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March 12 2010

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Home > Survival Guide > Finance

Finance

The official currency in Bulgaria is the lev. One lev is divided into 100 stotinki (singular, one stotinka). Following hyper-inflation in the mid-90s, a currency board was introduced and the lev was tied to the value of the euro and one euro is now worth 1.95 leva. Now that Bulgaria became EU member state, it is expected to accept the euro as currency in a couple of years.
Bulgaria's main financial institution is Bulgarian National Bank, which determines conditions for economic policies and regulates the work of all other financial institutions in the country.
Until 1989, all economic transactions in Bulgaria were state-controlled and the country had a centralised economy. Since the fall of communism, a market economy based on liberal market principles has been established.
Average salaries in Bulgaria are still well below the EU average. As a result, foreigners in the country find the cost of living relatively low. The situation is expected to change only gradually after Bulgaria entered the EU on January 1 2007.

News

Coastal investors in Bulgaria unhappy with state regulations

Municipalities and investors in the Black Sea coastal region are dissatisfied with coastal construction conditions that the Regional Development Ministry determined. The ministry called for lower buildings that are located far away from each oth.....| Read more


European experts fail finding major problems in Bulgaria's aviation: An expert evaluation that the....

Guarantees needed to attract investors to Bulgaria- Beyrle: The biggest problem Bulgarian business....

2006 most successful for Bulgaria's economy since start of transition- Oresharski: Sine the start ....

Useful info

Bank offices and financial services

Commercial Banks   NAME ADDRESS TELEPHONE E-MAIL WEB SITE HVB Bank Biochim 1 Ivan Vazov Str, 1026-Sofia .....| Read more

Costs of living

Cost of living Loaf of bread 0.30 euro  Box of milk 1 l 0.75 euro  Cheese 1 .....| Read more

Taxation overview

In view of the country's upcoming European Union accession, Bulgaria has made considerable reforms in the taxation system to harmonise it with EU legislation. In 2006, the corporate tax rate remains 15 per cent. Special-purpose investment compan.....| Read more

Latest Forum Posts: Survival guide
Benj posted in discussion Exchange rates. | about 6 hours ago
Kuhn posted in discussion Chirpan area.l | about 13 hours ago
stuartd posted in discussion re-registering company | Mar 11 2010 21:03 CET
Martin_Varna posted in discussion Rental Cars | Mar 11 2010 15:03 CET
Bazz posted in discussion Mini digger | Mar 11 2010 07:03 CET
Some questions from fellow expats have still gone unanswered.
Friday, March 12 2010

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nadaya

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