site.btaBulgarian National Bank Should Not Be Involved in Political Process, BNB Governor Says

As he met with President Rumen Radev Wednesday to talk about the formation of a caretaker cabinet, Central bank Governor Dimitar Radev largely repeated what he said in an identical situation back in March 2024. "My position is unchanged - the Bulgarian National Bank (BNB), especially its governor, should not be involved in the political process, " Radev told journalists.

The President is holding meetings on Wednesday with the individuals from a pool of senior office holders set by the Constitution, who are eligible for appointment as caretaker prime minister.

"It should not be underestimated that the Central Bank and the banking sector are one of the few in the country that work well and sustainably," he said. In his words, politicians "should not try to test its sustainability".

BNB Deputy Governor Radoslav Milenkov also turned down an offer for the caretaker PM's office on Wednesday.

Explaining why he could not accept to become caretaker Prime Minister, Radev cited the European Central Bank (ECB) rules. 

The Code of Conduct for the Members of the ECB Governing Council says that, in accordance with Article 108 of the Treaty establishing the European Community and Article 7 of the Statute of the ESCB, "members of the Governing Council, when exercising the powers and carrying out the tasks and duties conferred upon them, shall not seek or take instructions from Community institutions or bodies, from any government of a Member State or from any other body, including any decision-making body that they belong to. The members of the Governing Council shall act in the general interest of the euro area. For decisions to be taken in accordance with Article 10.3 of the Statute of the ESCB, Governors may also take into account the interest of their respective national central bank as shareholder." 

Asked about the expressed willingness of the other BNB Deputy Governor, Petar Chobanov, to take up the prime ministerial post, Dimitar Radev said that it is a choice that each of the eligible candidates can make. "Let's see how the process will develop, I know that the President will have talks with everybody, after which he will announce his decision," Dimitar Radev noted.