Bulgarian National Bank

Today marks 140 years since the establishment of the Bulgarian lev.

On June 4, 1880, the Law on the Right to Cut Coins in the Principality of Bulgaria was promulgated and entered into force, the BNB announced. This law created the national currency "lev", divided into one hundred parts - "stotinki", and determined the weight, metal content and images of Bulgarian coins.

From 11 May 2020 the Bulgarian National Bank will release into circulation a partially gold-plated silver commemorative coin '100 Years of University of National and World Economy', BNB reported.

It will be sold for BGN 72 (seventy two levs).

The European Central Bank (ECB) and the National Bank of Bulgaria (BNB, the central bank) have set up a swap line to ensure liquidity of up to two billion euros, the BNB said on Wednesday. The line will be in force until the end of 2020 or until needed. The maximum maturity in respect of each withdrawn amount will be three months, BTA reported.

The Bulgarian lev is undervalued, Bulgaria's Finance Minister Vladislav Goranov said, referring to econometric models for evaluating the exchange rates used by the IMF.

Bulgaria's President Rumen Radev met Governor of the Bulgarian National Bank (BNB) Dimitar Radev on February 13. The focus of the meeting was Bulgaria's announced intention to join the Exchange Rate Mechanism II (ERM II), which is the first mandatory step for joining the euro area, BNT reported.

Bulgaria's National Assembly adopted on second reading amendments to the Currency Act which amends the Law on the Bulgarian National Bank, BNR reported.

After consultations with the political forces in parliament, Finance Minister Vladislav Goranov stated that until its entry into the Eurozone Bulgaria will not change the exchange rate of the Bulgarian Lev which is now pegged to the Euro at EUR 1 to BGN 1.95583, BNR reported.

Bulgaria is expected to enter the euro zone waiting room by the end of April. This was announced on January 28 by Prime Minister Boyko Borissov, who attended the annual meeting of the business with the government, organized by Capital newspaper, BNT reported.

From 6 January 2020 the Bulgarian National Bank will release into circulation a copper commemorative coin '125 Years since the Birth of Geo Milev' of the 'Bulgarian Artists' series.

It will be sold for BGN 24 (twenty four levs).

One billion leva is the profit of the banks for the first seven months of the year, according to BNB data. It increased by BGN 95 million compared to July last year.

About 60% of assets in the banking system are concentrated in the five largest banks, BNB data show. The whole system has seen an increase in the credit portfolio and the portfolio of government securities.