Bulgarian National Bank

The Sofia City Court has stopped insolvency proceedings launched at Corporate Commercial Bank (KTB).

At its first session on the case held Monday it thus complied with the appeal filed by KTB's majority owner Bromak with the Supreme Administrative Court.

The Bulgarian Industrial Association (BIA) criticised in an official statement the planned reintroduction of the 10% tax on bank deposits interest rates.

The Sofia City Court (SCC) will hold its first session on the Corporate Commercial Bank (KTB) insolvency case on Monday.

Last week the majority owner Bromak had filed an appeal with the Supreme Administrative Court (SAC) over the central bank's decision to withdraw KTB's banking licence.

Bulgarian National Bank (BNB) governor Ivan Iskrov is likely to step down by the end of November, sources in Parliament say.

The arrangement has been made after consultations Iskrov held with Prime Minister Boyko Borisov and the parliamentary groups of parties in the ruling axis, the website Mediapool.bg reports citing the sources.

Bulgaria's central bank on Wednesday said it approved the design of a two-lev coin that will replace banknotes of the same face value next year.

The Budget and Finance Committee at Bulgaria's Parliament has given the government a mandate to start talks over a fresh foreign borrowing of up to BGN 3 B.

The remaining BGN 1.5 B, out of BGN 4.5 B that the cabinet will additionally need for a planned budget update, are to be raised by issuing government securities on the domestic market.

Bulgaria becomes unattractive for foreign investment, shows a report of the Bulgarian National Bank (BNB), quoted by the Sega daily.

According to the data in the first three quarter of this year the country attracted only EUR 1.105 B in foreign investments. This is by 4.8% lower than in the same period of 2013, which was a record low year.

The Bulgarian National Bank (BNB) has warned against proposals to amend the Law on Bank Deposits tabled by the socialist opposition.

In a statement to the media the BNB said Thursday the idea to secure additional money for the Bulgarian Deposit Insurance Fund to withstand a crisis is not in line with the principles of the currency board and also the rules of the European Union.

As many as ten banks will be in charge of reimbursing depositors' money at Corporate Commercial Bank (KTB or Corpbank), which the central bank stripped of license last week, a lawmaker says.

Depositors in Bulgaria's troubled Corporate Commercial Bank (KTB, Corpbank) will initiate collective action against the state at the European Court of Justice in Luxembourg and the Court of Human Rights in Strasbourg.