Bulgarian National Bank

Bank experts, trade-union representatives and employers are set to discuss ways out of the crisis at Corporate Commercial Bank (Corpbank or KTB) and possible bailout scenarios.

A letter from the Sultanate of Oman's State General Reserve Fund (SGRF) is to be discussed during the talks at the Bulgarian Industrial Association (BIA).

The State General Reserve Fund (SGRF) of the Sultanate of Oman is working with the Bulgarian government to handle the situation at Corporate Commercial Bank (Corpbank or KTB).

SGRF President Darwish al-Balushi, also serving as the country's Finance Minister, made the announcement, stopping short of revealing any details, BGNES wire service reports.

The paper note of BGN 2 will be replaced with a coin in 2015, according to Bulgaria's National Bank sources cited by Standart News.

The new coin will be made of two metals just like the BGN 1, but unlike it the inner part will be yellow and the outer circle will be white.

Bulgaria’s former Prime Minister Ivan Kostov on Thursday said there are two options to rescue the troubled Corporate Commercial Bank (KTB).

Depositors in Corporate Commercial Bank (KTB) will rally in several Bulgarian cities this afternoon to demand immediate access to their accounts.

The protest action, organized through social networks, has been scheduled to start at 5:30pm local time in Sofia, Plovdiv, Varna, Burgas,Veliko Tarnovo, Sliven and Ruse.

CorpBank major shareholder Tsvetan Vasilev has announced that a consortium of investors led by a state fund of the Sultanate of Oman is to present an offer how to help the bank.

Bulgarian lawmakers have rejected a motion that would have revoked the secrecy protecting credit files of politicians at Corporate Commercial Bank (KTB).

The bill was proposed by Yordan Tsonev, an MP from the liberal Movement for Rights and Freedoms (DPS) who was also the Chair of the outgoing Parliament's Budget and Finance Committee.

A plan to save Bulgaria's Corporate Commercial Bank is in preparation at the State General Reserve Fund (SGRF) of Oman, a fund source argues.

It is expected to be ready within three months, the website Gulf Business quoted the source as saying.

The report follows phone talks held Friday between Bulgarian Finance Minister Petar Chobanov and SGRF CEO Abdulsalam Al-Murshidi.

Offices of Bulgaria's Corporate Commercial Bank (KTB) and its subsidiary Credit Agricole will remain closed at least until September 21, Bulgarian National Bank informed Tuesday.

The Corporate Commercial Bank (KTB) majority shareholder Tsvetan Vasilev responded to the claims of BNB Governor Ivan Iskrov in an open letter, published by the BGNES wire agency. 

“In the past few months I was subjected to a massive, purposeful and extremely manipulative campaign, which spread over everything, connected with my name,” the letter reads.