Fri, Feb 10 2012

Bulgaria c-banker appointed for second six-year term

Thu, May 28 2009 14:35 CET

byAlex Bivol

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Bulgaria c-banker appointed for second six-year term

Photo: Nadezhda Chipeva

Ivan Iskrov won a second term as the governor of the Bulgarian National Bank (BNB) on May 28 after 165 MPs voted in favour of his re-appointment. Iskrov's second term will start on October 10.

The early election has sparked controversy in Parliament, with opposition lawmakers boycotting the vote, saying that the ruling coalition was eagerly filling key public positions in the last week of Parliament's term.

Bulgaria's central bank law stipulates that the BNB governor appointment process has to start three months before the incumbent's term expires. Opposition MP Vesselin Metodiev, from the Democrats for a Strong Bulgaria party, said that in disregarding the law, Parliament set an unwelcome precedent.

Mladen Chervenyakov from the Socialist party, the senior partner in the three-way ruling coalition, countered by saying that when the three months period begins, on July 9, there would be no legislature to start the process. Bulgaria will hold Parliament elections on July 5.

Iskrov is known as a staunch supporter of Bulgaria's currency board agreement, which pegs the lev to the euro, but with all political parties strongly in favour of keeping the agreement in place until Bulgaria joins the eurozone, his task in defending the current framework has not been an honerous one.

During his six years in office, Iskrov has also used monetary policy to keep the lending boom manageable, with mixed success.

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BASF Bulgaria

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