Sat, Feb 11 2012

Bulgarian central banker re-elected for second term

Wed, Aug 26 2009 12:26 CET

byAlex Bivol

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Bulgarian central banker re-elected for second term

Photo: Anelia Nikolova.

Parliament re-elected Ivan Iskrov as governor of the Bulgarian National Bank (BNB) on August 26, with 195 MPs in favour, one against and 14 abstaining.

Iskrov surprisingly submitted a resignation for his second term in office, due to start in October, on the morning of August 20 2009, only to be nominated for the job again by the ruling GERB party later in the day.

The previous parliament confirmed Iskrov for a second term in May, much too early, according to the rules set out in the BNB Act. Despite initial plans to remove Iskrov, GERB MPs later said that the incumbent governor would be allowed to stay on "in the name of the stability of the banking system".

The new legislative majority, however, canceled the appointment of Iskrov's deputy, Ivan Nenovski, who was to take over the Issue department of the BNB. The department oversees the currency board agreement and the currency peg.

Iskrov said that since he was elected to his second term under the same rules as Nenovski, he had to resign. Local media speculated that it was a move meant to prevent any future legal challenges to BNB decisions that might have claimed that Iskrov was illegitimately in office.

Iskrov's re-election was only opposed by the right-wing Blue Coalition, whose MPs argued that Iskrov was a political appointee.

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