The European Central Bank (ECB) and the National Bank of Bulgaria (BNB, the central bank) have set up a swap line to ensure liquidity of up to two billion euros, the BNB said. The line will be in force until the end of 2020 or until needed. The maximum maturity in respect of each withdrawn amount will be three months.
Prime Minister Boyko Borissov said that this is a big support for Bulgaria and a guarantee for additional stability of the currency board mechanism in place in the country. Borissov noted that Bulgaria's entry in ERM 2 would be of great benefit to the country's economy.