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Bulgarian National Bank increases base interest rate to 1.3%

Photo: BGNES-archive

"The Bulgarian banking sector is stable. The country's accession to the eurozone is a macroeconomic and political catalyst that should not be missed, said National Bank Governor Dimitar Radev before the conference "Banks and Business in Bulgaria in 2023". 

"We are ready to put our foot on the accelerator. The reforms needed for an accession to the eurozone are good for Bulgaria’s economy as a whole," Dimitar Radev added and noted that the country's budget deficit should not exceed 3% of the gross domestic product. "Like other central banks, the Bulgarian National Bank will raise the base interest rate to bring inflation down to healthy levels", Dimitar Radev.

The Bulgarian National Bank has announced a base interest rate 1.3% as of December 1. In November it raised the base interest rate to 0.59%. 

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