Deputy Head of Bulgarian Central Bank unexpectedly resigns

The Sofia Globe reported that the Bulgarian National Bank (BNB) issued an announcement announcing that Dimitar Kostov,  Bulgaria’s deputy central bank governor in charge of banking supervision, will offer his resignation to parliament.

His early resignation on Friday came as a surprize to many seeing that Bulgaria prepares to join the European Union’s banking union later this year in anticipation of adopting the euro currency

Kostov said that now was a good time to step down given the “very good working communication” with the ECB and its Single Supervisory Mechanism, but also because the ECB stress test of Bulgaria’s banking sector was only the first stage in “a more complex process.”

Kostov’s resignation also comes several months before the ECB is due to announce the results of the stress tests for six Bulgarian banks as part of the country’s application to join the EU banking union and the ERM II exchange rate mechanism, sometimes referred to as the euro zone’s “waiting room.” The assessment began in November 2018 and results are expected in July.

Via The Sofia Globe