Central Bank Independence in Transition Economies

2B. Objectives, Formulation of Monetary Policy and Relations with other 

State Institutions 

The main objective of the Bank is maintaining the internal and external stability 

of the currency. The Bank formulates and conducts monetary policy (Art. 2) 

independently from other State institutions (Art. 47). In formulating monetary policy 

                                              

2

 Source: Law on the Bulgarian National Bank, Drzaven vestnik No. 50, 25 June 1991 (with 

amendment of April 16, 1996). 

Other sources: Handbook of Central Banks in Central and Eastern Europe, BIS  1995.  

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