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...
In February 2011 the total business climate indicator has increased by 2.7% in comparison with the previous month, but is still 8.3% below its long-term average value, the National Statistical Institute has informed.
The composite indicator of business climate in industry has increased by 4.1 percentage points in comparison with January and it is only 2.5 percentage points below its long-term average value. The inquiry registers increased managers' optimism about the expected business...
Bulgaria has a great potential in the development of high technologies and should consistently pursue it, according to Texas Institue of Science CEO Laslo Olah.
Olah spoke to BGNES within his working visit to Sofia, hosted by the Bulgarian Academy of Science.
The Texas Institue of Science CEO and President commented that lamentably the climate in Bulgaria does not favor innovation and development, despite the country's high capacities in research.
"A good system is one that allows...
Russia is reiterating talk of suing Bulgaria over foiling the project to build the Burgas-Alexandroupolis oil pipeline, according to Russian Energy Minister, Sergey Shmatko.
The Russian news agency RIA Novosti is citing Shmatko saying Russia is still interested in the project over its economic feasibility, but is prepared to withdraw after receiving compensations.
The statement comes about a week after Moscow warned it will scrap the pipeline and then recanted the announcement.
"We...
Belgian retailer Delhaize is expected to acquire 50% of Serbian conglomerate Delta Holding, which owns the chain Piccadilly, operating in Bulgaria.
Financial Times reported Thursday that the final agreement will be announced by early March, but Delhaize is expected to take a 50% stake of the Serbian supermarket network, which have annual earnings of more than EUR 1 B on a turnover of EUR 2.7 B.
The deal would make Delhaize the first big western European retailer to break into a regional...
Bulgaria's Parliament has approved the setting up of a joint venture between the Bulgarian "National Company Industrial Zones" and the Qatar Investment Authority.
The future joint venture of the state entities of Bulgaria and Qatar will have a capital of at least USD 500 M, with all of the money being provided by the Qatar Investment Authority.
The funds will be invested in Bulgarian agriculture, real estate, tourism, finance, and other attractive investment opportunities.
The document...
Bulgaria has made it to the thirteenth spot in a new ranking of property markets, which remain popular for foreign mortgages among Britons.
The Bulgarian market has attracted 1.3% of the searches for properties abroad at the site of Rightmove Overseas in January, while their number increased by 40,5% over December.
Britons continue to be attracted most by the idea of taking out a foreign mortgage for a property in Spain, the ranking shows.
Australia, New Zealand and Canada have...
Bulgaria's government decided on Wednesday to waive USD 6.3 M or 77% of Zimbabwean debt, which has not been serviced in the past 20 years.
The remainder of Zimbabwe's debt – a total of USD1.886 M will be paid in four installments within one year, the Sofia-based cabinet said.
Should the Zimbabwean government fail to fulfill its obligation under the agreement, it will be obliged to pay the debt in full in one installment in the framework of sixty days.
Zimbabwe's USD 8.2 M debt piled...
The Bulgarian government has accepted a draft memorandum on economic cooperation with east China's Jiangsu province.
Exchanging information on investment policies, opportunities for establishing joint industrial projects and joint ventures, and opening offices and branches will be the key activities Bulgaria and Jiangsu would promote from now on, according to the memorandum.
Jiangsu is one of the most economically vibrant Chinese provinces, home to many of the world's leading exporters of...
Bulgaria's Finance Minister Simeon Djankov plans to dedicate all of his efforts to the passing of Constitution amendment guaranteeing stable state finances, known as the "Financial Stability Pact."
The measures termed "Financial Stability Pact" were first announced by Djankov on February 8 at a lecture at the New Bulgarian University in Sofia following the US tradition in which crucial policy speeches are delivered at academic institutions.
On Tuesday, Djankov and his two deputies...
The Bulgarian Black Sea resort Albena is expecting a 20% increase of German tourists this summer, in comparison to last year.
Yovka Strashilova, Deputy Director in the Sales Department in the resort, said that last year the number of German tourists in Albena were 16% more than the previous year.
She has explained the increased interest with the advertising campaign, organized for the second consecutive year by Albena Jsc in cooperation with tour operators. In her opinion, the lower...
The investment will be handled by Elmib Bulgaria, the Bulgarian subsidiary of Hungary's Elmib, announced Elmib CEO Peter Reicher, the Budapest Business Journal reported citing the Vilaggazdasag business daily.
