Part of the nearly 8,000 million leva fiscal reserve, which has been at the central bank since 1997-1998 where it earns 0.5 per cent interest, may be deposited with commercial banks and bear an interest of some 6 per cent, Bulgarian Deputy Prime Minister and Finance Minister Simeon Djankov told journalists here on Monday.

"The proceeds can close the gap, say, in the health care budget," he noted, saying that "if a fraction of the fiscal reserve has been placed on a deposit with commercial banks, it could have doubled so far." "For ten years of ineffective management of this money, we could have earned several billion leva."

Another idea is to use the entire nearly 700 million leva reserve of the National Health Insurance Fund, fed mainly by concession and privatization transactions, for health care instead of keeping part of it on account with the Bulgarian National Bank.

"In future, all 8 per cent [of the health insurance contribution] will be spent on health care, instead of the present practice of setting aside 2 per cent of this amount and keeping them at the central bank," he added.

Djankov specified that only the National Assembly is competent to unblock the reserves accumulated so far and that such talks are already underway in Parliament.

Source: BTA