site.btaCentral Bank Governor Will Sign "without Doubt" Ad Hoc Convergence Report Request - BTA Interview

Bulgarian National Bank (BNB) Governor Dimitar Radev will sign "without a doubt" a request for an ad hoc convergence report, Radev said in a BTA interview. The Finance Ministry has said that it will ask for such a report, which is a condition for Bulgaria's entry into the eurozone.

The central bank is perusing the 2025 draft budget but will probably not publish its comments. In the Governor's words, the unusual publication of comments on a draft budget submitted by the caretaker cabinet at the end of 2024 was prompted by "totally unacceptable texts directly affecting the BNB" contained in that draft.

Replying to a question by BTA's Spas Stambolski, Radev assessed as correct a National Assembly resolution to drop from its agenda a motion by Vazrazhdane for a hearing of the central bank Governor about what the nationalist party claimed was a "secret mission" of the International Monetary Fund. "The IMF mission was sufficiently well clarified, including in press releases of the Finance Ministry and the IMF itself," Radev argued.

On Monday, Vazrazhdane representatives entered the BNB building and demanded an unscheduled appointment with the Governor. He described this to BTA as an "attempt at a misaddressed political action," adding that he was convinced that the central bank head office "is not the right place" for such actions.

BNB will remit BGN 800 million to the Exchequer for 2025, up from BGN 660 million for 2024, the interviewee said. BGN 550 million of this year's contribution will come from an excess of the central bank's revenues over its expenditures, and the rest will be interest payments.

Asked how the BNB manages to post a significant profit for a second year in a row, the Governor says "we know what we are doing" and refers to the bank's report for a detailed answer.