Economy of Europe

Professor Steve Hanke has spoken in favor of a bankruptcy scenario for Bulgaria’s troubled Corporate Commercial Bank (KTB).

Bulgaria’s central bank has partly unfrozen operations at Corporate Commercial Bank and its wholly owned subsidiary Victoria Bank to enable their debtors repay loans.

The Bulgarian National Bank (BNB) said on Friday that Corpbank and Victoria Bank are now allowed to accept repayment of credits they had extended.

By Anchalee Worrachate

Sentiment in the foreign-exchange market is so bearish toward the euro that it’s bullish.

The bank Credit Agricole Bulgaria is renamed to Commercial Bank Victoria, reports Money.bg, quoting an entry in the Commercial Registry from August 8. 

Currently the bank, 100% owned by troubled Corporate Commercial Bank (KTB), is represented by the administrators, appointed by the Bulgarian National Bank (BNB) Hristina Stamova and Bozhidar Arshinkov. 

Croatia’s agriculture business expects to suffer some pain as a consequence of the Russian food import ban, which the Kremlin imposed this week in retaliation to EU and US sanctions imposed on Russia in connection to the crisis in Ukraine.

Currency lowest this year, NBS aims for "stabilization"

BELGRADE -- The aim of the central bank the coming period is to focus on stabilization of the inflation rate on a low and sustainable level, says Jorgovanka Tabaković.

BELGRADE – The Serbian dinar fell 0.1 percent against the euro on Friday, despite the National Bank of Serbia (NBS) selling EUR 10 million in the interbank foreign exchange market, setting the official middle exchange rate at a new record low of RSD 116.9904 for one euro, the National Bank of Serbia (NBS) has said in a release.

Bulgaria's Ombudsman on Thursday urged the central bank to be more flexible in managing its restrictions on KTB bank to alleviate the plight of the bank’s clients.

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.

Candice Zachariahs & Kevin Buckland

The euro was 0.4 percent from its lowest level versus the dollar since November as investors held the largest position in two years betting on a drop in the currency before the region’s central bank meets this week.