Knowledge (XXG)

Bulgarian National Bank

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280:. This was intended to stabilise the Lev, to reinforce the capital stock of the BNB, and to liquidate the Government's debt to the Bank. Two new laws were passed for the same purpose – the Law on the BNB, which made the most profound institutional changes to the Bank (it became a real central bank of issue free of any activities untypical of this type of bank), and the Law on the stabilisation of the Lev and on coinage, which established a gold standard in Bulgaria whereby 92 Leva equalled 1 gram of pure gold. 48: 1643: 308:
on the BNB, which restored the Bank's autonomy and gave it the responsibility for supervising banks. In 1997 another Law on the BNB superseded the previous one; it reorganised the monetary system, and from 1 July a currency board arrangement was put in place. At first, the Bulgarian Lev was pegged to the Deutsche Mark, and from 1999 – to the Euro, at the rate of 1.95583 Leva for 1 Euro. Later in the same year the Bulgarian Lev was re-denominated.
637: 260:(1912), the BNB gained much experience as a bank of issue and strengthened its independence. Apart from being the major lending centre in Bulgaria, it became the regulator of the monetary system, clearing the cash circulation of foreign coins and coping with the serious money crisis in Bulgaria in the late 19th century and with the consequences of the European money crisis in the early years of the 20th century. 1653: 1431: 39: 232: 247:
Initially, the BNB was a state-owned central bank, subject to the oversight of the Minister of Finance, which serviced the state budget and the cash activities of the Government and carried out banking transactions typical of a commercial bank, without having the right to print or introduce banknotes
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The return of the Bulgarian banking system to the market economy principles and of the BNB to the independent central bank principles became possible only in 1991 when two basic laws came into effect – the Commerce Law, which brought back the legal foundations of commercial banking, and the new Law
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The 1947 Law on Banks carried out a drastic reform: private banks were nationalised and the banking system was transformed on the Soviet model, and thus operated until the late 1980s. The BNB was entrusted to provide all financial services to the newly created overcentralised planned economy. The
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During the wars (1912–1918) the BNB was forced to almost limitlessly lend to the Government and increase the note issue and the amount of notes in circulation. The Bulgarian Lev came out of the wars strongly depreciated, and during the decade afterward the Bank made efforts to restore its value.
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On 25 January 1879, the Russian Imperial Commissar in Bulgaria, Knyaz Alexander Dondukov-Korsakov, approved the Charter of the Bulgarian National Bank. On 4 April 1879, the first BNB Governor was appointed, on 23 May the Bank was officially opened, and on 6 June it carried out its first banking
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All these steps supported the Bank's business during the years of the Great Depression (1929–1933). From the mid-1930s till Bulgaria entered the Second World War in 1941 the BNB went through a revival. At that time, the building of the Bank was constructed, which houses it to the present day.
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In 2005, amendments were made to the Law on the BNB, which ensured the institutional, functional, financial and personal independence of the BNB, changed the core purpose of the Bank, and expressly prohibited the central bank from providing funding to public institutions.
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into circulation. The Law on the foundation of the BNB and the new Charter, both passed in 1885, reorganised the Bank, granting it monopoly of note issue. Later in the same year, the Bank issued the first Bulgarian banknotes.
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operation. The Law on the right to mint coins in the Principality was passed in 1880, and it instituted the Bulgarian national currency, the Lev. The following year, Bulgaria minted its first coins of 2, 5 and 10
