Today marks the 20th anniversary since the introduction of the currency board arrangement in Bulgaria was put into place by the caretaker administration of Stefan Sofiyansku amid a grave economic and financial crisis. Back in 1997 the law fixed the following exchange rate which has not changed ever since: 1.9558 leva for 1 euro.
On the eve of the currency board introduction, President Petar Stoyanov made a nationwide address which the BNR Golden Archives still keep.
Prof. Steve Hanke, often dubbed the father of the currency board, has repeatedly stated that Bulgaria should no way abandon the currency board for the sake of the Eurozone. He fears that joining the Eurozone Bulgaria might turn into a second Greece lacking any financial discipline.
Twenty years after the currency board introduction leading economists and financiers admit that it has bought stability to this country but is coupled with few impediments.