Emil Kalchev

The currency board was introduced in Bulgaria in 1997 in order to limit the galloping inflation and to stabilise the economy. It operates successfully as it "survived " the global financial crisis in 2008 and the bank runs in Bulgaria in 2014. Worst case simulations showed unambiguously resistance of the currency board to internal and external shocks in the mid-term outlook. Reflecting the panic and the bank runs in the summer 2014, indicators for the board’s status reported deterioration. However, they stabilised immediately thereafter, not giving any cause for concern about the stability of the board at the end of the year