198:, the bank was established in 1879. It is the 13th-oldest continuously existing central bank in the world. The bank has a key role in the Bulgarian economy. An independent institution responsible for issuing all 1412: 273: 744: 1829: 1824: 1405: 1390: 1945: 1117: 1901: 330:
Issue Department, responsible for maintaining the full foreign exchange coverage of the total amount of monetary liabilities, i.e. the issuance of national currency
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Bank too was obliged to directly lend to the Government and the economy, being directly subordinated to the Council of Ministers and the Minister of Finance.
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In 1998, the BNB Printing Works was opened for business, and it began the production of banknotes and bonds with a very high level of security.
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style of the time. It spreads over an area of 3,700 m and has four overground and three underground storeys. Its interior is the work of
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On 1 January 2007, Bulgaria joined the European Union, and ever since the BNB has been a member of the European System of Central Banks.
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During the Second World War, the BNB was compelled again to lend to the Government and deal with the depreciation of the Lev.
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in the country, BNB is tasked with safekeeping the government's currency reserves. It is also the sole owner of the
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Banking Department, which, in case of systemic risk, acts as the lender of last resort. It also administers the
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In 1952, the Bulgarian Mint was set up and it started minting circulation and commemorative coins.
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In 1928, Bulgaria was granted a large "Stabilisation Loan" coordinated by the
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The Spread of the Modern Central Bank and Global Cooperation: 1919–1939
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Avramov, Roumen (2023), Kakridis, Andreas; Eichengreen, Barry (eds.),
214:. The governor of the BNB is a member of the General Assembly of the 860: 340:
Supervision Department, which oversees the country's banking system.
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International Centre for Settlement of Investment Disputes
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International Bank for Reconstruction and Development
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Bulgarian National Bank (BNB) headquarters in Sofia
705:"The Organisation and Structure of Central Banks" 751:, Cambridge University Press, pp. 268–300, 821:"Сградата на БНБ респектира със строга красота" 24: 349:The Bulgarian National Bank's headquarters in 326:The bank is organised into three departments: 1878:Central banks and currencies of the Caribbean 1683: 1406: 876: 531:, acting, 23 December 1944 – 14 November 1945 8: 1888:Central banks and currencies of the Americas 1873:Central banks and currencies of Asia-Pacific 21: 483:, acting, 29 August 1931 – 29 February 1932 1690: 1676: 1668: 1413: 1399: 1391: 1227: 1153: 1049: 963: 883: 869: 861: 676:Bulgarian Agricultural and Commercial Bank 411:, acting, 4 December 1887 – 1 January 1894 405:, acting, 26 August 1886 – 4 December 1887 46: 37: 20: 698: 696: 495:, acting, 2 August 1934 – 4 February 1935 453:, acting, 1 December 1922 – 31 March 1923 393:, acting, 27 April 1881 – 11 October 1883 1845:Multilateral Investment Guarantee Agency 712:Katalog der Deutschen Nationalbibliothek 513:, acting, 14 November 1938 – 1 June 1944 465:, acting, 1 December 1923 – 1 March 1924 423:, acting, 19 January 1899 – 1 March 1899 1946:Bulgarian companies established in 1879 692: 268:Interwar stabilization and World War II 1883:Central banks and currencies of Europe 1868:Central banks and currencies of Africa 1718:Basel Committee on Banking Supervision 235:The original BNB headquarters, c. 1910 1971:Neoclassical architecture in Bulgaria 1835:International Development Association 851:Bulgarian National Bank official site 471:, 21 September 1924 – 16 January 1926 170: 7: 1986:European Single Resolution Mechanism 823:(in Bulgarian). Sega. Archived from 819:Georgieva, Silviya (12 April 2006). 