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 Pay

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

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2002 Issue 188

Publication date: August 2002

ISBN: 9781451804508

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Topics covered in this book

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Banks and Banking , Finance , ISCR , CR , bank , government , process , joint stock , monetary policy , risk management , central bank , foreign exchange , banking system , interest rate , financial system , current account , banking sector , operating expenses , internal audit , Insurance companies , Commercial banks , Insurance , Financial statements , Payment systems , Global , Central and Eastern Europe

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Summary

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. Although real growth has resumed and the fiscal deficits have been contained, the increasing current account deficit is a matter of concern.