1. KRIB
24chasa.bg - Kiril Domuschiev - the Bulgarian whose business affects the world
Published: 18.04.2024/07/20 XNUMX:XNUMX
Greetings from 117 countries will come today for Kiril Domuschiev - Chairman of the Management Board of KRIB and co-owner of the "Advance Properties" holding.
Domuschiev is not only the first Bulgarian officially recognized as a billionaire by "Forbes" with his brother Georgi, but also develops a business that has an impact. This is evident through the Domuschiev Impact Foundation, which supports various charitable initiatives worldwide. The last big donation was for the fight against malaria around the world.
https://www.24chasa.bg/ozhivlenie/article/17668801
The article can also be read at:
https://faktor.bg/bg/articles/rozhdenitsi-chetvartak-18-april-2024
http://clippingpoint.net/article/f42133a7adeba4dcc9bbedbd9f1a4e3b512efe13
http://clippingpoint.net/article/a6fcebf56e12bf8bf3cd000738b305d3290879b5
2. Employers
faktor.bg - Alarming trend: The working poor are constantly increasing
Published: 18.04.2024/14/50 XNUMX:XNUMX
"The situation on the labor market is contradictory. Rather, it is stagnant." This is what Georgi Parvanov, human resources expert, member of the Board of the Bulgarian Association for People Management and the Bulgarian Employment Confederation, told BNR. "On the one hand, we see a decline in demand not only in IT outsourcing, there is already a slight decline in demand in the manufacturing sector as well, which has not happened in the last 10 or more years," he pointed out. According to him, unemployment is stuck at just over 5%. "Those 160 who remain unemployed are rather permanently unemployed. Their knowledge, skills and experience - it seems that they cannot be realized in the labor market. The question is how many of them are really actively looking for a job", explained Parvanov in an interview for the show "Before Everyone". According to him, these are people with very low education, unfortunately some of them are from the minorities and are not actively looking for opportunities. He does not recognize them as a real reserve in the labor market. In Sofia, Plovdiv and other populated areas, one can start work very quickly, explained the expert. And he added that the great demand for people with languages is returning, but also for accountants, all kinds of technicians, engineering and medical personnel. The highest segment has the least demand, he pointed out. "If before we talked about about 200 thousand people who are not enough, now this number is decreasing. What we are seeing is a smooth but steady reduction in expectations of the employers to hire more staff in the coming months until the end of the year”. What worries him, however, is that he meets more and more people who work in 2-3 jobs and barely make ends meet: "According to various statistics - between 400, there is even a figure for 670 thousand, are the working poor. These are people who work full time but whose income is 60 percent or less of the national average. It worries me that this number is constantly rising." Georgi Parvanov also pointed out that the pressure on the employers to increase pay. Employer organizations continue to insist on a smooth but not small growth of 9-10% for the whole year. There are steps in this direction, he pointed out. According to him, however, there is a disproportion in the expectations of the labor market: "A young person at the moment, who has a good command of at least 1 foreign language, can expect between BGN 1200 and BGN 1400 gross starting salary. It is far from the desired BGN 2000 net salary". According to him, the average salary in the IT sector is BGN 5040. It is heading toward retention and freezing, Parvanov said. According to him, there continues to be serious growth in the other sectors. He pointed out that the working people in the country have fallen below 3 million. And he warned: "The pace at which the population is aging, and entire generations that are about to retire, will leave a very big hole in the labor market here." The expert pointed out that it is increasingly happening that people around 60 years of age are appointed to managerial positions, as well as to mid-level expert positions. We have exotic cases of people over 70 who we have found jobs for, as well as adults over 80 who continue to work full time, he said. The forecasts are for a good summer season, Georgi Parvanov also commented, but announced that there is a huge shortage of labor in tourism for the season. According to him, what will happen is massive imports. A short-term solution, he said, is for fewer workers to have more work. He is moderately optimistic. According to him, long-term solutions are needed in this direction. "If in recent years we mainly imported low-qualified personnel from third countries, slowly the employers they go to experts, technicians, welders, engineering personnel. It is probably only a matter of time before we start importing teachers and medical personnel as well, but to look for qualified ones", he commented.
