Bulgaria: transactions between local and foreign persons

An ordinance of the Bulgarian National Bank (BNB) on the Balance of Payment Statistics, International Investment Position and Securities Statistics was promulgated in March. It introduces some changes in the regime of reporting and statistical declaration of transactions concluded between local and foreign persons.
A major difference from the previous regime is the need for statistical declaration of each account opened abroad by a local person and not only of accounts opened in relation to financial loans which have been granted.
Operations on, balances and other changes in the amount of a financial loan, received by or granted to a foreign person, should be reported to the BNB using quarterly statistical forms only in the event that at the time of the declaration or as of 31 December of the year preceding the reporting, the amount of the loan is equal to or larger than BGN 500,000 or its foreign currency equivalent.

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