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...
International credit rating agency Fitch has confirmed the long-term foreign-currency rating of the Bulgarian Development Bank at BBB-.
The rating of the bank is the same with that of the Bulgarian government. It remains with a negative perspective.
Fitch Ratings has also confirmed the short-term foreign currency rating and the individual rating of the Bulgarian development bank.
According to a statement of the Bulgarian Finance Ministry, "the confirmed ratings by Fitch reflect the...
Bulgarian specialists in the field of geotechnical and tunnel construction have established a specialized association in Sofia.
The new Bulgarian Association for Geotechnical and Tunnel Construction (BAGTC) unites the top Bulgarian experts in the field.
The leading participants in the founding of the new organization include Prof. Bozhidar Bozhinov, honorary chair, and a professor at the Sofia University of Mining and Geology, a major specialists on geotechnical facilities, and Prof....
Bulgaria and Greece have signed Tuesday a contract for interconnection of their natural gas networks that must be built by 2013, announced Bulgarian Minister of Energy Traicho Traikov.
Speaking after the "Energy without Frontiers" forum held in Sofia, Traikov said that an agreement has been concluded between the Bulgarian Energy Holding and the Greek company IGI Poseidon.
Each of the two companies will have a 50% share of the project, which is estimated at EUR 160 M, 45 of which come from...
Bulgaria will launch a direct ferry link with Georgia, Bulgarian Finance Minister Simeon Djankov announced.
This is a step intended to improve the mutual economic relations between the two countries. Another priority is recovering the direct Sofia-Tbilisi flights.
Minister, Djankov is on a two-day visit to the Caucasian country, underlined also the importance of the Nabucco gas pipeline.
"Bulgaria has already ratified the documents necessary in order to launch the Nabucco project....
Bulgaria and Romania have planned the project for the construction of an inter-system link for the transfer of natural gas in the section Ruse-Giurgiu.
This was stated during the "Energy without frontiers" conference in Sofia on Tuesday.
Bulgarian state owned company "Bulgartransgaz" and Romanian Transgaz are ready with the "road map" for the project and have decided to carry it out faster than previously announced.
Bulgaria sees this inter-system link as an opportunity to diversify...
Russian state nuclear energy company Rosatom has announced it was ready to provide nuclear fuel for Bulgaria's Belene nuclear power plant for the whole period of its exploitation, which is 60 years.
The Rosatom CEO, Sergey Kiriyenko, participated in the conference "Energy without frontiers," organized in Sofia on Tuesday.
He said that Russia could not only provide uranium to Bulgaria, but also purchase it again for recycling.
"I know that Bulgaria is a small country with limited...
Bulgaria's PM Boyko Borisov will open Tuesday the rehabilitated road junction near the town of Byala in the Ruse region in northern Bulgaria.
The works were made possible by the BGN 3.5 which were set aside when the State budget 2010 was updated.
Bulgaria's Minister on Regional Development, Rosen Plevneliev, will also be [resent at the opening of the road junction.
The rehabilitation resulted in four lanes, instead of the previous two, an overhaul of the existing pavement,...
Tour operators forecast that Bulgarians will continue to limit the amount of money they spend on vacations through the whole winter season.
According to the forecasts, the number of trips abroad, which has been decreasing since the beginning of 2010, would probably continue the tendency.
The tourism industry in Bulgaria expects that during the upcoming winter season, short vacations would be preferred the most.
Information from the Sofia Airport showed that in 2010 the big tour...
The only direct Bulgaria-Russia transport line – the Varna-Port Kavkaz ferry – has seen an increase of freight traffic of 332% in 2010 so far, year-on-year.
This data was presented Monday at the founding session of the Bulgarian-Russian Council for Joint Operation of the Railway Ferry Line between Port Varna and Port Kavkaz, the press service of Bulgaria's state railway company BDZ announced.
The Council has been created in accordance with the Ministries of Transport of Bulgaria and...
Bulgaria's Competition Protection Commission has approved the request of Austria's biggest banking group, Raiffeisen Zentralbank Austria AG to buy out the Mall Varna shopping and office center in the Black Sea city of Varna.
Raiffeisenbank will thus go ahead with the purchase 100% of Miller Mall Varna One EAD, headquartered in Sofia. RZB is the owner of Raiffeisenbank Bulgaria, which owns Raiffeisen Real Estate.
