The year 1997 was both the worst and best of years for Bulgaria. The year started badly. In February, Bulgaria’s hyperinflation peaked at the fantastic rate of 242% per month.1 Then, things dramatically changed for the better. On July 1, a currency board law was adopted, and the Bulgarian National Bank (BNB) – specifically, its issue department – began to operate under currency board rules. These rules required the lev to be fully backed by Deutschmark reserves (now euro reserves) and to freely
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