Djankov: No reason for growth of interest rates or unemployment

There is no reason either for and increase of interest rates or for rise in unemployment in Bulgaria, despite of the recent financial turmoil observed in the U.S. and some European economies. We are an economically stable country, stated the Finance Minister, Simeon Djankov on bTV, commenting on the economic crisis and the vulnerable situation on the global financial markets. He disproved the fears of a repetition of the crisis from some four years ago. In his words, banks in Bulgaria should not raise interest rates on loans, under the pretext of the unavoidable fiscal problems in some global economies. The first financier in the country advised people not to transfer their dollar deposits in other currencies and not to purchase gold. According to him, the price of the precious metal would fall because it is already very high. In his words, the people should trust the assessment of the credit agencies as well as that of the IMF and the World Bank. As for the downgraded US credit rating, he said that this had to happen a long time ago and was not a surprise to anyone since the USA had a huge debt and faced difficulties in its payment.

Djankov explicitly ruled out the suggestion that the crisis could influence the GERB government plans for a gradual increase in the incomes of the population. "After 1 September, when the minimum wage will rise to BGN 270, I expect another increase in the spring of 2012. This, however depends on the budgetary procedure, which will be completed by November this year," said Djankov. He also expressed confidence for the effective implementation of the revenue and expenditure parts of the budget by the end of the year.

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