Bulgaria's central bank management decided to early relieve Andrey Gyurov as Deputy Governor

The Governing Council of the Bulgarian National Bank terminated the powers of Deputy Governor Andrey Gyurov almost a year after he was elected. The reason was a decision of the anti-corruption commission at the end of June, according to which he could not hold the post because he was both a party member and a partner in a company. Gyurov will appeal the BNB's decision to the Supreme Administrative Court.

Andrey Gyurov ceases to exercise his powers as Deputy Governor and member of the BNB Governing Council until the matter is finally resolved, according to the central bank's position, published minutes after 8 pm. On July 16. If 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 dismissal in Parliament.

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

According to the law on the BNB, the Governor and the Deputy Governors are not allowed to engage in any activity other than teaching, or as members of the bodies in companies in which the Bulgarian National Bank has holdings. The only exception is if the Governor or Deputy Governor has become a caretaker Prime Minister.

Andrey Gyurov was elected as Deputy Governor, Head of the Issue Department and member of the Governing Council of the BNB, for a six-year term, on 26 July 2023. He and Petar Chobanov took office a day later at a ceremony at the BNB.

Although the Parliament elects the Deputy Governors, they are removed by a decision of the Governing Council, which proposes to Parliament to vote on their early dismissal. The Governing Council member whose dismissal is proposed stops performing his duties immediately after the Governing Council's decision. This may also be appealed to the Supreme Administrative Court.

In a statement to the media, Andrey Gyurov is adamant that he will appeal against the decision of the BNB Governing Council because he is also appealing against the decision of the anti-corruption commission. It states that he illegally held the position of a sub-governor while he was a partner in a limited liability company and a member of a party. Gyurov denied any wrongdoing in a statement to the media, saying there were no legal grounds for his early dismissal. Hours before the Governing Council's decision, he urged it not to succumb to pressure when making decisions.

"There is no ground to claim that I have been found guilty of serious misconduct within the meaning of the Statute of the European System of Central Banks and of 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 he was elected BNB Deputy Governor, Andrey Gyurov was the candidate of ‘We Continue the Change’ for BNB Governor in 2022. At that time, his diploma raised doubts, which he subsequently legalized and submitted to the Parliament's registry. However, the contest to elect a Governor failed.

The Issue Department is one of the most important in the Central Bank. It maintains full foreign exchange coverage of the BNB's total monetary liabilities by effectively managing the Bank's gross international reserves.