Ilia Ivanov

Bulgarian National Bank

The Bulgarian National Bank is one of the oldest national institutions established right after the restoration of the Bulgarian state, on January 25, 1879, and on 6 of June of the same year the first banking operation was conducted. According to the Constitution of the Republic of Bulgaria (article 29) the BNB is an independent issuing institution of the State reporting to the National Assembly. It plays a key role in the Bulgarian economy and takes care of maintaining the stability of the Bulgarian currency, and of strengthening and development of the banking and credit system in the country. The BNB's independence is also guaranteed by its organic Law (LBNB), and by the Treaty establishing the European Community. Since January 1, 2007 the bank is a full member of the European System of Central Banks and actively participates in the decision making process in the area of banking and finance in the European Union. The BNB Governor is a member of the General Council of the European Central Bank.