Bulgaria's deputy central bank governor steps down after ECB communication

Bulgaria's deputy central bank governor in charge of banking supervision, Dimitar Kostov, will offer his resignation to parliament, the central bank said in a statement on Friday. Kostov, 61, appointed to the post in July 2015, said intensive work at his department over the past years meant he wanted to step down in the middle of his mandate last year but delayed it due to Bulgaria's plans to seek entry in the euro zone's ERM-2 mechanism and the EU's banking union.

"Today, when we have established very good communication with the European Central Bank ... there is the possibility to withdraw," the central bank quoted Kostov as saying. Bulgaria hopes to join the banking union and the two-year obligatory waiting room for adopting the euro in July.