BNB FILES REPORTS FOR THREE YEARS
The Parliamentary Budget and Finance Commission examined during the week the reports of the Bulgarian National Bank (BNB) for the 1998-2000 period. For some reason or other the former National Assembly dis not show any special interest towards the central bank's operation throughout the past three years.BNB's Governor Svetoslav Gavrijskky and his deputies Emilia Milanova, Borislav Kabakchiev, and Martin Zaimov, were invited to the Commission's session.From July 1998 till the present moment the central bank's forex reserves increased from DEM2.8MN to DEM6.7MN, which is a guarantee for the stability of the currency board, Mr. Gavrijsky said. According to him, there were no jolts in the banking sector during the reproted period, and the Bank Deposits Insurance Fund paid without any difficulties the leaglly stipulated part of the depsoits in two bankrupt credit institutions - Balkan Universal Bank and Credit Bank.As far as the more active mnagemnt of the forex reserve is concerned, BNB's management pointed out it adheres to the requirement for investing the money in financial instruments, which guarantee security and not maximum profit. This turned out to be a gaining strategy, having in mind the recent tragic events in the US and the adverse impact they had on the quotations of shares at the New York Stock Exchnage.BNB's pay-roll was reduced from 1,500 to 1,200 within the last four years, which resulted in lower personnel costs. The central bank should also appoint a chief auditor, but according to BNB's Governor the appropriate candiadte to that position has not been found yet.