Raiffeisenbank Austria AG is a holding company of the Raiffeisenbank Group,...
Bulgaria's Finance Minister Simeon Djankov is on a three-day visit to Georgia, the Financial Ministry announced.
On Monday, Djankov is going to participate with a public lecture in a conference entitled "Making a Difference for Entrepreneurs: Reforming Business Regulation in Eastern Europe and Central Asia" in Georgia's capital Tbilisi.
Later, he will meet Georgia's President Mikhail Saakashvili, Prime Minister Nika Giladuri and Finance Minister Kakha Baindurashvili.
On Tuesday,...
Along with attacking Europe's failing framework amids the euro crisis, Bulgaria's finance minister has made it clear the country will pursue with zeal entry into the currency union, so that it can reap its benefits as well.
"The Bulgarian currency the lev has been tied to the euro since 1999, so in a way we are already in a situation where it is as if we have the euro and all of its recent negatives. But we don't have the main positive, which is actually having the euro bills," Simeon...
American energy giant AES is expecting the adoption of Bulgaria's law on renewable energy in order to go ahead with its planned major solar park investment, AES Country Manager for Bulgaria Peter Lithgow told Novinite.com (Sofia News Agency).
In an interview for the Bulgaria-US Survey of Novinite.com (Sofia News Agency) Lithgow implied that AES could still select another country for its USD 400 M photovoltaic park investment if the long-anticipated Bulgarian legislation on renewable energy...
Bulgaria's Parliament amended Friday the Postal Services Act to remove the monopoly of the state-owned company "Bulgarian Posts EAD".
Thus, as of January 1, 2011, the monopoly of Bulgarian Posts on small parcels – less than 50grams – is eliminated.
At the same time, the law assigns to the state company the universal postal services in the country for a period of 15 years based on the fact that Bulgarian Posts is the only entity in Bulgaria which has the infrastructure to provide these...
Bulgaria's Parliament has adopted long-anticipated changes to the Commercial Register Act extending by 6 months the legal deadline for the campaign to register anew all firms in the country.
Under the Commercial Register Act changes adopted in 2008, all active legal companies in Bulgaria are required to make new registration with the Registry Agency so that inactive and "ghost" firms can be eliminated from the entries.
With Friday's amendments, the deadline is extended from December 31,...
The Varna Towers shopping mall and office center in the Bulgarian Black Sea city of Varna has opened doors.
One of the greatest attractions of the complex is the only rotating restaurant in Southeast Europe named Magnito, located on the top of the Eastern Tower.
At the same time, the top of the Western Tower features a helicopter landing ground, which is the first in Bulgaria to be located on the roof of a building.
Varna Towers appears to be one of the largest malls in Varna with a...
The Bulgarian government is planning 6 new tenders for natural gas exploration permits in the near future, Diana Yaneva from the Ministry of Economy has told Novinite (Sofia News Agency).
This information comes in a context where shale gas - a novel approach of extracting gas dissolved in clay-like rocks - is becoming popular in Bulgaria.
This far two companies involved in shale gas production - Direct Petroleum and Park Place Energy - have received permits from the government. Major US...
Microsoft Bulgaria does not have any requirements that smaller local computer assemblers should meet in terms of configurations, says the company's country manager.
"For the very big local assemblers Microsoft has guidelines and requirement about production quality, and helps them certify their products. For the smaller local assemblers, all resources are free, and there are no specific requirement," George Randelov, Country Manager at Microsoft Bulgaria, said in an interview for...
About 55% of the construction of the so called Danube Bridge 2, the second one to connect Bulgaria and Romania over the Danube River, have been completed.
This information emerged on Thursday as Bulgarian Prime Minister Boyko Borisov inspected the construction of the long-anticipated bridge connecting Bulgaria's Vidin and Romania's Calafat.
"I am happy with what I saw, I hope the builders will complete the bridge within the deadlines to make up for the delays," Borisov said on the spot,...
Qatar is interested in Bulgaria's cattle breeding and fishing sector, its Environmental Minister Abdulla bin Mubarak Abud Almudadi announced Thursday.
Qatar considers importing Bulgarian meat and other food products, including living cattle -sheep and lambs.
"We have a considerable interest in Bulgaria's agricultural sector and we hope they materialize as soon as possible," Minister Almudadi stated.
He met with his Bulgarian counterpart Miroslav Naydenov as a part of Naydenov's...
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