Bulgaria to Transfer BGN 1B into Silver Fund

Source: Dnevnik (11/28/10)

"The silver fund has so far amassed resources of BGN 1.683 billion."

Bulgaria has decided to channel over BGN 1 billion into the Silver Fund from concession and privatization proceeds within the next three years, Labour Minister Totyu Mladenov said.

According to calculations of the Ministry, the fund, a structure set up to compensate for the extra costs of aging, will receive BGN 61 million from privatization next year, with another BGN 400 million and BGN 450 million to be transferred in 2012 and 2013, respectively.

The Silver Fund has so far amassed resources of BGN 1.683 billion and is expected to secure a total BGN 2.678 billion by 2013, Mladenov added.

It is still not clear which state assets will be sold, but the move will most likely affect tobacco manufacturer Bulgartabac, as well as stakes in energy distribution companies and the military industrial complex, the Minister noted.

The fund's management board has also decided to park the monies into short-term bank deposits starting from 2011, which will boost interest rate yield more than twofold.

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