Банкеръ Weekly

Briefs

BNB HAS IMPORTED EUR35MN ONLY

The Bulgarian National Bank (BNB) has imported EUR35MN instead of the initially planned EUR50MN. This amount will be sufficient for the first supply to local commercial banks, BNB's Chief Dealer Stefan Bouyukliev commented for the BANKER weekly. A large part of the Bulgarian financial institutions already dispose of the necessary euro banknotes to meet initial demand for the new currency by their clients.The delivery of euros for the BNB was made on December 12 by the central bank of Greece, Georgios Kaskarelis, Deputy Director of Bank of Greece informed. He was a lecturer at the seminar (organized during the week by United Bulgarian Bank) on the introduction of the single European currency as of January 1, 2002. If additional money resource is necessary for the Bulgarian market, the BNB may supply more euro banknotes within 24 hours, Mr. Bouyukliev is certain.With a view to the swift changeover in Bulgaria of the currencies of the 12 euro-zone countries, the BNB will supply the new money to Bulgarian Post Bank, Biochim commercial bank, United Bulgarian Bank, and BULBANK, as per the agreement with them. The four credit institutions will get the available euro banknotes at USD0.25 per EUR100. They will charge from their clients 0.25% when exchanging at cash desks the currencies going out of circulation for euros. This fee covers only transport costs and the insurance for the delivery of the banknotes and does not include any profit whatsoever, representatives of the four banks and of the BNB claim. The fee will be charged in the January 1 - February 28, 2002 period. Afterwards the exchange will be made according to the market quotations for purchase and sale.Mr. Kaskarelis analyzed the consequances of the euro's official launching into circulation within the European Union (EU) and the candidate countires for EU-membership.The introduction of the single European currency might possibly lead to a reduction of personnel in the banking system. The employees in the currency operations departments will be probably most hardly hit by the lay-offs, Mr. Kaskarelis commented.

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