Opinion of the European Central Bank of 21 May 2010 on statistics, cross-border cash movements and Българска народна банка (Bulgarian National Bank) competences (CON/2010/43)
Date: 2010-05-21
Institutions: European Central Bank
Subjects: Bulgaria, balance of payments, international payment, intra-EU payment, money, money laundering, national law, statistics

EN 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 21 May 2010 

on statistics, cross-border cash movements and Българска народна банка (Bulgarian National 

Bank) competences 

(CON/2010/43) 

Introduction and legal basis 

On  7  April  2010  the  European  Central  Bank  (ECB)  received  a  request  from  the  Bulgarian  Minister  of 
Finance  for  an  opinion  on  a  draft  law  amending  the  Law  on  the  currency1  and  the  Law  on  measures 
against money laundering2 (hereinafter the ‘draft law’). 

The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 

Functioning  of  the  European  Union  and  the  first,  second,  third  and  fourth  indents  of  Article 2(1)  of 

Council  Decision  98/415/EC  of  29 June  1998  on  the  consultation  of  the  European  Central  Bank  by 
national  authorities  regarding  draft  legislative  provisions3,  as  the  draft  law  relates  to  currency  matters, 

means  of  payment,  Българска  народна  банка  (Bulgarian  National  Bank)  (BNB)  and  the  collection  of 

statistics. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European 

Central Bank, the Governing Council has adopted this opinion. 

1. 

Purpose of the draft law 

The draft law will amend certain provisions of the Law on the currency, among other things to:  

(a) 

regulate the controls of cross-border cash movements between Bulgaria and other Member States 

or third countries; 

(b) 

introduce  rules  on  the  collection,  maintenance  and  reporting  of  balance  of  payments  and 

international  investment  position  statistics,  provide  definitions  of  certain  terms  in  this  field,  and 

extend BNB’s competences; 

(c) 

bring  the  terminology  of  the  Law  on  the  currency  and  the  Law  on  measures  against  money 

laundering into line with the terminology of Bulgarian and Union legislation. 

1 
2 
3 

Published in Darjaven vestnik No 83, 21.9.1999. 
Published in Darjaven vestnik No 85, 24.7.1998. 
OJ L 189, 3.7.1998, p. 42. 

 
 
 
 
 
                                                 
2. 

Specific observations 

2.1  Controls  of  cross-border  cash  movements  between  Bulgaria  and  other  Member  States  or  third 

countries 

The ECB understands that the proposed amendments are aimed at aligning the Law on the currency 

with  the  provisions  of  Regulation  (EC)  No 1889/2005  of  the  European  Parliament  and  of  the 
Council of 26 October 2005 on controls of cash entering or leaving the Community4.  

2.2  Balance of payments and international investment position statistics 

The ECB welcomes the proposed amendments to the Law on the currency and the aim of achieving 

the required level of statistical legal convergence with the relevant Union framework and the Sixth 

Edition of the IMF’s Balance of Payments and International Investment Position Manual. 

The  ECB  welcomes  the  removal  of  the  reference  to  the  quarterly  reporting  requirement  in 

proposed Article 10(1)  of  the  Law  on  the  currency,  in  order  to  allow  the  monthly  collection  and 

processing of statistics. For the same reason, it is advisable to make the reporting requirement in 

relation to resident natural persons, under proposed Article 10(2) of the Law on the currency, more 

frequent than once a year. Therefore, the ECB suggest deleting the words ‘on an annual basis by 

31 March each year’ in proposed Article 10(2) of the Law on the currency. 

2.3  BNB’s competences concerning statistics 

The  ECB  welcomes  the  extension  of  BNB’s  competences,  which  will  entitle  BNB  to:  (a) require 
from  any  person  information  relevant  to  the  international  investment  position  of  Bulgaria5; 

(b) access  public  administration  databases  containing  information  necessary  for  the  production, 
development and distribution of European statistics6; (c) conduct other regular statistical surveys7; 

and  (d) verify  and  compulsorily  collect  statistical  information  pursuant  to  Article 6  of  Council 

Regulation  (EC)  No 2533/98  of  23 November 1998  concerning  the  collection  of  statistical 
information by the European Central Bank8. 

4 
5 
6 
7 
8 

OJ L 309, 25.11.2005, p. 9. 
See the proposed amendment to Article 8(1) of the Law on the currency. 
See the proposed amendment to Article 8(3) of the Law on the currency. 
See the proposed amendment to Article 10(3) of the Law on the currency. 
OJ L 318, 27.11.1998, p. 8. See the proposed amendment to Article 17(2)(a) of the Law on the currency. 

2 

 
                                                 
This opinion will be published on the ECB’s website.  

Done at Frankfurt am Main, 21 May 2010. 

[signed] 

The President of the ECB 

Jean-Claude TRICHET 

3