It is possible that in parallel with the procedure in the National Bank, the one in the Financial Supervision Commission will start ahead of schedule
Three ladies from the European Investment Bank, the EBRD and the International Investment Bank may return before the end of their terms
The BNB could get a new governor named Valentin Mihov or Dimitar Radev before the end of March, if the informal negotiations in the ruling coalition end smoothly.
Active lobbying for specific names is underway before Prime Minister Kiril Petkov and Deputy Prime Minister Asen Vassilev, the government unofficially confirmed to 24 Chasa.
The mandate of the manager Dimitar Radev expired on July 15 last year and despite the urgent desire of Slavi Trifonov’s “There is such a people” to be held by their expert and MP – banker Lubomir Karimanski, the next snap elections stopped the procedure.
Today in
disputed
battle for
governor evening
has new names
And the ruling political force “We continue to change” may be with two equal candidates.
Before “24 Hours” informed people share that the applications with the best chances will be tested through our partners from the European Central Bank (ECB).
And in order to satisfy the desires that are more than the posts, options for new important positions are being considered. One of them is to look for a successor to Boyko Atanasov before the end of his term in the Financial Supervision Commission in July.
Two BNB deputy governors, Kalin Hristov and Nina Stoyanova, whose terms expired in October, could also be a pledge in the talks. All five members of the fiscal council have expired.
Dimitar Radev may remain at the helm of the BNB by law until the election of a successor. More than six years ago, he took office with an impressive 130 votes in parliament. He succeeded Ivan Iskrov, who is the only one to remain at the helm of the bank for two terms.
Radev won in competition with Biser Manolov, nominated by the Reformist Bloc, Grigory Vazov, nominated by the Patriotic Front, and Viktor Yotsov, nominated by the ABC. People from the kitchen claim that none of them will try in the new battle.
Financiers see the reduced real chances of BNB Deputy Governor Kalin Hristov, who was expected to be nominated by Democratic Bulgaria. He won two terms as the second person in the central bank, but the low election result of Hristo Ivanov’s people may not be enough for the important post.
The other deputy governor with an expired term – Nina Stoyanova, is currently standing aside from the competition.
That is why the name of is mentioned more and more often
Valentin Mikhov
as the first
man in the BNB
He came under the supervision of the state BDB at the suggestion of Kiril Petkov, while he was acting Minister of Economy.
Valentin Mihov’s brother is the authoritative lecturer Prof. Ilian Mihov, who is the rector of INSEAD in Singapore – one of the leading business schools in the world. Mihov was invited as deputy prime minister in Borissov’s first government, but events with the cabinet’s resignation in 2013 preceded his appointment.
Brother Valentin is not publicly known because he has accumulated banking experience in the largest Russian bank – Sberbank. He graduated in international economic relations in Moscow. His professional experience includes the position of Managing Director of the large consulting company Valor Advisors.
Lobbyists see former BNB Deputy Governor Tsvetan Manchev, an IMF adviser, in the battle for nominations.
According to unofficial information, the current manager
Dimitar Radev
there are many
chances to
manages
second term
It is even claimed that there is an unofficial “yes” from Prime Minister Petkov and Deputy Prime Minister Asen Vassilev. Three arguments point in favor of such a choice.
The first is that during Radev’s first term, Bulgaria entered the waiting room for the eurozone and is well acquainted with all the requirements and probably problems on the road to the euro, which we are expected to introduce on January 1, 2024.
The second argument “for” Radev and which reduces the chances of the most serious competitors – Mihov and Karimanski – is that the ECB is restrained when national banks are headed by financiers with experience in commercial banks, because there were doubts about bias.
There is a third argument in favor of the current governor – during his first term the banking system experienced a quiet period, proven by the first stress tests of banks.
It is possible that a change in the Financial Supervision Commission will take place in parallel with the procedure at the BNB. Its boss, Boyko Atanasov, former director of the National Revenue Agency, is due to resign on July 28, 2022.
Thus, Slavi Trifonov’s man – Karimanski, can take over the structure that controls insurers, pension and investment funds.
It is very likely that the puzzle for positions will be filled with the change of Bulgarian representatives in foreign financial institutions. Lilyana Pavlova, for example, has been representing Bulgaria since September 2019 in the EIB for a three-year term.
If the parliament approves a proposal submitted by the caretaker Finance Minister Valeri Belchev, Bulgaria to increase its contribution to the International Investment Bank by 42 million euros, it is almost certain that Belchev himself will become a representative of our country there. The post is currently entrusted to Rumyana Kyuchukova, whose second 5-year term expires in 2025.
A castling is also expected in the Bulgarian representation in the EBRD, where Karina Karaivanova is the national representative on the bank’s Board of Directors.
Two caretaker cabinets with two caretaker finance ministers, Asen Vassilev and Valeri Belchev, have already told Karaivanova that she is likely to be recalled. The favorite was Stefka Slavova, who held the same position between 2010 and 2014. It is unclear whether Slavova remains the only candidate or will be nominated by another nomination.
Simultaneously or shortly after the election of the governor and deputy governors of the central bank, the fiscal council will be replaced, which by law advises and partially controls the Minister of Finance. Its members were elected on November 25, 2015 for 6 years, which means that they also have expired.
There are five people on the council. It is currently headed by GERB-nominated Boris Grozdanov, and members are Grigory Vazov, nominated by the Patriotic Front, Dora Andreeva, a BDC nominee, Lyubomir Datsov, nominated by the Republic of Bulgaria, and MRF candidate Yunal Tasim.
To date, it is certainly clear that the distribution of key positions in the BNB, the FSC, international financial institutions and the Fiscal Council will be difficult and unclear. According to acquaintances, tremors in the coalition during the negotiations, which should prepare the decision, are not ruled out. A signal for this is the refusal of almost all of the participants, indicated as possible nominations, to comment on the topic in front of “24 hours”.
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