's government is selling "Industrial Construction Holding", a state company, to a local private investor for BGN 12.01 M, the Privatization Agency announced.
The selected buyer of Industrial Construction Holding is Vodstroy 98, a Bulgarian-owned company headquartered in the eastern city of Sliven. Vodstroy 98 was the sole bidder for the state owned construction company.
The state-owned Industrial Construction Holding had a profit of BGN 2.5 M in 2008 but registered a loss of BGN 1...
Bulgarian capital Sofia is planning to allot some 38 acres nearby defunct steel plant Kremikovtzi for the creation of a new industrial park, according to a publication by wide-circulation 24 Chasa daily Sunday.
The land is owned by Sofia Municipality and is in the very vicinity of Kremikovtzi, which was up for liquidation after being declared bankrupt, and was bought only at the fourth auction in April by sole bidder Eltrade for EUR 162 M.
According to 24 Chasa, the town of Sofia is ready...
The shipyard in Bulgarian Danube city of Ruse built a sea-faring ship for 3.5 months instead of the usual 12-month period.
Monday the newly built 8,000 tonne deadweight, 128.5 m freight ship will be sail off to Varna for testing.
The ship, called "Frisian Ocean", has been commissioned by Dutch company Boomsma Shipping...
Bulgarian towns are not stimulated enough to build facilities to clean sewage, which is a serious drawback, stated Bulgarian PM Boyko Borisov in Varna Sunday.
"For some 20 years almost nothing has been done in the field, and this is a problem especially on the Black Sea coast, as it severely detracts from tourism," commented the PM.
Sunday he was present, together with Varna mayor Kiril Yordanov, at the opening of a new sewage facility in the St. Constantine and Helena resort.
"We need...
Bulgaria has partly regained its popularity among overseas buyers, breaking back into the top ten most preferred real estate markets for Britons, according to a UK guide for residential property.
3.3% of all enquiries in July were directed at Bulgarian property, marking the country's return to the overseas property portal's top ten for the first time in three years, TheMoveChannel.com report said.
In the comparative list of overall enquiry volume for last month Bulgaria ranked seventh,...
Bulgaria's largest summer resort Sunny Beach, which has recently made headlines with binging sprees, alcohol-related accidents, crime and prostitution, has ousted Mallorca in the hearts of young Germans.
"The German tourists now prefer to spend their summer holidays in Sunny Beach rather than in Mallorca," says a report of the German ARD.
Data shows that Germans, primarily students, who have come to Bulgaria for their proms, account for 70-80% of the tourists in the resort.
The prices...
Bulgaria's 2011 summer tourist season will most likely end up being the most successful in terms of revenues in the past ten years, various data indicates.
The Institute for Analysis and Assessment in Tourism, a think-tank, estimated that 6.6 million tourists will have visited the Bulgarian Black Sea by the end of the season in August 2011. This means a growth of the number of tourists by some 14% with respect to their numbers in 2010.
Prof. Stoyan Marinov, member of the board of the...
Lukoil has reduced retail fuel prices at its filling station chain in Bulgaria.
As of August 12, gasoline A95H costs BGN 2.41 per liter, gasoline A98H sells for BGN 2.57 per liter, diesel trades at BGN 2.40 per liter and LPG has a price tag of BGN 1.27 per liter.
The price update has been posted on the company's website.
On Thursday, Lukoil reduced wholesale prices, with gasoline A95H retreating to BGN 2274 per 1ooo liters, gasoline A98 settling at BGN 2334 per 1ooo liters, diesel...
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