Bulgarian financier and reformer Krasimir Angarski dies aged 73

Prominent Bulgarian financier Krasimir Angarski has died at the age of 73 after a brief illness, his family said, as reported by BNT.

Angarski was one of the architects of Bulgaria’s tax reforms in the early years of the democratic transition and later played a key role in the introduction of the currency board.

Born in Sofia on January 28, 1953, Angarski graduated from the University of National and World Economy. He joined the Ministry of Finance in 1980 and went on to head the tax administration for Sofia and Sofia Region. He was among the authors of Bulgaria’s tax-administration legislation.

In 1997, Angarski served as Minister without Portfolio in Stefan Sofiyanski’s caretaker government, where he headed the group drafting the legislation for the introduction of the currency board. Introduced that year following a severe financial and banking crisis and a period of hyperinflation, the system fixed the lev to the German mark, and later to the euro, while placing strict limits on the central bank’s ability to issue money.

He subsequently became Secretary for Economic Affairs to President Petar Stoyanov. He also taught at the University of National and World Economy and, from 2001 to 2004, served as Executive Director of DSK Bank.

Krasimir Angarski leaves behind a lasting contribution to the institutions and financial reforms that shaped Bulgaria’s economic transition.

Editor: Miglena Ivanova