Bulgarian National Bank Governor Recommends Fiscal Buffer in 2024 Budget

During a parliamentary budget committee meeting, Dimitar Radev, the Governor of the Bulgarian National Bank (BNB), advocated for a strategic fiscal approach, proposing a 10% buffer allocation within the budget for 2024. This buffer, if not utilized due to unforeseen risks, would be available for expenditure in the final quarter of the year. Radev emphasized the importance of prudent financial planning in the face of uncertain economic landscapes.

Acknowledging positive strides in the budgetary process, Radev commended the potential early passage of the budget by year-end. He also stressed the necessity of elevating the minimum fiscal reserve to at least BGN 4.5 billion over a three-year forecast, aiming for a reduction in the budget surplus while addressing the ever-changing economic environment.