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Monetary Policy in 1992: Instruments and Results


  • Kamen Genov

    (Agency for Economic Analysis and Forecasting)


The paper analyses the monetary policy in Bulgaria for the period 1991-1992. The most commonly used by the national bank monetary instruments are described and the effects of their application are depicted. The results generally do not fulfill the expectations due to opportunities to roundabout the restrictions. The paper identifies deepening mismatch between the structure of financial and real flows that triggers inflationary pressures, credit portfolio deterioration and economic slowdown.

Suggested Citation

  • Kamen Genov, 1993. "Monetary Policy in 1992: Instruments and Results," Working paper series 11993en, Agency for Economic Analysis and Forecasting.
  • Handle: RePEc:eaf:wpaper:11993en

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    More about this item


    credit ceilings; interest rates; refinancing and currency operations; credit portfolio;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes


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