381:, acting, 4 April 1879 – 1 July 1879 252:War period (1912–1918) and aftermath 802:"Bulgarian National Bank Governors" 591:, 20 December 1989 – 9 January 1991 585:, 3 January 1984 – 20 December 1989 561:, 5 December 1955 – 5 December 1959 274:Economic and Financial Organization 227:Establishment and early development 1713:Bank for International Settlements 597:, 9 January 1991 – 24 January 1996 567:, 7 December 1959 – 5 January 1969 549:, 10 October 1946 – 13 August 1949 537:, 14 December 1945 – 31 March 1946 507:, 25 April 1935 – 14 November 1938 477:, 18 January 1926 – 29 August 1931 447:, 16 July 1920 – 30 September 1922 435:, 23 February 1906 – 7 August 1908 417:, 1 January 1894 – 19 January 1899 399:, 1 December 1883 – 26 August 1886 172:[ˈbɤɫɡɐrskɐnɐˈrɔdnɐˈbaŋkɐ] 14: 1840:International Finance Corporation 543:, 31 March 1946 – 10 October 1946 501:, 4 February 1935 – 21 April 1935 489:, 29 February 1932 – 31 July 1934 1966:European System of Central Banks 1651: 1642: 1641: 1624:European System of Central Banks 1429: 856:Gallery of Bulgarian paper money 635: 603:, 24 January 1996 – 11 June 1997 555:, 13 August 1949 – 19 March 1955 525:, 10 August 1944 – November 1944 337:, introduced in Bulgaria in 1997 212:European System of Central Banks 56: 661:Commemorative coins of Bulgaria 615:, 9 October 2003 – 14 July 2015 609:, 11 June 1997 – 9 October 2003 429:, 1 March 1899 – 1 October 1905 1744:Contractionary monetary policy 579:, 8 July 1974 – 3 January 1984 573:, 5 January 1969 – 7 July 1974 519:, 1 June 1944 – 10 August 1944 441:, 7 August 1908 – 12 June 1920 1: 1533:Oesterreichische Nationalbank 459:, 26 March 1923 – 8 June 1923 387:, 1 July 1879 – 27 April 1881 1981:European Banking Supervision 1749:Expansionary monetary policy 189:European Banking Supervision 1815:International Monetary Fund 353:are located on the central 162: 2002: 1518:Central Bank of Luxembourg 848:(in Bulgarian and English) 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1863:List of central banks 1795:Sovereign wealth fund 1790:Open market operation 1619:European Central Bank 1579:Danmarks Nationalbank 1528:De Nederlandsche Bank 1523:Central Bank of Malta 703:Weidner, Jan (2017). 681:List of central banks 234: 216:European Central Bank 1347:World Heritage Sites 1106:Chief of the Defence 827:on 30 September 2007 385:Georgi Zheliazkovich 345:Head office building 185:Republic of Bulgaria 1913: /  1739:Capital requirement 1574:Czech National Bank 1473:Deutsche Bundesbank 1166:Economic statistics 949:Bulgaria since 1990 651:Economy of Bulgaria 607:Svetoslav Gavriiski 33: 1922:42.69639; 23.32528 914:Old Great Bulgaria 391:Tsidor Mihailovich 379:Ludovig Carbonneur 237: 126:19 890 million USD 1976:Banks of Bulgaria 1896: 1895: 1665: 1664: 1599:Sveriges Riksbank 1538:Banco de Portugal 1513:Bank of Lithuania 1451: 1388: 1387: 1355: 1354: 1217: 1216: 1143: 1142: 1125:Political parties 1113:National Assembly 1067:Foreign relations 1039: 1038: 1021:Rhodope 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648: 644: 633: 628: 626: 620: 619:Dimitar Radev 617: 614: 611: 608: 605: 602: 599: 596: 595:Todor Valchev 593: 590: 587: 584: 583:Vasil Kolarov 581: 578: 575: 572: 569: 566: 563: 560: 559:Vela Lukanova 557: 554: 551: 548: 545: 542: 539: 536: 535:Ivan Stefanov 533: 530: 529:Ivan Stefanov 527: 524: 521: 518: 515: 512: 509: 506: 503: 500: 499:Marko Ryaskov 497: 494: 491: 488: 485: 482: 479: 476: 473: 470: 467: 464: 461: 458: 455: 452: 449: 446: 443: 440: 437: 434: 431: 428: 425: 422: 419: 416: 413: 410: 407: 404: 403:Dimitar Popov 401: 398: 395: 392: 389: 386: 383: 380: 377: 376: 372: 370: 368: 367:Dechko Uzunov 364: 360: 356: 352: 344: 339: 336: 332: 329: 328: 327: 321: 319: 316: 312: 309: 302: 300: 297: 291:Communist era 290: 288: 285: 281: 279: 275: 267: 265: 261: 259: 251: 249: 245: 243: 233: 226: 221: 219: 217: 213: 209: 205: 201: 197: 192: 190: 186: 182: 178: 173: 164: 158: 149: 145: 136: 133: 129: 125: 121: 117: 112: 111:Bulgarian lev 109: 105: 102: 99: 95: 92: 91:Dimitar Radev 89: 85: 82: 78: 74: 70: 66: 63: 60: 49: 44: 40: 35: 32: 19: 1898: 1568: 1295:Coat of arms 1260:Demographics 1188: 1101:Armed Forces 1077:Human rights 1057:Constitution 934:Principality 829:. 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Index


Bulgarian National Bank (BNB) headquarters in Sofia
Sofia
state ownership
Dimitar Radev
Bulgaria
Bulgarian lev
ISO 4217
bnb.bg
Bulgarian
romanized
[ˈbɤɫɡɐrskɐnɐˈrɔdnɐˈbaŋkɐ]
central bank
Republic of Bulgaria
European Banking Supervision
Sofia
banknotes
coins
Bulgarian Mint
European System of Central Banks
European Central Bank

stotinki
Balkan War
Economic and Financial Organization
League of Nations
currency board
Sofia
Battenberg Square
Neoclassical

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