The institution of a currency board in 1997 has brought monetary stability to Bulgaria and helped the government to achieve regular fiscal surpluses, says a new report from analysts Desislava Nickolov

The institution of a currency board in 1997 has brought monetary stability to Bulgaria and helped the government to achieve regular fiscal surpluses, says a new report from analysts Desislava Nickolova of Raiffeisenbank (Bulgaria) and Marti Stelzeneder of RZB in Vienna. But continuing high inflation could delay the country's hopes of adopting the euro by 2012.