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Bulgaria: Currency Trade Restrictions Lifted

Sofia, 4 July 1997 (RFE/RL) - Bulgaria has taken another step toward reforming its financial system by lifting most restrictions on foreign-currency trade.

The government yesterday said citizens and state-owned companies no longer will need special permission from the Central Bank to buy hard currency.

Our correspondent quotes Finance Minister Muravey Radev as saying some restrictions on hard currency taken abroad will remain until a new law is passed regulating currency trade in general.

A so-called "currency board" system, implemented with the help of the International Monetary Fund, went into effect in Bulgaria this week to help stabilize the country's economy. It places tight restrictions on government spending, and on banking and finance.

Bulgaria's Prime Minister Ivan Kostov this week also urged parliament to remove a constitutional ban on foreigners owning land.