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USAID Helps Bulgarian National Bank Establish a Cash Center
06.Dec.2007
Ivan Iskrov, Levon Hampartsumyan, and Boyko Borissov break ground for the new cash center despite frigid temperatures.Ivan Iskrov, Levon Hampartsumyan, and Boyko Borissov break ground for the new cash center despite frigid temperatures.
The groundbreaking ceremony for the new Cash Center of the Bulgarian National Bank (BNB) took place in Sofia on December 6. The ceremony was attended by the Mayor of Sofia and BNB Governors from the last 20 years. The construction of the Center is expected to take more than one year.

The new cash center will be instrumental for the smooth introduction of the euro currency, currently planned for 2010. The USAID Financial Sector Integrity Project, which closed in June 2007, provided various assistance to BNB in designing the cash center, which will meet BNB objectives in currency circulation management, ensure the purity, security and efficiency of cash operations in accordance with the requirements of the European Central Bank, and establish efficient payment mechanisms.

With USAID financial support, five experts from the BNB visited the Cash Center in Atlanta, Georgia, and became acquainted with their methods for distribution of banknotes, security systems, and other aspects of their work. The visit allowed BNB experts to assess the possibility for changes in their own methods, procedures, equipment and technologies.