Банкеръ Weekly

Briefs

EURO BANKNOTES TO BE SUPPLIED BY GREECE

The Bulgarian National Bank (BNB) will import more than 300 kg of euro banknotes by the year-end. The consignment will consist of 4,600,000 pieces of banknotes with a total nominal value of almost EUR50MN. They will be delivered by the National Bank of Greece, which is entitled to print euro banknotes, as the country is a memebr of the European Union and of the European Currency Union. In addition, there is a distribution centre of euro money in Thessaloniki, which is only about 350 km from Sofia, Greek financiers working in Bulgaria, explained to the BANKER weekly. It is said that the BNB would place an order for 3,500,000 banknotes denominated in 100 euros, 100,000 pieces - in 50 euros, 250,000 - in 20 euros, 250,000 in 10 euros, and 500,000 in 5 euros.The insurance payable on such cargoes usually reaches 0.7% of their nominal value. So, in our case about EUR350,000 will be charged.The central bank's analyses show that on the introduction of the single European currency as of January 1, 2002, the aggregate value of Bulgarian citizens' and companies' deposits, transformed into euros, would amount to some EUR500MN. In order to ensure eventual cash drawings in euros, the BNB will place an order for a delivery of banknotes from the central bank of Greece, whose total nominal value will be 10% of that amount.

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