The majority in Bulgaria’s parliament has given the green light to the first reading of a new law governing the Bulgarian National Bank (BNB), marking a pivotal moment in the country’s journey toward Eurozone accession. The legislation, if passed, will play a crucial role in facilitating Bulgaria’s entry into the Eurozone. The proposed amendments address…
Banker and economist Levon Hampartsumyan addressed concerns about Bulgaria’s adoption of the euro, emphasizing the need to overcome fears and embrace the impending change. According to Hampartsumyan, the shift to the euro as the primary measure of economic success will not only be seamless but also without financial burdens for the public. Contrary to apprehensions,…
Bulgaria is set to witness wages outpacing inflation at a two-to-one ratio in 2024, according to Allianz Trade’s latest report. Anticipating a 9% growth in wages compared to an expected 4% inflation, the report indicates a slowdown from the 13.5% wage growth projected for 2023. Despite this deceleration, wages are poised to comfortably surpass rising…
Bulgaria is undergoing a shift toward becoming a net importer of electricity, driven by economic considerations, warns energy expert Krassimir Manov. Manov emphasized that despite the nation’s existing energy capacities, domestic production lacks competitiveness in the market. The current strategy favors importing electricity from neighboring countries, a practice once reversed. Until recently, Bulgaria supplied electricity…
Bulgarian winter resorts experienced a robust growth of over 4.5% in tourist numbers in December 2023 compared to the previous year, according to Tourism Minister Zaritsa Dinkova. The notable surge was particularly driven by a substantial increase in Turkish visitors, marking nearly a 22% growth. Notably, tourists from neighboring countries such as Romania, North Macedonia,…
In a comprehensive survey conducted by the Trend Research Centre between December 1 and 7, 2023, shedding light on the financial dynamics of Bulgarians, an astonishing 84% of respondents acknowledged relying exclusively on income derived from employment and/or pension. The survey, commissioned by the Finance Academy and encompassing 1,008 participants aged 18 and over, provides…
As a consequence of the recent cold spell gripping Bulgaria, the nation experienced a notable shift in its energy dynamics, emerging as a net importer of electricity on January 9. Despite possessing ample capacity, Bulgaria’s electricity production struggles to compete in the market, leading to increased reliance on neighboring countries. This trend, observed on a…