Банкеръ Weekly



Bozhidar Kabakchiev, Vice Governor of the Bulgarian National Bank (BNB), announced for the BANKER weekly that experts from the central bank and the Finance Ministry were drafting amendments to the Currency Act. The changed provisions will allow all deals in foreign currencies, effected by Bulgarian firms and citizens, to be just declared at the BNB, at that after being signed by the parties of the contract. Such deals are private persons' and companies' deposits abroad, their investments in foreign securities, and receival of loans from foreign credit and trade institutions. In addition, no permission from the central bank shall be required for export of currency, whose BGN equivalent is above BGN20,000, but it should be declared at the customs.The trustee in bankruptcy of the failed Bank for Agricultural Credit (BAC) Iglika Logofetova informed the BANKER weekly that a permission from the Sofia City Court was expected in order to include the debt of Agropromstroy BD Co (worth BGN50MN) in the package of BAC's receivables, to be offered for sale at a tender in end-April. From February till now Ms. Logofetova held three tenders for sale of the bank's receivables, from which more than BGN210,000 were deposited in BAC's accounts. The incomes from the last tender, which ended on March 18, exceeded BGN46,000.The CEO of Municipal Bank Vanya Vasileva announced that the EUR50MN bond loan of the Sofia Municipality would be entirely paid off on June 3. The money for that payment has been already ensured and invested in German securities. The bank, which is the Sofia Municipality's consultant, will make a special analysis of its finances. On the basis of that analysis a decision is to be made by end-July if a new municipal issue of Eurobonds would be launched.Alexander Rakov, who resigned from the position of a director of the State Receivables Agency a month ago, was appointed Deputy Director of the Customs Agency. Mr. Rakov is a lawyer and his professional experience has been mostly connected with the Finance Ministry. He was a legal adiviser, head of the Court Defence, and deputy chief of the State Jurisconsulting departments of the ministry.

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