BNB CLOSES DOWN ITS INTERNAL CONTROL DEPARTMENT
The control of internal operations at the Bulgarian National Bank (BNB) will be carried our according to the regulations and practices of leading European banks. The reorganization began in end-October 2001 by the appointment of Raika Ontzova as the central bank's Chief Auditor. However, BNB's Governor Svetoslav Gavrijsky introduced her officially only on January 23, 2002.The change in the control system at the central bank will continue by closing down the presently existing Internal Control Department. The functions which it currently performs will become part of the obligations of BNB's internal auditors, who will be appointed in a competition. Applications for participation in it have also been submitted by employees in the department to be wound down. The results from the competition will be made public in the beginning of February, when 8-10 internal auditors will be picked out from some 30 candidates. Two teams of auditors will be formed to perform different functions, Ms. Ontzova specified. The Chief Auditor and her subordinates will control all operations and deals of the central bank and will report to BNB's Governor Svetoslav Gavrijsky and to the institution's Management Board.