Privatization of state-owned industries stagnated, although the first auction of a mass privatization program was undertaken in late 1996. In November 1996, the IMF proposed a currency board as Bulgaria's best chance to restore confidence in the lev, eliminate unnecessary spending, and avoid hyperinflation. The board was set up on 1 July 1997. Its establishment was followed by a reduction in inflation and interest rates and by a rise in foreign investment. Simultaneously the government pledged to sell off some of the most attractive state assets.
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