Bulgaria: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, and Payment Systems
IMF Staff Country Reports, August 23, 2002
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- Bulgaria: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, and Payment Systems
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Bibliographic details
- Published: August 23, 2002
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451804508.002
Overview
- Publication date: August 23, 2002
- This paper presents key findings of Bulgaria’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, and Payment Systems.
- Bulgaria’s macroeconomic policies are tied to three anchors: the discipline imposed by the Currency Board Arrangement; discipline imposed by the accession procedure to the European Union and European Monetary Union; and the conditionalities of IMF and World Bank programs.
Key findings and diagnostics
- Real growth has resumed.
- Fiscal deficits have been contained.
- The increasing current account deficit is a matter of concern.
Macroeconomic anchors and institutional context
- Identified anchors:
- The discipline imposed by the Currency Board Arrangement.
- Discipline imposed by the accession procedure to the European Union and European Monetary Union.
- The conditionalities of IMF and World Bank programs.
Risks and concerns
- Current account dynamics:
- The report flags the increasing current account deficit as a policy concern despite resumed growth and contained fiscal deficits.
Subjects and keywords (as listed)
- Subjects: Banking, Commercial banks, Financial institutions, Financial markets, Financial statements, Insurance, Insurance companies, Payment systems, Public financial management (PFM)
- Keywords: bank, banking sector, banking system, Central and Eastern Europe, central bank, Commercial banks, CR, current account, Financial statements, financial system, foreign exchange, Global, government, Insurance, Insurance companies, interest rate, internal audit, ISCR, joint stock, monetary policy, operating expenses, Payment systems, process, risk management