focus-news.net - Legal rights at work and after retirement
Published: 18.04.2024/12/55 XNUMX:XNUMX
Are there legal frameworks that determine what a worker can or cannot do once they have a pension? In today's society, where people are living longer and staying healthy longer, the question of working after retirement is becoming more and more important. current. According to the Labor Code in Bulgaria, there are no legal restrictions in our country that impose compulsory redundancies on workers or employees who have already acquired the right to a pension for length of service and age. In our country, according to the Labor Code, there are no clear restrictions for persons, who have acquired the right to a pension for length of service and age, to continue working. This is an important aspect that provides freedom and choice to the individual when it comes to his future after the end of active working life. Dr. Todor Kapitanov, labor law expert and creator of the mywork platform, explains However, the employer has the right to terminate the employment contract with notice upon acquiring the right to a pension for length of service and age. However, it is important to note that the employer is not required to do so. This in turn creates a balance between workers' rights and the employers.According to the Labor Code, there are two separate grounds for termination of the employment contract with notice upon retirement. The first is upon acquiring the right to a pension for length of service and age, while the second is upon reaching the age of 65 by professors, associate professors and doctors of science. The possibility of work after retirement often appears as a matter of a delicate nature. An example of this is someone working as an engineer who has earned their pension rights. As it became clear, according to the law, he is not required to be shortened from the employer si, although the employer has the right to do so. It is not uncommon for cases in which, in a similar situation, the employers, as a manifestation of corporate responsibility and in accordance with the positive attitude towards experienced specialists, decided not to terminate the employment relationship. This approach provides workers with the opportunity to share their experience with young colleagues and be part of the company's continuous development process. Another example, for an academic worker, the nature of employment relationships may change upon reaching the age of 65. . This is where the second reason for terminating the employment contract comes into force - the age of the professors, associate professors and doctors of science. However, and in this case, the employer is not necessarily obliged to take redundancies, providing the possibility of additional arrangements based on circumstances and mutual interests. Such individual and flexible solutions, which are built into the labor rules, demonstrate that retirement does not always mean the end of opportunities for work engagement. Instead, it provides an opportunity for new ventures, with decision-making always taking place with respect for the rights and freedom of the individual. In conclusion, although the law does not require the mandatory redundancy of pensioners, it provides the right to the employer to make a decision depending on the specific circumstances. Such a variety of rights ensures flexibility and respect for the individual preferences and wishes of workers, even after the completion of their official work path. Reference: Art. 328, para. 1, item 10 CT, art. 8, paragraph 3 of CT
https://www.focus-news.net/novini/Bylgaria/Zakonovite-prava-za-rabota-i-sled-pensionirane-2083669
focus-news.net - AIKB: Public announcement of salaries in every company will create conflicts
Published: 18.04.2024/10/30 XNUMX:XNUMX
Public disclosure of employee salaries will create conflicts within companies. This is a measure that would hinder business, said Dobrin Ivanov, executive director of AIKB, in "Focus Day" on Today in the show we continued the topic of the European directive, according to which the employers will be obliged to publicly announce the remuneration of their employees. On the subject, the president of KNSB Plamen Dimitrov is a guest, and today we give the floor to the Association of Industrial Capital in Bulgaria - an employer organization, in order to cover all points of view. "I think that this is another ill-conceived directive that will reduce the competitiveness of EU countries. The Adequate Minimum Wage Directive worsens the business environment. There are no such rules for publishing employees' salaries in the USA, nor in China, nor in any of the countries of Europe's competitors", noted Ivanov. Bulgarian legislation does not prohibit the publication of salaries, he recalled. "Employers have internal regulations for the salary and for determining minimum and maximum values by position. "Individual disclosure will create a conflict situation in the enterprises", believes Ivanov. the employers for additional remuneration by seniority and experience classes. This obligation creates discrimination between