Victor Yotzov

Strenghtening banking supervision and evaluation of banks' assets are key to successful reform of Bulgaria's banking sector, a nominee for a new chief of the country's central bank has said.

According to Dimitar Radev, the collapse of Corporare Commercial Bank, or KTB, has shown that Bulgaria is lacking tools for the restructuring of banks.

The budget and finance committee with the Bulgarian Parliament is due to hold on Thursday hearings of candidates to take over as Governors of the country's central bank.

This comes a day before lawmakers are due to point a successor to Ivan Iskrov, who stepped down in June a few months before his term had expired.

A hearing of the four nominees to take over as the Governor of the Bulgarian National Bank (BNB) is due next week, Parliament's Budget and Finance Committee has announced.

The development comes just hours after the incumbent Ivan Iskrov, whose term was to expire in October, stepped down.

A new Governor of the Bulgarian National Bank (BNB) is to be elected out of the four registered candidates on July 10, an official has said.

Menda Stoyanova, who heads the Budget and Finance Committee in Parliament, told public broadcaster BNT on Friday there will be "no political bargaining" prior to the procedure.