Reicher told the newspaper that the company expects to complete the 15 MW solar park in the Eastern Bulgarian town of Sungurlare within a year and a half.
Once up and running, the electricity produced by the solar park will be fed into the Bulgarian national grid, thus saving 11 400...
The European Commission is slating funds from the EU operational program Transport in the amount of EUR 250 M for the metro construction in the Bulgarian capital Sofia.
The contract was signed Tuesday between the Deputy Transport Minister, Ivaylo Moskovski and the Head of the municipal company "Metropolitan," Stoyan Bratoev.
The funds will be used for the construction of the so-called stage II which includes a segment of the second subway line – from the Obelya district to the Nadezhda...
A bilateral protocol on economic cooperation was signed between Bulgaria and Serbia on Tuesday.
The document was inked by Bulgaria's Minister of Transport and IT Alexander Tsvetkov and Serbia 's Minister of Trade and Services Slobodan Milosavljevic. The collaboration between partner institutions from the two countries on export growth, the cooperation between small- and medium sized companies and trade chambers, as well as organizing business forums have been pointed out as its key...
A forum dedicated to the importance of green economy for Bulgaria will be organized on Tuesday in the capital Sofia.
International experts, Bulgarian politicians, business representatives, representatives from the Bulgarian Environment Ministry, the World Bank and Innovation Norway will participate in the event. It will be opened by Tove Skarstein, Norwegian Ambassador in Bulgaria.
Topics such as the importance of "green" development and the policies which may accelerate the stable...
Texas-based company TransAtlantic Petroleum has closed deals on the acquisition of 100% of Direct Petroleum Bulgaria EOOD, Direct Petroleum Morocco Inc., and Anschutz Morocco Corporation.
The deal with Direct Petroleum Exploration, Inc. was closed on February 18, 2011, TransAtlantic Petroleum said in a statement on Monday.
It issued 8 924 478 of its common shares to Direct Petroleum, and paid USD 2 M in cash consideration at closing in addition to USD 492 000 in cash...
Serbian Prime Minister Mirko Cvetkovic has confirmed his country's continued interest in acquiring a share of Bulgaria's future second nuclear power plant "Belene".
The economic aspects of Cvetkovic's visit in Sofia on Monday were overshadowed by the incident over the weekend in which Serbian authorities obstructed the remembrance of Bulgarian national hero Vasil Levski by the Bulgarian minority in Serbia.
Bulgarian PM Borisov and Cvetkovic, however, did focus their talks on certain...
The two affiliates of Ideal Standard International that operate in the Bulgarian town of Sevlievo were formally merged in one company, officials have announced.
The merger between Ideal Standard Bulgaria and Ideal Standard Vidima was completed on January 31, 2011, company executives announced at a news conference in Sofia. The merger was originally supposed to be finalized a day earlier; the merging did not affect the production operations of the two plants.
Thus, as of February 1, 2011,...
The number of overnight stays of Bulgarians in hotels and mountain cabins is down by 0.2% or 2 300 during the last quarter of 2010, compared to the last quarter of 2009.
The data was released Monday by the National Statistics Institute, NSI.
The number of stays of foreigners is, however, up by 22% or 5 100 during the same period. Greeks have the largest share with 21% of all foreign visitors' hotel accommodations. Almost all of the foreign visitors (over 99%) have chosen to stay in...
The Saudi Arabian business wants direct flights to Bulgaria to be launched, Dr. Fahad Al-Sultan , Secretary General for the Council of Saudi Chambers of Commerce and Industry, said Monday.
Al-Sultan met with Bugaria's Economy and Energy Minister Traicho Traikov during the International Energy Forum (IEF) gathering in the Saudi capital, Riyadh. Besides the official Bulgarian delegation headed by Traikov, representatives from the Bulgarian Chamber of Commerce and Industry were present at the...
Residential property prices in Bulgaria have stabilized around the level from last year, while the volume of transactions has begun to increase.
According to the Bulgarian National Radio (BNR), the market is driven by buyers who spend between EUR 45 000 and EUR 65 000 for property, real estate agents said.
Russians are the main players on the Bulgarian property market, BNR informed.
Last year, real estate prices dropped by 25-30% and these are the levels around which the market will...
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