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Yearbook 1998

1998 BulgariaBulgaria. According to Countryaah, the country began to slowly recover after the political crises and economic chaos of recent years. Prime Minister Ivan Kostov's government succeeded in creating political stability and reducing inflation to 6.1%, compared with 1997, when prices in early spring increased by over 200% a month. One of the main reasons for the success was that the government took a firm grip on the economy, and according to the rules for the specially appointed foreign exchange inspection, the central bank now has to buy and sell the Bulgarian currency live at a fixed value of 1,000 live against the 1D mark. In addition, the central bank was prohibited from lending money directly to the government, which must therefore limit its expenditure to the amount covered by taxes or can be borrowed commercially.

1998 Bulgaria

However, the work of introducing a modern market economy was slow. Privatization continued, but there were particular difficulties in the companies that had been bought by the employees, and there they were hesitant to carry out modernization as these often lead to layoffs. Registered unemployment decreased during the year from 14.2% in 1997 to 11%. However, there may be a large number of darkness.

Bulgaria still has a long way to go when it comes to the rights of minorities, especially those of the Roma (gypsies), but a party-wide committee was set up to improve.

At the end of the year, the parliament in Sofia voted by a large majority to abolish the death penalty.

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