Какво ще се случи с международните валутни резерви на БНБ след приемането на еврото в България?
What Will Become of the International Foreign Currency Reserves of the Bulgarian National Bank Following Bulgaria’s Adoption of the Euro?

Author(s): Elena Panayotova
Subject(s): Politics / Political Sciences, Politics, Economy, National Economy, Economic policy, EU-Approach / EU-Accession / EU-Development, Financial Markets, Public Finances
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Eurozone; international foreign exchange reserves; monetary policy; minimum reserve requirements
Summary/Abstract: One of the questions that has attracted considerable public attention concerns the future of the BNB’s international foreign exchange reserves following the adoption of the euro. A commonly cited risk is that these reserves might be released into the economy, which could, on the one hand, lead to an expansion of the money supply and higher inflation, and, on the other hand, be used to finance government policies. These concerns, however, are unfounded. Upon accession to the euro area, the BNB is required to transfer part of its foreign exchange reserves to the ECB. The remaining reserves will continue to be held by the BNB, and their management will be conducted within the framework established by the ECB, which does not permit their use for financing government expenditures.

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