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...
London private equity fund manager Europa Capital has bought the Bulgarian capital's Mall of Sofia or more than EUR 100 M.
The sale generates a gain of more than EUR 20 M to be shared equally by Avestus Capital Partners and Irish GE Real Estate, according to a source close to the Irish property company, cited by the Irish Times
Mall of Sofia is a 23,600 sqm (254,000 sq ft) shopping center with 10,400 sqm (112,000 sq ft) of offices above, located in downtown Sofia. The property was...
The Bulgarian economy expanded by 3,4% in the first quarter of the year on an annual basis, revised data of the statistics office showed on Wednesday, well above the flash data published a month ago.
On quarterly basis, the emerging economy expanded 0.6% from January through March.
According to flash data of the statistics office from the middle of May the Bulgarian economy expanded by 2.5% in the first quarter on an annual basis.
The country's gross domestic product grew by 0.4%...
The future Struma Highway connecting Sofia to the border with Greece will be the first one in Bulgaria to feature special facilities for wild animals such as bears and hares.
Regional Development Minister Rosen Plevneliev told journalists Wednesday that Bulgaria will take after developed Western European countries such as the Netherlands in building highway facilities that protect wild animals.
He spoke at the Road Agency where he opened the bids in the tender for the construction of Lot...
A EUR 13 M factory of Monbat Recycling, a subsidiary of Bulgarian company Monbat, in Romania will be inaugurated formally by the Prime Ministers of Bulgaria and Romania Boyko Borisov and Emil Boc on Thursday.
Monbat Recycling SRL, whose plant is located outside of Bucharest, is an investment of Bulgarian car battery producer Monbat, part of the Bulgarian Prista Oil Group, one of the largest machine oil and battery producers in Eastern Europe.
Monbat's factory in Romania has been operating...
The seasonally adjusted industrial production index increased by 1.5% in April 2011, compared to March 2011.
The preliminary data was released Tuesday by the National Statistics Institute, NSI.
In April 2011, the work day adjusted industrial production index rose by 9.4%, compared to the same month of 2010.
In April 2011, compared to March 2011, the seasonally adjusted industrial production index in the mining and quarrying industry increased by 1.3%, in the manufacturing by 0.2% and...
The political agreement for the European Nabucco gas pipeline project is going to be signed Wednesday in Turkey.
The announcement was made Tuesday by Bulgarian Prime Minister, Boyko Boriosv, who said the move will put the project on the highest political level of the agenda.
Borisov spoke at the opening of the conference titled "New Perspectives in the Trade and Economic Relations between the US and Bulgaria."
It was further announced that Borisov and his Deputy and Finance Minister,...
The US is going to be once again the biggest investor in Bulgaria in 2011 over continuous American trust in the country, according to US Ambassador in Sofia, James Warlick.
Warlick spoke Tuesday at the conference titled "New Perspectives in the Trade and Economic Relations between the US and Bulgaria," saying Bulgaria must work on becoming an attractive investment location.
According to the diplomat, small and large investors have directed their attention towards Bulgaria, but overall...
The western Bulgarian city of Kyustendil was voted "Most dynamically Developing SPA destination" at the second edition of the annual "Spa Nominations" ceremony.
The event was held at the Kempinski-Zografski hotel in Sofia.
In 2010, the town of Sandanski was declared "Best SPA destination" in the country, after Velingrad withdrew from the competition in a bid to stimulate other towns famous for their mineral springs.
"This is good news that has not happened for 30 years in Kyustendil",...
Bulgaria's sales of new cars grew by 21.3% in the first half of 2011 year-on-year, according to data of the Association of Car Importers.
A total of 10 954 new vehicles were sold in Bulgaria in January-June 2011, including 10 287 new cars (an increase of 19.6% year-on-year), and 667 buses and trucks (an increase of 69% compared with 2010 H1).
The increase in the number of sold buses and trucks is also boosted by Scania's inclusion as a member of the Association as Scania's sales were not...
Bulgaria's Constitutional Court declared the transfer of deposits in private retirement funds to the National Social Security Institute (NOI) anti-constitutional.
The rule dates from May 31, and is published on the Court's official internet page.
The revoked paragraph 4a from the Social Security Code stated that "funds from individual accounts existing by January 1, 2011, of females born between 01.01.1955 and 12.31.1959, and males born between 1.1.1952 and 12.31.1959, which until...
Bulgaria's exports of protein-rich agricultural produce such as meat and milk is growing, according to Deputy Agriculture Minister Tsvetan Dimitrov.
