Economy of Europe

Turkish stock exchange Borsa Istanbul briefly suspended the trading of Islamic lender Bank Asya shares Sept. 18, citing extraordinary movements in the exchange of the lender’s shares.

Interim Finance Minister Rumen Porozhanov has announced his institution is to meet representatives of Vienna-based fund EPIC in the coming days.

After a cabinet session Porozhanov explained his ministry sought to get familiar with prospective intentions to rescue troubled Corporate Commercial Bank (Corpbank or KTB).

Bulgarian National Bank (BNB) has welcomed the efforts of EPIC Financial Consulting to prepare a plan for the recovery of Corpbank (KTB), Monday.

BNB is willing to participate within its competence in discussions on the restructuring and recapitalization of the bank, a statement issued by the press office of the Central Bank reads.

Bulgaria's current account showed a surplus of EUR 594.3 M in July, compared with a surplus of EUR 194.3 M in the equivalent month of 2013, the central bank (BNB) said on Monday.

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The main shareholders in Bulgaria's Corpbank (KTB) are seeking a meeting in Sofia next week to conduct due diligence on the bank and prepare a plan for its recovery.

Gas supplies from the Russian Federation to Romania were cut by 5 percent this Friday from the planned amount, with the Russian side offering no motivation, Minister-delegate for Energy Razvan Nicolescu told AGERPRES.

Prime Minister Victor Ponta admitted on Friday that Romania is being affected by the sanctions against Russia, but he added Romania must meet its commitments and assume the responsibility to show that nobody may change the international law.

BELGRADE - The fluctuations in the dinar exchange rate should not be a cause for concern, Governor of the National Bank of Serbia (NBS) Jorgovanka Tabakovic said, pointing to a stabilizing impact that is already being felt from abroad, and foreign investors' marked interest in Serbia's securities.

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 Bulgarian National Bank kept its eyes shut for many irregularities in the financial sector, Bulgaria's caretaker Prime Minister Georgi Bliznashki told  bTV national channel. 

In Bliznashki's words, the situation with the Corporate Commercial Bank (KTB) was a "ticking time bomb" and hinted at eventual similar problems in the banking sector.