site.btaEuropean Central Bank, National Bank of Bulgaria Set Up Swap Line

April 23 (BTA) - The European Central Bank (ECB) and the
National Bank of Bulgaria (BNB, the central bank) have set up a
swap line to ensure liquidity of up to two billion euros, the
BNB said on Wednesday. The line will be in force until the end
of 2020 or until needed. The maximum maturity in respect of each
 withdrawn amount will be three months.

On Wednesday evening Prime Minister Boyko Borissov spoke with
ECB President Christine Lagarde, the government's information
service said.

The two officials welcomed the setting up of the swap line.
Borissov said that this is a big support for Bulgaria and a
guarantee for additional stability of the currency board
mechanism in place in this country. Borissov noted that
Bulgaria's entry in ERM 2 would be of great benefit to the
country's economy.

Borissov and Lagarde discussed the opportunities for handling
the consequences of COVID-19 and the need for a common European
financial mechanism in response to the pandemic's impact.
Lagarde praised Borissov for the socio-economic measures taken
to support Bulgarian businesses during the state of emergency in
 the country. RY/ZH


/СН/