young and old workers who have the same obligations. First of all, the compulsory payment of the classes should be abolished", explained the AIKB. He gave two examples of conflict situations, which, according to him, will arise when the remunerations are published. "Imagine two people in an enterprise in one position. Under equal conditions, they should receive equal wages. For one reason or another, one takes BGN 1000, the other BGN 1200. If this becomes public information, it will create a conflict between them. Then he will escalate between one of the workers and the employer. The effect will be that the work environment will deteriorate, the work process will be disrupted. This will reflect on the company's profitability," Ivanov described the situation. "Second situation - an enterprise that employed 100 people with the same position, installers. They get the same wages. The company decides to hire one more fitter, he shows up and it negotiates with him a higher salary than the other 100. Publishing this information means that the employer must automatically increase the salaries of the remaining 100 employees, which leads to increased labor costs by 20% - this is a motivation not to hire an additional necessary employee", AIKB emphasized. "The labor market meets employees and employers. It must have free bargaining and rules, especially regarding working conditions. The salary must be freely negotiated between the two parties, who have the obligation to notify the state of the employment contract through the National Revenue Agency. The third party is aware of the terms of negotiation", explained Dobrin Ivanov. "What will be the effect in the public sector? There are over 670 employed there. Disclosure of wages will be useful there, because then the ladybugs' high remunerations will shine from anonymity. It is an open secret that the most severe wage discrimination exists in the state administration. If it's going to be publicized, the bonuses to them should be published too! Every government employee receives additional salaries every quarter. If we can also see the bribes from the private sector of the state sector, also if it becomes public, it will be useful", Dobrin Ivanov also believes. "If the directive is accepted, there will be stagnation in the labor market, not clarification. Personnel theft will result - head thieves will be facilitated, there will be an advantage for the shadow economy, because it is no secret that the employers, which officially pay lower wages, are more competitive than regular ones employers. It will be easier for them to navigate how much the loyal ones pay employers and they will easily kidnap their staff", highlighted an additional problem with the directive, Dobrin Ivanov.
kompasbg.com - Plamen Dimitrov on "Focus" radio: The public release of salaries will illuminate the labor market
Published: 17.04.2024/14/20 XNUMX:XNUMX
This is what KNSB president Plamen Dimitrov said in "Focus Day" on "Focus" radio. The European directive, which suggests that remuneration secrecy should be abolished, was adopted in June 2023. It must also be transposed in Bulgaria. "The difference in pay between men and women is serious - about 18% on average for the EU in favor of the male worker for the same position between men and women. In Bulgaria, the situation is a little better - 14%, but there is discrimination here too."
This discrimination prompted the MEPs after 2 years of debates to adopt a special document. "It should be considered together with the Directive on Adequate Minimum Wages and the Promotion of Collective Bargaining from October 2022. Each specific company should take measures to equalize the pay of men and women in the same positions within their frameworks," believes Dimitrov .
"From this year, the minimum wage in Bulgaria is defined as 50% of the average wage for the previous 12 months. KNSB offers, based on the directive, the trade union and the employers to negotiate with each other a national minimum wage for positions that require secondary and higher education", specified Plamen Dimitrov. This has been happening in Western Europe for a long time, he added.
"Laws must be changed in view of the two directives - for transparent pay and for adequate minimum wages. The environment for working Bulgarians will be much clearer. Employers, who pay extra in an envelope, will be forced to publicly announce the entire real remuneration", explained the president of KNSB.
"This is healthy for the labor market. We will see the real earnings, the worker will be able to compare, women will receive as much as men for the same positions. This is mandatory. The labor inspectorate will impose the necessary sanctions in case of discrepancies. This also applies to the NRA - it is currently registering the employment contracts. There are questions about the change of remuneration and whether this should be registered with the NRA - when the salary changes, it should be registered with the NRA. There are mechanisms for control, as long as the legislator foresees them and then the control institutions demand it", he clarified.
