BNB removed Andrey Gyurov as Deputy Governor ᐉ News from Fakti.bg – Bulgaria

The Management Board of the Bulgarian National Bank found incompatibility and terminated the powers of Deputy Governor Andrey Gyurov almost a year after he was elected. The reason is a decision of the anti-corruption commission from the end of June, according to which he cannot hold the position, since he was also a member of a party and a partner in a commercial company. Gyurov will appeal the BNB’s decision to the Supreme Administrative Court.

Andrei Gyurov’s powers are terminated until the case is finally resolved, it is clear from the bank’s position, published minutes after 8 p.m. In the event that the Supreme Court rejects the BNB’s decision, Andrey Gyurov will be reinstated. However, if the court agrees, the deputy governor will be proposed for release in parliament.

Gyurov himself has already announced that he will appeal the decision.

A reference to the law on the BNB shows that the governor and deputy governors do not have the right to carry out activities other than teaching or as members of bodies of companies in which the BNB has a stake. An exception is made only in the event that a governor or deputy governor has become ex-officio prime minister.

Andrei Gyurov was elected deputy manager of the “Issue” of the BNB with a six-year term on July 26, 2023. A day later, at a ceremony at the BNB, together with Petar Chobanov, they took office.

Although the National Assembly elects the deputy governors, they are removed by decision of the governing council, which proposes to the parliament to vote on their early release. The member of the management board whose dismissal is proposed ceases to perform his duties immediately after the decision of the management board. This can also be appealed to the Supreme Administrative Court.

In a statement to the media, Andrey Gyurov is adamant that he will appeal the decision of the BNB Board of Directors, because he is also appealing the decision of the anti-corruption commission. It states that he unlawfully combined the position of deputy manager, while at the same time he was a partner in a limited liability company and a member of a party. Gyurov denies any violations in his position with the media, according to him there are no legal grounds for his early release.

Hours before the Governing Council’s decision, he urged it not to succumb to pressure when making decisions: “There is no reason to claim that I have been found guilty of a serious breach within the meaning of the Statute of the European System of central banks and the European Central Bank, because there is no such act. Certainly, the act of the anti-corruption commission cannot serve as a basis for such a decision, since it has not entered into force at all.

Before being elected deputy governor of the BNB, in 2022 Andrey Gyurov was the candidate of “We continue the change” for the governor of the BNB. Then doubt arose about his diploma, which he subsequently legalized and submitted to the parliament’s registry. However, the competition for the election of the governor failed.

Management “Emission” is one of the most important in the Central Bank. It maintains full currency coverage of the total amount of BNB’s monetary liabilities by effectively managing the bank’s gross international currency reserves, BNT notes.