ИНСТИТУЦИОНАЛНИ РЕФОРМИ И ПРОМЕНИ В БЪЛГАРСКАТА НАРОДНА БАНКА
Institutional reforms and changes in Bulgarian National Bank

Summary/Abstract: fter the introduction of Currency Board Arrangement in Bulgaria the role of the Bulgarian Nation Bank changed dramatically. However, the Central bank’s structure hasn’t changed enough to fit the new situation. The paper starts with a review of the emergence and development of money and central banks, the different types of monetary arrangements and the functions of the money. The study examines the alleged liquidity problems of the banking sector with a brief description of the Hong Kong’s system of liquidity management, the need for central bank involvement in the commercial banks’ activities and the efficiency of the Bulgarian national bank. Later the author investigates the problems, created by the existence of the main interest rate, lender of last resort and deposit insurance as well as the problems, connected with the exchange commission and lending to government and gives some concrete recommendations. In the last sections the study examines the New Zealand’s market-based banking supervision system and the need for more transparency and accountability on the part of Bulgarian Nation Bank

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