Collective bargaining currently covers 25% of employees in Bulgaria. "The directive requires countries to make a plan for how and when this coverage will become 80% - this is a big challenge. It will become clear that the employer it cannot set the wage itself, but negotiate it with the unions - not with the workers. There will be serious changes in the coming years. In 2023, under our pressure, the violation of the right to union association was criminalized and now it is a crime of a general nature", reminded Plamen Dimitrov.
Different pay for men and women for equal work will become illegal, and every worker will be able to refer the NRA and the Labor Inspectorate if they find such a thing, Dimitrov said. "Not compensation, but immediate equalization of wages between the two sexes for equal positions is necessary. This leads to sustainable change and elimination of discrimination. Inequalities are not observed only in our country. For this directive, we still have 2 years to transpose it. For collective bargaining of remuneration, we still have half a year to introduce the measure. Employees should be able to create union nuclei in any company", Dimitrov also believes.
investor.bg - The labor market in our country is slowing down, an expert pointed out
Published: 17.04.2024/21/10 XNUMX:XNUMX
The situation may change in the second half of the year
Bulgarian companies continue to be active in the search and hiring of personnel, but remain cautious. Both experts and young people with almost no experience are wanted on the labor market in our country, but there is a slowdown in the market. This was commented by Yoanna Kirilova, JobTiger events and sales manager, in the program "Business Start" on Bloomberg TV Bulgaria.
"The labor market is significantly slowing down this year. There is a demand for young people, but it has significantly decreased. Companies are more cautious in their search - they are looking to cover current needs", the interlocutor pointed out.
The situation may change in the second half of the year, as companies open new positions, but for the moment there is no such indication "at least in terms of the search for qualified specialists", Kirilova added.
She confirmed that there is a contraction in the IT sector, with Bulgaria following the trends of the big technology companies in the USA. The trend will continue with the introduction of artificial intelligence, the interlocutor believes.
There is more and more talk about retraining staff and there are many opportunities to acquire the necessary initial knowledge. "Companies and the employers are open to welcome such people who need change", added the guest.
Students are primarily looking for internships where they can gain experience, Kirilova also shared. A major problem for young people is to feel engaged in their career development, and companies from all sectors are looking for them even from universities.
You can watch how companies retain and attract their staff in the Bloomberg TV Bulgaria video.
3. Business
business.dir.bg – Premium income for 2023 jumped by more than 27% | Business.dir.bg
Published: 18.04.2024/15/45 XNUMX:XNUMX
276 Photo: iStock by Getty Images
The premium income realized through insurance brokers in 2023 compared to the previous year 2022 has grown by 27.87% to BGN 2 compared to BGN 381. Of these, BGN 200 billion was realized in favor of insurers in Bulgaria, and BGN 461 million – in favor of insurers with headquarters in other countries. This is shown by the data from the reports of 1 insurance brokers registered with the Financial Supervision Commission (FSC).
This means that a new high premium income result of over BGN 2.3 billion per year, realized through insurance brokers, has been registered.
Top 10 best selling insurances in General Insurance
The ranking is largely the same as the 2022 ranking. There is also a logical explanation, since the insurances occupying the first two places are related to the automobile market, which constantly reports growth - both for new and used cars. incl. and from today's announcement by ACEA - the European Association of Automobile Manufacturers, from which it is clear that with a shrinking market in Europe in March, sales of new cars in Bulgaria increased by 29.2% to 3 units on a monthly basis compared to February, and per year - by 944% - to 46.8 pieces.
