Bulgarian banks not directly affected by Middle East conflict

At this stage, the banking sector in Bulgaria is not directly affected by the situation in the Middle East. This was the conclusion of a meeting between caretaker Prime Minister Andrey Gyurov and representatives of the banking sector, the Council of Ministers announced. Simeon Dyankov (Fiscal Council Chairman), Viktor Iliev and Georgi Chanev (Bulgarian National Bank) and James Yolovski (Secretary General, Association of Banks in Bulgaria) met with the Prime Minister to discuss measures to mitigate the impact of the Middle East situation on Bulgarian citizens and businesses.

"Until now, the practice has been to implement broad measures involving 'helicopter money', which leads to inflationary expectations. Now, however, we are devoting time and effort to a more targeted approach. The first measure to be implemented is aimed at people with the lowest incomes,' Andrey Gyurov stated.

The Bulgarian National Bank is preparing a macroeconomic forecast based on various possible scenarios. Well-targeted fiscal policy measures can limit secondary effects, announced Viktor Iliev of the BNB.

Editor: Diana Tsankova