Economy of Bulgaria

The Bulgarian National Bank (BNB) reports an increase in business' and households' bank deposits during the last year.

As of the end of June the deposits are nearly BGN 57 B, which marks a 7.2% increase. Households keep 8.5% more in the banks compared to June last year and they have deposited a total of BGN 38.5 B.

The Governor of the Bulgarian National Bank (BNB) Ivan Iskrov said he was ready to resign, in a letter to Speaker of Parliament Mihail Mikov, report Bulgarian-language media. 

Customers of Corporate Commercial Bank (KTB), including natural and legal persons, will sue the state for the crisis at the fourth biggest Bulgarian lender.

An initiative committee has issued a media statement informing that it will make the Bulgarian National Bank (BNB), the prosecution, the investigative authority and the Interior Ministry liable and will seek compensatory damages.

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.

Prof. Nikolay Nenovski, Denitsa Kirilova and Emil Karanikolov will be the three new members of the Supervisory Board of the Bulgarian Bank for Development JSC.

The three, who were elected at a regular general assembly of the bank's shareholders earlier this month, will replace Diana Dragneva-Ivanova, Rumen Porozhanov and Stefan Belchev, who held the position last year.

State General Reserve Fund of the Sultanate of Oman, one of Corporate Commercial Bank (KTB) shareholders, is free to take steps to save it, Bulgaria's Finance Minister announced.

Minister Petar Chobanov explained in an official statement he had held phone conversations with the SGRF's chief executive Abdulsalam Al-Murshidi, whose fund owns a 30% stake at KTB.

BGN 206 M missing at Bulgaria's CorpBank were not carried out of the bank in cash in the past weeks as previously thought, Sofia Prosecutor's Office announced.

Results from the investigation so far show the money was embezzled over a period of three years, with fake documents allegedly created by Corporate Commercial Bank (KTB) high-profile employees to cover up the wrongdoing.

Lawmakers have decided to postpone discussions on budget act amendments proposed by the government, MPs say.

The changes to the 2014 fiscal plan were due to be debated Thursday, but are not included into the agenda as the main ruling Bulgarian Socialist Party (BSP) has announced it opposes them.

No session was held in Parliament on that day as MPs failed to reach quorum.

The Sofia Regional Court allowed the divulging of bank secret on the debtors of the Corporate Commercial Bank (KTB), reports Dnevnik.bg.

According to the website, the request was made by the prosecution on July 9, in connection to the investigation against the Bulgarian National Bank sub-governor Tsvetan Gunev who was in charge of banking sector oversight. 

The Bulgarian government should seek a new loan adding BGN 3.4 B to mitigate the impact of developments at the Corporate Commercial Bank (KTB), the government says.

Its latest move was agreed Monday during political consultations at Bulgaria's Presidency aimed at looking into options to manage the crisis.