Civil liability related to the ownership and use of motor vehicles – BGN 767 premium income and BGN 601 income from commissions; Autocasco - Insurance of land vehicles, without rail - BGN 117 in premium income and BGN 119 in commission income; Fire and natural disasters – BGN 073 in premium income and BGN 558 in commission income; Guarantees – BGN 549 in premium income and BGN 670 in commission income; Illness – BGN 630 in premium income and BGN 134 in commission income; Cargo during transport – BGN 080 premium income and BGN 713 income from commissions; General Civil Liability – BGN 185 premium income and BGN 102 income from commissions; Accident – BGN 451 premium income and BGN 29 income from commissions; Other property damage – BGN 823 in premium income and BGN 135 in commission income; Various financial losses – BGN 46 in premium income and BGN 887 in commission income.
Top 5 best-selling Life Insurance policies
"Illness" insurance - BGN 59 premium income and BGN 395 income from commissions; Life and Annuity – BGN 635 premium income and BGN 9 income from commissions; Additional insurance – BGN 359 in premium income and BGN 098 in commission income; "Life", related to an investment fund - BGN 55 in premium income and BGN 678 in commission income; Accident insurance - BGN 727 in premium income and BGN 5 in commission income.
Top 20 insurance brokers for 2023
A total of 342 insurance brokers are registered with the Financial Supervisory Service as of December 31, 2023. Of these, 340 submitted annual reports to the financial regulator. Compared to the end of 2022, a total of 338 insurance brokers have developed business in the country, of which 336 submitted annual reports to the Financial Supervisory Service. This means that registered insurance brokers increased by 6 last year.
The ranking for the top six is the same as last year's. In parentheses are the places that the brokers occupied in the previous ranking for 2022.
SDI Group AD (retains its leadership position) – premium income of BGN 173, of which BGN 740 in favor of insurers with headquarters in Bulgaria and BGN 417 in favor of insurers with headquarters abroad; I&G Insurance Brokers OOD (173) – premium income of BGN 739, of which BGN 459
The insurance brokers from the top 20 realized BGN 1 in premium income or 397% of the total for the market (BGN 919), which shows that the competition has increased, since at the end of 714 the first 58.71 companies realized over 2% of the total premium income in the market.
It should be noted that the leaders in the ranking - the first and the second - are owned by the same owner - the Polish "Unilik". According to the company's website, Unilink initially worked as a distributor of consumer loans and subsequently refocused its business on the sale of insurance products. The company has a network of insurance agents in Poland and has been expanding since 2016 – initially domestically, on the Polish market. In Bulgaria, I&G Insurance Brokers was first acquired in 2020, and SDI Group was also acquired this year. The transaction was approved by the Commission for the Protection of Competition on February 8.02. 2024 on the grounds that competition in the market for the sale of insurance products will not be disturbed as market entry is easy. The regulator has established that 342 insurance brokers operate on the market, i.e. the market structure is fragmented.
The two companies have a combined market share of 14.24%.
https://business.dir.bg/banki-i-finansi/premiyniyat-prihod-za-2023-g-skochi-s-poveche-ot-27
banker.bg - STEVE can participate in attracting qualified personnel from third parties
Published: 18.04.2024/15/20 XNUMX:XNUMX
The offices for trade and economic affairs (STIV) at the embassies and consulates of Bulgaria abroad can be involved and participate in the process of attracting highly qualified personnel from third countries to our country. This is what the Deputy Minister of Economy and Industry Nikolay Pavlov said during a meeting of the Economic and Social Council.
Today he discussed and adopted the "Analysis of the possibilities for simplifying and speeding up the procedures for accessing the labor market of workers and highly qualified personnel from third countries for the needs of Bulgarian business".
The chairman of the Economic and Social Council Zornitsa Rusinova, the deputy minister of labor and social policy Lazar Lazarov, the chairman of the National Security Council Plamen Dimitrov, as well as representatives of the interested institutions also took part in the discussion.
According to Deputy Minister Pavlov, Bulgaria's trade attachés can assist the process by spreading information about the need for Bulgarian business from highly qualified personnel.
They would also be useful in helping to ease the long processing times for job application documents in our country.