Speaking on Monday, Dimitrov reiterated Ministry data showing that 17% of the Bulgaria's exports in 2010 came from agricultural products, and that it grew by 20% in 2010 year-on-year.
Bulgaria's foreign trade in agricultural products registered a positive balance of USD 1 B in 2010, he said in the northern town of Troyan at a conference on...
Greek investors are considering launching a direct air line between the Bulgarian city of Plovdiv and the Greek town of Kavala on the Aegean Sea coast.
The idea for the Plovdiv-Kavala line has been discussed for several months and was confirmed over the weekend during an aviation show in Kavala, the Maritsa newspaper reported.
By setting up a direct air line, Greek businesspeople are said to be aiming at increasing the number of Bulgarian tourists from Plovdiv.
The Greek project is...
In May 2011, Bulgaria registered its lowest monthly unemployment rate since November 2009, according to official data from the State Employment Agency.
Thus, formal figures indicated that in May 2011, Bulgaria's unemployment rate was 8.87%, which is 0.42 pp lower than in April, and the first time since October 2010 when the unemployment is below 9%. The previous lower monthly unemployment figure was recorded back in November 2009 when it was 8.66%.
A total of 328 533 persons were...
Bulgaria's draft Waste Management Act, which is supposed to prevent rampant metal theft, has come under vigorous fire by the Bulgarian Recycling Association.
The new law will force 1 000 SMEs into bankruptcy, which have acquired unlimited licenses for trading with ferrous and non-ferrous metals, costing the economy 14 000 jobs, according to the Bulgarian Recycling Association.
The draft act stipulates that depots for the purchase of scrap can be located only on municipal grounds within...
Gazprom will start construction of the South Stream gas pipeline to pump natural gas to Europe along the bed of the Black Sea with two parallel legs, Gazprom CEO Alexei Miller said on Monday.
"We plan to build two pipeline legs with a capacity of 15.5 billion cubic meters each; they will be built in parallel," Miller said, as cited by RIA Novosti.
The South Stream pipeline is intended to transport up to 63 billion cubic meters of natural gas to central and southern Europe, diversifying...
A whole array of senior government officials have given the start of the rehabilitation of the road between the Northern Bulgarian cities Pleven and Lovech, its first repairs in 26 years.
The road infrastructure project was opened by Deputy PM and Finance Minister Simeon Djankov, a native of Lovech, Regional Development Minister Rosen Plevneliev, and Parliament Chair Tsetska Tsacheva, who is herself a native of Pleven, among other officials.
"I will not tire of repeating that Northern...
Hristo Stoichkov, legendary former Barcelona striker, has come to his native Bulgaria with Spanish businessmen interested in investing in new Bulgarian stadiums.
It is now the Bulgarian state's responsibility to keep their interest alive, Stoichkov stated before journalists in Sofia.
"The investors are as serious in their intentions as (Prime Minister) Boyko Borisov and Sports Minister, Svilen Neykov, " he said. "They will do all they can to build stadiums in Bulgaria, just like those in...
Serbia is hurrying to build a highway to the Bulgarian border before the completion of the second Bulgarian bridge on the Danube, according to Serbian Transport Minister Milutin Mrkonjic.
In 2010-2011, Bulgaria and Serbia have stressed the need to complete the construction of the Sofia-Nis Highway, with Bulgaria taking steps to construct the 70-km section from Sofia to Kalotina on the Serbian border. The route is part of the so called Pan-European Transport Corridor No. 10 from Istanbul to...
The new Termal Power Plant, TPP, "AES Galabovo" is being launched Friday near the southern Bulgarian city of Stara Zagora.
The project cost is estimated at EUR 1.2 B. The investor is the American energy giant "AES" with its CEO, Peter Lithgow, stating the company is prepared to slate as much funds as needed because the TPP is a strategic facility for Bulgaria.
Initially the first two units will work at 70% of their capacity, while full capacity will be reached at the end of the year. The...
Bulgaria's Bulgaria Air airline has been officially included in Embraer's portfolio of E-Jets costumers.
Under a new agreement with a leasing company, the Bulgarian air carrier will will operate three Embraer 190 jets from Sofia.
"It's wonderful to have another customer endorsing our E-Jets philosophy in this region of Europe," said Paulo Cйsar de Souza e Silva, Embraer President, Commercial Aviation, as cited by charterx.com on Friday. "E-Jets are already flying with airlines in...
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