Bulgaria: long live the currency board

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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