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...
Moody's Investors Service is currently reviewing Bulgaria's credit rating and is likely to boost it, the credit agency says in a regular report cited by the Bulgarian Finance Ministry.
Bulgaria currently has a Moody's credit rating of Baa3, the same as Romania, Hungary, Croatia, and Latvia; on April 5, Moody's placed Bulgaria's Baa3 sovereign rating "on review for possible upgrade".
The Bulgarian Finance Ministry stresses that this grade "reflects Bulgaria's stable state finances and the...
Bulgaria's Cabinet is taking steps in order to privatize the freight services of the state railway company BDZ, according to Vladimir Vladimirov, chair of the Board of Directors of the BDZ Holding.
Speaking at a railway transport forum in Sofia Wednesday, Vladimirov said the privatization of the freight and cargo services is part of the plan to restructure the notoriously troubled state railways, and will allow for improvements by private investors that the state can hardly ever carry...
The losses generated by the Bulgarian State Railways BDZ in the first quarter of 2011 declined substantially, BDZ executives announced.
The company, which is notorious for its passenger services and low efficiency, reminds that in 2010 it reduced its annual loss by BGN 17 M; i.e. it ended 2010 with a loss of BGN 47 M compared with a loss of BGN 64 M in 2009.
The upward trend of reducing losses is said to be continuing in 2011 as in the first quarter the losses of BDZ declined by BGN 7 M...
Integrated Micro-Electronics Inc. (IMI), the electronics manufacturing services unit of Philippines-based company Ayala, is buying out EPIQ NV's assets in Bulgaria, Mexico, and the Czech Republic.
Ayala's IMI is buying the three EPIQ facilities for an estimated EUR 43 M in total.
In a statement, cited by ABS-CBN News, IMI said it would pay in cash and 200 million new common shares representing approximately 12% of the company after the transaction.
IMI said the acquisition, which is...
Bulgarians will work to pay their taxes until May 4, 2011, according to a publication of the Institute for Market Economy.
The so-called "Tax Freedom Day" is a symbolic date when employees stop working for the State treasury and begin earning for themselves.
In Bulgaria, this day traditionally falls in May, and its earlier arrival in the last three years is attributed to the economic crisis and the wider budget gap i.e. the State seemingly takes less, but continues to spent as before by...
Two of the cars of the Chinese motor company Great Wall to be made in the Bulgarian city of Lovech made their debut, the site "Automedia.bg" informs.
The models Hover and Steed were shown for the first time over the weekend during the first round of the Bulgarian close-circuit race "Pista Litex." They were used as official automobiles of the race.
The site reports the two vehicles have generated very strong interest among the audience. This has also been the first time when the company...
The decision of Bulgaria's government to pack together its stakes at the stock exchange and the depository has sweetened the deal for the bourse, its executive director argues.
"Such bundling will sweeten the deal and will ensure that the new owner will have the freedom to define its own policy on both trading and post-trading level," Ivan Takev, CEO of the Bulgarian Stock Exchange – Sofia, said in an interview for Novinite.com.
Takev voiced confidence that Bulgaria's stock exchange,...
Bulgaria's Economy and Energy Minister, Traicho Traikov, has asked for guarantees from Russia for enough fuels for the country's market amidst reports that the Federation is halting oil export.
On Sunday, on the grounds of an unprecedented global fuels crisis, Russia stopped exporting oil products with Russian media reporting that fuels export tax has gone up on May 1 by 44% to reach USD 408 per ton. With the measure, the Russian government aims at making oil products export less...
The ten Bulgarians who have declared the highest income for 2010 will pay BGN 4.5 M in taxes, the National Revenue Agency, NRA, announced Monday.
The data comes from the already processed personal income tax declarations across the entire country.
The amount of the income of the top 10 earners, after deductions, is BGN 46.4 M.
The 10 wealthiest Bulgarians work in the area of financial trading, consulting and legal services.
Most of them have used the 5% rebate offered by NRA to...
Bulgaria's agriculture sector appears to be taking off, according to data presented by the Agriculture Ministry and the National Statistical Institute.
Agriculture is one of the few sectors of the Bulgarian economy with positive trade balance, according to the Bulgarian Ministry of Agriculture and Foods.
In 2010, Bulgaria's agriculture trade balance was positive USD 944 M, up from a positive USD 385 M in 2009.
The Agriculture Ministry boasts that what it describes as "proactive export...
