The National Bank of Bulgaria’s Governing Council adopted a new ordinance setting the framework and procedures for establishing and regulating the central bank’s legal relationships with monetary policy counterparties. The measure is issued under the new Law on the Bulgarian National Bank and is intended to implement relevant provisions of European Central Bank Guideline (EU) 2015/510 on the Eurosystem monetary policy framework. It sets out how the National Bank of Bulgaria, as part of the European System of Central Banks and the Eurosystem, will structure these relationships in line with the Treaty on the Functioning of the European Union, the Statute of the ESCB and the ECB, and applicable ECB acts. The ordinance enters into force on the date the new Law on the Bulgarian National Bank enters into force, except for one provision that becomes effective one month after the European Union Council adopts a decision abrogating Bulgaria’s derogation under Article 140(2) of the Treaty.
National Bank of Bulgaria 2025-04-17
National Bank of Bulgaria adopts ordinance governing its relationships with Eurosystem monetary policy counterparties
The National Bank of Bulgaria's Governing Council adopted a new ordinance to regulate its relationships with monetary policy counterparties, aligning with the European Central Bank Guideline (EU) 2015/510. Issued under the new Law on the Bulgarian National Bank, it integrates the bank into the Eurosystem monetary policy framework. It will take effect with the new law's enactment, except for one provision contingent on the EU Council's decision regarding Bulgaria's derogation under Article 140(2) of the Treaty.