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...
P2 Solar, Inc., based in Surrey, British Columbia, Canada, has announced it has executed an option agreement to develop a 7.3 MW solar power farm in Bulgaria.
The "shovel-ready" project with a 20 year gross revenue of USD 76.5 M is located in southwestern Bulgaria near the Greek border and has land secured, all required permits are in place and a 20 year government power purchase agreement (PPA), is signed, according to P2 Solar.
The company has recently appointed a Bulgarian consultant...
Bulgaria's Customs Agency is starting an all-out inspection campaign on fuel excise facilities after it has detected violations at the Lukoil Neftohim refinery in Burgas.
The move, which also features inspections on gasoline trucks by mobile groups, is supposed to crack down on a black market of fuel. The campaign will last 3 months, Customs Agency head Vanyo Tanov told BNT.
Customs inspectors have found that Lukoil Neftohim, Bulgaria's major oil refinery, which is also the largest in the...
The Bulgarian government has approved a contribution to the Bulgarian state company for the construction of the vastly troubled Burgas-Alexandroupolis oil pipeline, which is at the bare minimum for keeping the project alive.
With its decision Wednesday, the Borisov Cabinet has agreed to increase the capital of the state-owned Project Company "Burgas-Alexandroupolis Oil Pipeline" BG EAD by issuing bonds worth BGN 150 000 that will be acquired by the Finance Ministry.
The sum is the minimum...
Henk Markerink, CEO of famous Dutch stadium Amsterdam ArenA, will launch the construction of a new national stadium in the Bulgarian capital Sofia together with his team of experts, it was announced Wednesday.
Merkerink met with Bulgarian Sports Minister Svilen Neykov, legendary striker from the 90s Hristo Stoichkov, Dutch Ambassador to Bulgaria Karel van Kesteren, as well as the Balkan country's former Foreign Minister (2001-2005), Solomon Passy.
The new stadium will be raised either in...
Compared to 2010, which was characterized with a record supply of new shopping centers, no significant retail schemes have been completed since the beginning of 2011, according to the Q2 report of Forton International.
The current shopping center stock stands at almost 560 000 sqm GLA.
Pipeline supply remains challenging with over 237 000 sqm of retail space under construction.
If all of the projects are completed successfully,the total shopping center stock in the country will...
Data shows Bulgaria's real estate sector is experiencing a limited recovery, according to the "Bulgaria Real Estate Report Q3 2011" of Business Monitor International (BMI).
"Bulgaria's real estate sector has experienced a startling downward trend in recent years as the value of property has plummeted led by a dearth of demand. Early data from the first two months of 2011, however, suggest that a limited return is on the way," the report says.
It cites data that an average of 1 550...
The consumer price index (CPI) in Bulgaria in June 2011 compared to May 2011 was 99.1%, meaning the monthly inflation was -0.9%.
The data was reported Tuesday by the National Statistical Institute (NSI).
The annual average inflation, measured by CPI, in the last 12 months (July 2010 - June 2011) compared to the previous 12 months (July 2009 - June 2010) was 4.3%.
In June 2011, compared to the previous month, prices of goods and services in the main consumer groups have been changed as...
Gehrlicher Solar AG, a German company, has completed its first Bulgarian photovoltaic project, a 1.2 MW project located west of Sofia.
The photovoltaic plant in Kosharevo near Breznik is expected to generate around 1.4 million kW/h of energy annually.
The 1.2 MW photovoltaic plant will receive a feed-in tariff rate of 35.75 euro cents per kWh, the PV Magazine reported.
The German solar company completed construction on the project in June. It is expected to be grid connected...
Bulgarian capital Sofia's real estate market seems to have recovered from the crisis, as it has grown four times more active than in its worst period, according to an analysis prepared by the Bulgarian Address Real Estate company.
Prices are stable in Sofia, according to the company, with properties valued under EUR 50 000 the most sought after among buyers. But even though 45% of all buyers are looking for properties below EUR 50 000, deals worth more than EUR 100 000 are not so rare as...
The number of Bulgarian and foreign tourists, who have visited Bulgaria's second largest city of Plovdiv, has increased significantly.
The data comes from the Tourist Informational Center in downtown Plovdiv, cited by the local daily "Maritsa."
In June 2011, there have been 300 more visitors of the Center, seeking information, compared to June 2010.
In June 2011, people from 44 different countries have visited Plovdiv, mainly from France, the UK, Germany, and the US. They latter have...