The manager of Bulgaria's sole nuclear power plant Kozloduy has been threatened with being "knocked off" unless he keeps quiet about an incident on the first day of March in 2006, according to fresh diplomatic cables of the US embassy in Sofia, revealed on WikiLeaks.
The cables, published by the site for investigative journalism www.bivol.bg, are entitled "Nuclear power incident highlights Bulgaria's pre-accession jitters" and were sent on May 19, 2006.
Authorities on March 1 discovered...
Croatia's EU prospects and ways to boost economic and trade ties with Bulgaria will top the agenda of Prime Minister Boyko Borisov during his one-day official visit to Zagreb on Wednesday.
The Bulgarian delegation includes Minister of Economy and Energy Traicho Traikov and Minister of Culture Vezhdi Rashidov.
The visit comes at the invitation of Croatian Prime Minister Jadranka Kosor who herself visited Bulgaria in April last year.
A cultural co-operation agreement until 2013 is to be...
Vast construction projects in the Bulgarian capital Sofia, such as malls, office buildings, trade centers and residential buildings have been launched again as the financial crisis is slowly going away.
Mall Bulgaria, Paradise Center, San Stefano Plaza, the Winslow Gardens Residential Complex, the Millennium Center office building are among the ambitious projects which have started unfreezing, the Dnevnik daily reports. The first Bulgarian IKEA is expected to be opened after its construction...
Bulgaria's state cigarette producer Bulgartabac Holding, whose management has been harshly criticized in recent years, will be declared for privatization on Tuesday after years of procrastination.
The long-delayed procedure will be given the go-ahead by the agency for privatization and post-privatization control.
The sale of Bulgartabac Holding AD, Sopot-based Vazovski Mashinostroitelni Zavodi or VMZ, and the minority stakes in the electricity distributors have been said to be a must-do...
Korea's КТ&G, Japan Tobacco International, Czech and British investment funds have declared interest in the privatization of Bulgaria's state cigarette producer Bulgartabac Holding, according to media reports.
Korean KT&G had voiced interest in the privatization of Bulgartabac as early as during the term of the government of Simeon Saxe-Coburg.
KT&G is the largest cigarette and tobacco company in Korea, whose share accounts for 80% of the local market. Over the last ten years the...
Bulgaria's General Government Sector reported in 2010 a government deficit of BGN 2 269,2 M or 3,2 % of GDP, according to National Statistical Institute's preliminary data.
The main part of the deficit is formed by the Central Government sub-sector, amounting to BGN 1 710.6 M - 2.4% of GDP, followed by the Social Security Funds sub-sector - 806.8 million BGN or 1.1% of GDP. The Local Government sub-sector reported a surplus of BGN 248.3 M or 0.4% of GDP.
The Government Debt of Bulgaria...
TransGlobal Assets, an Oregon-based company, has contracted Bulgarian construction firm Sofstroy for complete the development of the White Lagoon Black Sea resort, a USD 400 M project.
After on Friday, the American firm announced plans to acquire a Bulgarian Black Sea resort development, it has now announced it has signed a Letter of Intent with Sofstroy Construction of Sofia, Bulgaria, to serve as General Contractor to complete the build out of the new beachfront development named the White...
A consortium including a company controlled by Vasil Bozhkov, one of Bulgaria's richest and most high-profile businessmen, won the bid for the construction of a section of the Maritsa Highway.
The "Maritsa Highway" consortium between Bozhkov's Patnostroitelna Tehnika and Austrian Porr Technobau got the lowest bid for the 34-km section between Dimitrovgrad and Harmanli.
The offer was for BGN 122.137 VAT excluded, given a forecast price of BGN 200.
A record number of companies...
US energy company Westinghouse presented Tuesday a new generation nuclear reactor in Sofia by invitation of Bulgarian Minister of Economy and Energy Traicho Traikov.
The model of the 3+ generation reactor in question is AP 1000 and it takes into fullest possible account the issue of safety.
Tuesday minister Traikov also met Westinghouse vice-president for Southern Europe Jose Gutierres, who presented his company's advances in the field of safety management systems for NPPs.
Another...
A mission of the International Monetary Fund will visit Bulgaria's capital Sofia during the period May 10-20, 2011 to hold regular bilateral discussions on economic policies with the Bulgarian authorities, the fund announced.
This is part of the IMF's surveillance under Article IV of the IMF's Articles of Agreement. The mission will be headed by Mrs. Catriona Purfield.
"The mission will meet with officials from the Ministry of Finance, the Bulgarian National Bank, other government...
Bulgaria Translation