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 In 1997 another Law on the BNB superseded the previous one; it reorganised the monetary system, and from 1 July a currency board arrangement was put in place.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
307:
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
295:
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
263:
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.
239:
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
283:
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.
314:
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.
248:
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.
240:
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:
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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
820:
1970:
1985:
1877:
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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.
1887:
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357:. The current edifice was commissioned to renowned architects Ivan Vasilyov and Dimitar Tsolov and built between 1934 and 1939 in the non-decorative
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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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1193:
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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
1975:
1517:
1134:
1015:
670:
1722:
1542:
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665:
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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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745:"The Bulgarian National Bank, 1926–1935: Revamping the Institution, Addressing the Depression"
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In 1928, Bulgaria was granted a large "Stabilisation Loan" coordinated by the
257:
1916:
1903:
1441:
891:
241:
199:
115:
100:
231:
975:
749:
The Spread of the Modern Central Bank and Global Cooperation: 1919–1939
743:
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.
1005:
704:
350:
230:
195:
187:. It has also been Bulgaria's national competent authority within
61:
1667:
1010:
855:
203:
134:
1671:
1394:
864:
1830:
International Centre for Settlement of Investment Disputes
161:
1825:
International Bank for Reconstruction and Development
850:
210:. Since 1 October 2007, it has been a member of the
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52:
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)
671:Bulgarian Development Bank
1951:Banks established in 1879
1723:Financial Stability Board
1637:
1543:National Bank of Slovakia
1359:
1230:
1156:
1052:
966:
757:10.1017/9781009367578.013
666:List of banks in Bulgaria
151:
97:Central bank of
45:
36:
25:
1961:Companies based in Sofia
1629:European Investment Bank
1594:National Bank of Romania
1458:National Bank of Belgium
16:Central bank of Bulgaria
1941:Bulgarian National Bank
1589:National Bank of Poland
1584:Hungarian National Bank
1569:Bulgarian National Bank
1498:Central Bank of Ireland
924:Second Bulgarian Empire
730:ECB Banking Supervision
256:By the outbreak of the
163:Bulgarska narodna banka
152:Българска народна банка
144:Bulgarian National Bank
31:Bulgarska narodna banka
26:Българска народна банка
22:Bulgarian National Bank
1468:Central Bank of Cyprus
1463:Croatian National Bank
1194:Science and technology
919:First Bulgarian Empire
726:"National supervisors"
397:Ivan Evstratiev Geshov
236:
1917:42.69639°N 23.32528°E
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:
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1538:Banco de Portugal
1513:Bank of Lithuania
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1125:Political parties
1113:National Assembly
1067:Foreign relations
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1021:Rhodope Mountains
944:People's Republic
766:978-1-009-36757-8
577:Veselin Nikiforov
355:Battenberg Square
278:League of Nations
194:Headquartered in
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1548:Bank of Slovenia
1488:Banque de France
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621:, 15 July 2015 –
601:Lyubomir Filipov
553:Atanas Mechkarov
541:Stancho Cholakov
487:Nikola Momchilov
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1608:Banking-related
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1478:Bank of Estonia
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782:Important Dates
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469:Kosta Bojadjiev
439:Hristo Chakalov
427:Stefan Karadjov
421:Stefan Karadjov
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81:state ownership
71:25 January 1879
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619:Dimitar Radev
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583:Vasil Kolarov
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559:Vela Lukanova
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1260:Demographics
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1101:Armed Forces
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181:central bank
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58:Headquarters
30:
18:
1920: /
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1937::
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146:(
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