Business in Bulgaria

In the early 1990s the banking system, formerly under the direction of the government, underwent significant reform. Legislation passed in June 1991 ended government direction of the Bulgarian National Bank but retained a measure of bank accountability to the National Assembly. In addition a new tier of commercial banks and other lending institutions were introduced in order to urge forward the business in Bulgaria.

Almost two-thirds of all exports in Bulgaria are capital goods, such as machinery and equipment, and one-quarter are consumer goods, mainly of agricultural origin (such as fresh and canned fruits, wine, honey, cigarettes, dairy products, and meat and live animals). About two-fifths of all imports in Bulgaria are capital goods. Until its dissolution in the early 1990s, the Soviet Union was Bulgaria's main trading partner. Likewise, membership in the Council for Mutual Economic Assistance (Comecon) determined much of Bulgaria's trade patterns until the disbanding of that organization in 1991.

In compliance with the new legal requirements and as a response to the changed market conditions the BSE-Sofia has adopted new Rules & Regulations. The introduction of International Bank Account Number (IBAN) in Bulgaria is part of the national project for integration of the country in the Single Euro Payments Area (SEPA). IBAN is introduced by the Bulgarian National Bank (BNB) with Regulation No. 13 on Implementation of International Bank Account Number and on Bank Codes. Effective from 5th June 2006 all payment documents shall contain IBAN pursuant to the provisions of Regulation No. 13.