Fri, May 25 2012

Finance Minister keen to pump reserve revenue

Tue, Oct 20 2009 11:51 CET

byDnevnik.bg

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Finance Minister keen to pump reserve revenue

Photo: Assen Tonev

With the economic turmoil high on his mind, Bulgaria’s finance minister Simeon Dyankov came up with a proposal to park a portion of the Government's fiscal reserves with commercial banks, hoping to boost revenue by collecting interest.

The idea, which hinges on whether the Cabinet of right-of-centre political party GERB will hit its balanced budget target for 2009, sparked a debate on October 19. A decision in that sense was not expected before Parliament passed the 2010 Budget.

Financiers and economists approached for comment by Dnevnik warned that the move would expose the government funds to the risk inherent in the banking system.

According to Georgi Angelov, an economist with the Open Society Institute, the measure would technically decrease the currency reserves, which could be misinterpreted as a negative signal at a time when the global economy is ravaged by recession.

Source: Dnevnik

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