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Bulgaria's Gvt Opts for active Fiscal Reserve Management

Date: 05.02.2010

"We can secure up to ten million levs revenues to the state budget a year, if we opt for an active fiscal reserve management," deputy finance minister Ana Mihaylova said.

Following a proposal of the finance ministry for a more efficient management of Bulgaria's free fiscal reserve, the general regulations of the national bank concerning the procedures for opening a deposit, as well as the term and the profitability of deposits in Bulgaria, have been amended.

As of January 31, 2010, the fiscal reserve of the state amounts to seven billion levs, 1.3 billion of this sum being held by the state fund that guarantees the stability of the pension system. Also, eighty percent of the state reserve is kept in weekly or overnight deposits.

As a result of the more active management of the national bank, the deposits of the government have yielded higher profitability since the beginning of 2010.

Although it has been agreed that the money in the fiscal reserve of the state will not be moved to foreign banks, as of February 1, 2010 the government has decided to restructure 5.8 billion levs of the fiscal reserve in deposits with various terms, as follows: 1.3 billion levs will be held in weekly deposits, 3.9 billion levs in monthly deposits, 0.3 billion in two-month deposits and 0.3 billion levs in overnight deposits. Each trimester the finance ministry is going to release a report on the condition and the profitability of the fiscal reserve.

"We expect between eight and ten million levs revenues to the budget from interests each year. We will continue our policy of active management of the government's fiscal flows and deposits. The lack of such a policy so far has incurred to the state missed benefits in the size of millions of levs," Mrs. Mihaylova said further.

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