For our country, it is important both to retain highly qualified personnel in Bulgaria and to bring back Bulgarians from abroad, who are a huge resource both in terms of number and quality.
But the process must be carefully thought out in order not to create social tension and a threat to our national security, notes the deputy economic minister. Along with this, the issue of attracting highly qualified personnel from third countries also requires good coordination between all institutions, so as to establish the numbers, quotas and markets to which we should target.
Clearly, the inability of a business to find enough labor prevents it from growing.
The Ministry of Economy is directly involved in the issue of labor migration as the initiator of meetings with representatives of businesses and institutions to discuss the topic of finding highly qualified personnel from third countries. During them, a draft Action Plan in the field of labor migration - 2024 was prepared, with business proposals for specific measures regarding legislative initiatives and administrative procedures included.
The analysis, approved by the Economic and Social Council, was developed by decision of the Council of Ministers.
iskra.bg – Business trends in Bulgaria: Newly registered companies and bankruptcies in the first quarter
Published: 18.04.2024/08/05 XNUMX:XNUMX
The first quarter of 2024 showed interesting trends regarding new registrations and bankruptcies among legal entities. The NSI data show a decline in newly registered companies and a lower number of those declared bankrupt, which highlights certain economic dynamics and challenges in the country.
For the first three months of the year, 12,229 new legal entities were registered, which is 7,4% less compared to the same period of the previous year.
There were 992 companies declared bankrupt, marking a decrease of 14,1% compared to the first quarter of 2023.
The main activity of the newly registered and bankrupt companies is in sector G, which covers the trade and repair of cars and motorcycles. Trade, repair of cars and motorcycles - 88,4% of newly registered and 78,3% of bankrupt companies.
The decline in the number of newly registered companies can be interpreted as an indicator of increased caution among investors and entrepreneurs, which is a possible reflection of the unpredictable economic conditions. At the same time, the decrease in bankruptcies suggests a potential strengthening of business environment, with firms adapting and finding sustainable strategies to address the challenges.
Current business demography in Bulgaria emphasizes the importance of monitoring economic trends and the adaptability of the market.
novini.bg – Petya Dimitrova: Bulgaria's admission to the Eurozone will positively affect the Bulgarian economy
Published: 17.04.2024/17/30 XNUMX:XNUMX
Bulgaria's accession to the Eurozone will have a positive impact on the Bulgarian economy and will be an engine for accelerating reforms, it became clear during business the conference "Together to Success: A Stable Financial Ecosystem and Bulgaria's Path to the Eurozone" organized by the Association of Banks in Bulgaria.
The event was attended by Petya Dimitrova, Chairman of the Board of ABB, Tsvetanka Mincheva, Deputy Chairman of the Board of ABB and Tamash Hak-Kovach, member of the Board of ABB. Petar Chobanov, deputy governor, head of the "Banking" department and member of the Board of Directors of the Bulgarian National Bank, and Metodi Metodiev, deputy minister of finance, also gave greetings. During the forum, the participants united around the idea that Bulgaria's admission to the Eurozone will have a positive impact on the well-being and the achievement of European standards of living.
The accession of Bulgaria to the Eurozone and to the second most used currency in the world is a long-awaited process. It will have a positive impact on the economy of our country and will be an engine for accelerating reforms and increasing well-being, commented Petya Dimitrova, Chairman of the Board of ABB and added: "The benefits for citizens and companies will be not only from the point of view of reducing transaction costs, but also by improving the investment environment, activation of local and foreign investments, with increased investment activity expected to support employment".
She added that this will certainly have a positive impact on lending and will open up many additional opportunities, including for the development of the capital markets in Bulgaria: "I give a specific example - currently banks hold 12% of deposits in the form of minimum mandatory reserves in the BNB, which is over BGN 16 billion. In the Eurozone, minimum reserves are 1% and the ECB pays 4% interest on excess reserves. The difference is a hidden additional annual tax of over BGN 600 million, which goes to the state through the BNB," explained the chairman of the ABB Board of Directors.
