Fixed exchange-rate system

,,We expect the coming year to enter the Eurozone waiting room, but this is a moving term that can last longer. Bulgaria has not yet applied for membership in the currency mechanism'', former Economy Minister Nikolay Vassilev said in the morning block of the Bulgarian National Television.

SOFIA (Reuters) - Bulgaria's government approved an action plan on Wednesday that envisages the country entering the "waiting room" for euro membership and also joining the European Union's banking union by the end of June next year.

SOFIA, July 18 (Reuters) - Bulgaria will formally apply on Wednesday to join the European Union's banking union as part of its bid to enter the "waiting room" for euro zone membership, the Black Sea state's finance minister said.

Central Bank governor Gent Sejko announced on Wednesday that the bank's supervisory board has authorised the intervention in the currency market to avoid a further strengthening of the lek after it hit a ten-year high against the euro the previous day.

The governor of the Czech Republic's central bank Jiri Rusnok said the country is generally ready to adopt the common European currency, but it would be better to wait until local wages and prices approached those of core euro members.

Bulgarian National Bank (BNB) Governor Dimitar Radev has said it is the right time for the country to access the ERM II Mechanism, the so-called "Eurozone waiting room".

Weak oil prices pose a threat to Gulf Arab states' currency pegs against the dollar, but the energy-rich region is unlikely to abandon the policy yet, analysts say.

Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates all keep the values of their currencies fixed against the greenback, while Kuwait has a link to a basket of currencies including the dollar.

The Bulgarian National Bank has said it will put forward a possible approach to the accession of the country into the single currency area.

The German economic hegemony in the EU is undoubtable. Its strong, export-driven surplus economy is to a large extent the steam engine of the European economy and one of the main factors for the success of the Euro as a common currency.

With banks in Greece closed since 29 June and cash withdrawals rationed at up to EUR 60 per day, the Bulgarian lev has gained the status of a 'dependable and stable' currency at shops, hotels and restaurants in northern Greece, the Financial Times has said.