Bulgaria Central Bank Confirms Run on Corpbank

Adverse media reports triggered a bank run on Bulgaria’s Corporate Commercial Bank (Corpbank) this week, the central bank governor said on Friday, appealing to depositors at the country’s fourth largest lender to keep calm.

The central bank said it had taken control over Corpbank’s operations for a period of three months and removed its management and supervisory board, but stressed that the bank was not bankrupt.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza