DIMITAR RADEV IS THE NEW GOVERNOR OF THE BULGARIAN NATIONAL BANK

On 14th of July, Bulgaria’s Parliament elected Dimitar Radev as Governor of the Bulgarian National Bank (BNB).

Radev was a nominee of the Parliamentary Group of the centre-right GERB party and the parliamentary group of the centre-right coalition “Reformist Bloc”.

Out of the 180 MPs in the plenary hall, 130 voted in favour, 16 voted against and 43 abstained.

Dimitar Radev took an oath before the Parliament.

The term for the new BNB Governor is 6 years.

The voting for the other candidates was as follows: 137 MPs took part in the voting for Biser Manolov, a nominee of the Reformist Bloc. He was supported by 37 MPs, 18 voted against and 118 abstained.

170 MPs participated in the voting for Viktor Yotsov, a nominee of the center-left Alternative for Bulgarian Revival (ABV) party. 44 MPs voted in favour, 22 voted against and 104 abstained.

Out of 171 MPs participating in the vote for Grigorii Vazov, a nominee of nationalist coalition "Patriotic Front", 43 voted in favor, 12 voted against and 118 abstained.

The Parliament adopted a decision to accept the resignation of the outgoing BNB Governor, Ivan Iskrov. A total of 174 MPs voted unanimously to support the decision.

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In an exclusive interview for the BNT programme “More from the Day” on 22 of June, Radev said that changes in the work of the BNB are definitely needed, particularly in the area of banking supervision. He explained he was concerned that a large part of the powers and responsibilities were concentrated in one person only. According to him, the banking supervision was capsuled in terms of information and work.

A legal framework for control on behalf of the Governor and the Governing Council should be created, Radev added and generally concluded that there was a need to consider re-organisation of the banking supervision functions. A possible means would be to restore the rotation of teams, Radev noted.

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Dimitar Radev has a Master’s Degree in economics and finances.

In 1994, he specialized in the Institute International Relations Institute at Georgetown University.

Radev was Deputy Minister of Finance in six government after 1991.

He has an experience in bank management: three years of experience as a member of the Supervisory Board of Commercial Bank “Expressbank” and seven years as a member of the Administrative Council of the Council of Europe Development Bank.

Radev has worked at the International Monetary Fund (IMF) for 14 years.

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