"We lend to banks sensibly and responsibly. It is clearly visible that the growth of consumer and mortgage loans is comparable to the growth of incomes, as well as to the growth of GDP. If we look at the data on the size of the average salary, we will see that over the last 10 years it has increased 2.7 times, and the minimum 3 times, which is more than the growth of consumer and mortgage loans - higher household incomes are enough for servicing most of the loans they have taken," Petya Dimitrova also pointed out. According to her, there are no grounds for expectations that interest rates can rise with the introduction of the new currency.
Petya Dimitrova emphasized that the preparation, in addition to being time-consuming, is also very expensive - the total amount that banks are expected to spend for the introduction of the euro - for the exchange of money in circulation, as well as for the necessary changes in their information systems and awareness campaigns, will amounted to between BGN 300 and 400 million. Petya Dimitrova explained that together with the members of the Association of Banks in Bulgaria they plan to conduct an explanatory campaign among citizens, for which they also rely on cooperation from the institutions to explain all the benefits of adopting the euro, which will improve significantly business the environment.
The Association of Banks in Bulgaria and the BNB have a common vision for the campaign for the adoption of the euro - we believe that effective communication and preparation around the technical requirements are key to a smooth transition when introducing the euro, commented Petar Chobanov, deputy governor, head of the "Banking" department and member of the Management Board of the BNB and added: "If there is a system in the Bulgarian economy that is already in the Eurozone, from the point of view of requirements, regulations, good business practices and behavior, that is the banking system. It is a model for stability and growth."
"Entering the Eurozone will not lead to specific changes in lending, but banks must finalize projects and investments in 3 main areas: double visualization of the systems, which will give customers a buffer period of time in which they will be able to pay in both currencies; service of government payments to ensure that there will be no delay in transfers and exchange of money in circulation," commented Tsvetanka Mincheva, Deputy Chairman of the Board of Directors of ABB.
She encouraged customers to choose to deposit their money in banks, as the funds in the accounts will be automatically converted.
Tsvetanka Mincheva added that banks are a key partner of citizens, businesses and the state in the process, and therefore they have a responsibility to be prepared even before there is a political decision on Bulgaria's accession to the Eurozone.
"During the process, the banks will invest additional funds in the vocational training of their employees, as well as in the good information of the clients about the benefits of adopting the euro," commented Tamas Hak-Kovach, a member of the ABB Board of Directors.
Tamash Hak-Kovach also presented the main priorities in the work of the Association of Banks in Bulgaria, including sharing knowledge and expertise, developing technologies and innovations, improving customer satisfaction and creating high-value banking services, focus on sustainable development, ESG practices and regulatory changes.
"The main focus of the Association of Banks in Bulgaria is to support the prosperity of the Bulgarian society and economy by working in partnership with the media and institutions. As an Association, we want to pool our knowledge and resources and stimulate innovation in the field of finance and payments," added Tamas Hak-Kovach.
In his speech, Tamash Hak-Kovach also emphasized three important facts about the Bulgarian banking system, which are a reason for pride - it has the highest capital position in the EU, provides the most affordable mortgage loans in Europe, so that people can improve the quality of life, and also provides the highest level of access to banking services through the large number of bank branches and ATMs, because this is the expectation of the market.
Metodi Metodiev, Deputy Minister of Finance, also took part in the conference. He emphasized the readiness of the Ministry of Finance to work in cooperation with ABB and BNB on the way to the Eurozone.
He was categorical that since 2018 there has been a political consensus for Bulgaria's accession to the Eurozone and we are moving at an accelerated pace in this direction.
"There are three key aspects before us - to work in the direction of covering the price stability criterion, the technological preparation and the final layout of the Law on the introduction of the euro", explained Metodi Metodiev.
https://novini.bg/biznes/media-i-reklama/840735
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