President Plevneliev: The reduction of interest rates depends on the economy

“Administrative measures will hardly reduce interest rates. This depends on the economy,” President Rosen Plevneliev said on Friday after a meeting with the Governing Council of the Bulgarian National Bank (BNB). He explained that, at the end of the week, he will organise a debate on the measures for the reduction of interest rates on credits proposed by Deputy PM and Finance Minister Simeon Djankov, and all parties concerned will be invited. “The idea to better regulate small loans of up to BGN 400 by introducing more rules sounds reasonable to me. More transparency means more rights and greater protection of people’s interests,” commented President Plevneliev. He appealed to households and businesses to begin spending their savings in order to stimulate the economy. “The blocked money is a problem which must be resolved. What we need is incentives for consumption, support for exports, consumer confidence, programmes for SMEs,” the President recommended.

BNB Governor Ivan Iskrov, in turn, reminded that the Central Bank stopped setting interest rates on July 1, 1997, when the political class decided that the main factor to be ensured by BNB is the stability of the national currency, since this is the most important thing, especially for small economies such as ours.

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