Bulgaria's Finance Minister, Simeon Djankov, forecasts a 6% economic growth for the last quarter of the 2011.
In a Monday interview for the Bulgarian daily "Trud" (Labor), Djankov says Bulgaria has entered the crisis half a year later than most European countries, thus the recovery is to arrive six months later as well.
The Minister points out Bulgaria is now in its third, consecutive strong quarter in 2011, while the fourth one would be the strongest where growth will certainly reach 6%...
Bulgarian and Turkish companies aim at reaching annual bilateral trade worth USD 10 B, stated the head of the Turkish-Bulgarian Business Council Yalcin Egemen at a business forum organized during the visit of Turkish President Abdullah Gul to Bulgaria.
At the forum, which attracted over 50 Turkish companies, the President of the Turkish-Bulgarian Business Council, Yalcin Egemen said there is real potential for the trade between the two countries to grow tremendously.
Egemen pointed out...
The border Strandzha Mountain should become a joint Bulgarian-Turkish project for non-material cultural heritage that should seek UNESCO status, Bulgarian President Georgi Parvanov has proposed upon welcoming his Turkish counterpart Abdullah Gul.
"Both countries are tourist destinations, especially Turkey. We need to try to diversify the tourism opportunities. Spa tourism has a very good potential but I would add cultural tourism, which leads to dialogue between civilizations," Bulgarian...
The Plovdiv Appellate Court has overturned the ruling of the Plovdiv Regional Court to annul the two increases of the capital of the International Plovdiv Fair company and to return the majority stake in the Fair to the State.
The latest development came after the Fair's owner, Georgi Gergov, appealed the decision of the Regional Court.
According to the Appellate Court in Bulgaria's second largest city, the two increases of the capital, making Gergov's company "Puldin Tourinvest" owner of...
The section of the Hemus Highway connecting it to the Sofia beltway will be built by a Bulgarian-Croatian consortium called Hemus A2.
The 8.5 km section of Hemus, the highway linking Sofia and Varna through Northern Bulgaria, is seen as crucial for unloading the heavy traffic in Sofia's suburban area.
The Hemus A2 consortium was selected after providing the lowest price for the section out of a total of 12 bidders in the tender.
The consortium includes Trace Group Hold, the same...
Bulgaria will hold auctions for a total of six shale gas exploration blocks, said Kristalina Stoykova from the Geological Institute at the Bulgarian Academy of Sciences (BAS).
Stoykova heads a scientific group in charge of shale gas research in Bulgaria.
In her words, four of the blocks that will be auctioned off are located in North-East Bulgaria and two other in North-Central Bulgaria.
At this stage, US oil and gas giant Chevron has won a contract to carry out shale gas exploration...
Bulgaria's Cabinet is going to invest BGN 30 M in the reconstruction of the military airport near the Black Sea resort of Balchik in order to transform it into a civilian airport.
According to the transcript of the Bulgarian government's meeting on Wednesday, which was released Friday, Prime Minister Boyko Borisov ordered the Finance Ministry to allocated BGN 30 M for the reconstruction of the Balchik Airport for civilian purposes.
Borisov's rationale is that the reconstruction will be...
Several of the so called "high-speed roads" will be added to the list of highways under construction as priority infrastructure projects of the Bulgarian government, according to Road Infrastructure Agency.
The Board Chair of the Road Agency Sergey Mihalev met with representatives of the Bulgarian Branch Chamber "Roads", an association of the businesses active in the field of road infrastructure.
Mihalev has indicated that the highways and the high-speed roads are the government's major...
The concessionaire of the Bulgarian Black Sea airports Varna and Burgas Fraport Twin Star Airport Management plans to invest BGN 170 M in their modernization in the next 3 years, company CEO Dirk Schusdziara has announced.
Schusdziara has confirmed that Varna Airport will be closed down for unprecedented repairs after the end of the 2011 summer tourist season.
The Varna Airport will be undergoing repairs from October 15, 2011, till February 28, 2012. This is the first time the airport...
A Bulgarian exterior designer, Deyan Denkov, is the author of the design concept of Renault's latest concept car, the Renault Frendzy.
Denkov, a native of Yambol in Eastern Bulgaria, has been working for Renault since 2007, according to the Renault website.
"I took inspiration from a wide variety of sources, including unconventionally shaped aircraft such as the Airbus Beluga and the Antonov 224," Denkov explains, as cited by The Daily Telegraph, adding that the Frendzy is both a business...
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