The BNB received a welcome note and an opinion from the ECB on the BGN-EUR system

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The Bulgarian National Bank – The BNB received from European Central Bank – ECB official opinion on the Supplement to the Law on the Bulgarian National Bank relating to the exchange rate arrangement between the lev and the euro (European Central Bank opinion CON / 2020/5 on the BNB’s powers to impose sanctions in the framework of close cooperation and the official lev exchange rate).

In your opinion The ECB welcomes the new provision in Article 29, paragraph 3 of the Law on the Bulgarian National Bank, which complies with the procedures under the ERM II Resolution and the Central Bank Agreement on ERM II.

The ECB welcomes the fact that the bill specifies the BNB’s powers to impose sanctionsto fully align Bulgarian national law with the scope of the ECB’s power to impose sanctions under Article 18 of Regulation (EU) No 1024/2013.

In particular, The ECB welcomes the fact that with the bill the BNB is required to comply with all ECB requests to impose sanctions for violations of BNB administrative actsissued at the request of the ECB referred to in Section 121b (1) to (4) of the Credit Institutions Act.

Full text of the opinion of the European Central Bank can be read here.

We will refuse from the Eurozone if we are offered another BGN exchange rate, categorical GoranovUpdated

We will refuse from the Eurozone if we are offered another BGN exchange rate, categorical Goranov

We only enter course 1.95583

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