Bulgaria's Silver Fund gets 7M leva in deposit interests in January-September 2011

Bulgaria's Silver Fund gets 7M leva in deposit interests in January-September 2011

Bulgaria's Silver Fund, a structure set up as a reserve fund for the public pillar of the pension insurance system to compensate for the extra costs of aging, got 7.1 million leva in deposit interests in the first nine months of 2011, a report by the country's Finance Ministry showed on October 11 2011.The volume brings the total volume of resources accumulated by the fund to 1.774 billion leva. The sum is put into deposits with the Bulgarian National bank (BNB).The most recent budget transfer, of 83.5 million leva, took place in the first quarter of the year.The Silver Fund collects proceeds from privatisations and state concessions, as well as a portion of the budget surplus. Designed to guarantee pension system stability, the system will amass resources for at least ten years after its establishment that will used to plug the gap in the state pension system.The pension funds deficit is expected to exceed 1.5 billion leva in 2011, with the figure seen expanding each year.Since its creation, the Silver Fund has amassed 40.4 million leva from interest on deposits. (Source: The Sofia Echo)

Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.