Bulgarian Central Bank Deputy Governor Appointed Prime Minister

Why It Matters

The appointment tests Bulgaria’s central‑bank independence and political stability just as it prepares to join the eurozone, affecting investor confidence and EU integration timelines.

Key Takeaways

• President Iotova names BNB deputy Gurov caretaker PM.
• Gurov faced anti‑corruption suspension over conflict of interest.
• EU Court reviewing compatibility of central bank role with politics.
• Constitution limits caretaker PM pool to ten senior officials.
• Appointment underscores political volatility before euro entry.

Pulse Analysis

Bulgaria’s recent transition to the euro has been eclipsed by a sudden leadership shuffle that placed Andrey Gurov, the suspended deputy governor of the Bulgarian National Bank, at the helm of a caretaker government. President Iliana Iotova invoked a constitutional provision that restricts her choice to a shortlist of ten senior officials, a rule introduced to curb presidential overreach. Gurov’s elevation arrives as the country grapples with fragmented parliamentary coalitions and public unrest, raising questions about the durability of the euro‑adoption timetable. The move also signals a pragmatic, if controversial, attempt to stabilize governance ahead of critical EU deadlines.

Gurov’s appointment reignites the debate over central‑bank independence in a member‑state that is still aligning its monetary framework with the European System of Central Banks. The anti‑corruption commission flagged a conflict of interest stemming from his simultaneous corporate ties and NGO board memberships, leading to a suspension that remains under judicial review. The Court of Justice of the European Union has now been asked to interpret EU statutes concerning the separation of monetary policy duties from political office. A ruling unfavorable to Gurov could force a rapid reshuffle, underscoring the delicate balance between national politics and supranational regulatory standards.

For investors and market participants, the caretaker cabinet introduces a layer of uncertainty that could affect credit ratings, foreign direct investment, and the pace of structural reforms tied to euro integration. While the president’s limited pool aims to ensure technocratic competence, the perception of a politicized central‑bank figure may erode confidence in fiscal discipline. Analysts will watch how quickly the legal challenges are resolved and whether a permanent prime minister can be installed without further destabilizing the reform agenda. Ultimately, Bulgaria’s ability to maintain policy continuity will be a litmus test for its readiness to fully participate in the eurozone.

Bulgarian Central Bank Deputy Governor appointed Prime Minister

Published February 13, 2026

On one hand, Bulgaria has been celebrating its transition to the euro, suggesting all is well in the country.

On the other hand, Bulgaria is going through a major political storm. So much so that the President has appointed the former Deputy Governor of the central bank as the interim Prime Minister.

“I selected Andrey Gurov because he was the only one resigning his office as deputy governor of the Bulgarian National Bank (BNB),” Bulgarian President Iliana Iotova told a news conference at the President’s Administration on Thursday after mandating Gurov, in his capacity as caretaker prime minister, to propose a line‑up of a caretaker cabinet.

“The doubts about a conflict of interest are eliminated. I don’t entertain any doubts about a political commitment of the rest of the institutions: the BNB, the National Ombudsman and the Bulgarian National Audit Office,” the head of State added.

In July 2023, Gurov was elected by Parliament as BNB Deputy Governor for a six‑year term. In June 2024, the Anti‑Corruption Commission found him incompatible with this office by reason of a conflict of interest because, when taking up his post at the central bank, he was a partner in a commercial corporation and a member of governing bodies of non‑governmental organizations, without having obtained permission from the bank’s Governing Council. Pending a ruling by the court and a resolution by Parliament on whether Gurov may serve as central bank deputy governor and Governing Council member, the BNB Governing Council suspended Gurov from the exercise of his powers.

At the end of 2024, the Court of Justice of the European Union (CJEU), acting at the request of Gurov’s defence, opened a case concerning his situation. The CJEU was approached by Bulgaria’s Supreme Administrative Court for a preliminary ruling on eight questions related to the interpretation of provisions of the Statute of the European System of Central Banks, the European Central Bank, and the Treaty on the Functioning of the European Union.

Iotova pointed out that the latest amendments to the Constitution left the presidential institution with no choice, the idea having been to curtail the president’s powers at variance with the fundamental philosophy of the Bulgarian Constitution. “Each candidate [for caretaker PM] was pre‑elected by the National Assembly, by political majority,” she added.

According to the President, instead of selecting the best‑suited person for this office in a critical situation, the choice was now reduced to whether that person is from the status quo or from the opposition.

Under the Constitution as last amended, the President of the Republic is limited to a pool of ten senior public officials from among whom to choose a caretaker PM: the National Assembly Chair, the central bank governor and the three deputy governors, the Bulgarian National Audit Office president and the two vice presidents, and the National Ombudsman and the deputy ombudsman.