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Finance

Date: 12.10.2009

Bulgaria's central bank governor, Ivan Iskrov, has praised the new center-right Bulgarian government for their reasonable, conservative policies while being sworn in for a second term by the Bulgarian Parliament.

Iskrov stated; “I am glad that this GERB government has very reasonable, conservative politics - this can be seen from the measures that were taken immediately after the elections and in the draft budget for 2010.” He added that he will work towards a balanced budget and the non-reliance on international financial markets in his second term.

Iskrov concluded that people should not compare the Bulgarian economy with that of its bigger EU partners and that Bulgaria can not afford to take as many economic risks as them.

Kalin Hristov has come into office as Deputy Governor of the central bank. He will take over the Emission Department from outgoing deputy governor Tsvetan Manchev.

Iskrov was nominated for his second term by GERB, who won the July general elections, and he was re-elected at the end of August, a week after he resigned to seek the backing of the the new centre-right government.

It was not immediately clear what brought about the U-turn in GERB initial decision to replace Iskrov, who was reelected previously in a highly controversial parliamentary vote just before the general elections.

The previous Socialist-led parliament appointed Iskrov in May ahead of the July general elections but the central bank law states it should have waited until he had three months left in office.

The first reelection of Ivan Iskrov, a member of the centrist party of Simeon Saxe-Coburg, was believed to be a trump card for pressing the formation into making concessions in the sharing out of key posts in the state among members of the ruling coalition.

This scenario failed after the former ruling Socialist-led coalition suffered a crushing defeat in the July 5 elections, while the centrist party of Saxe-Coburg even did not manage to make it into the parliament.

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