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Bulgaria to adopt jail sentences for rumors about banks

Staff writer |
The amendments to Buglaria's Penal Code, proposed by the Central Bank, which entail jail sentences for spreading false rumors about the bank system, could be adopted in two weeks at the earliest.

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Parliamentary finance committee chair Iordan Tsonev told Bulgarian National Radio, adding that the political parties in Parliament support the proposal, Standart wrote.

"Such rumors are penalized throughout Europe and the US. People there realize how important the bank system is. That's where everyone's money is, banks are the foundation of national stability," Tsonev explained.The Corporate Commercial Bank crisis was not caused by state companies' withdrawing their funds.

"At the presidential council the manager of the Central Bank reported that state companies had not withdrawn more money from their accounts at the CCB than usual. Withdrawals were below the 25% limit, valid for all banks," Tsonev assured.

The Central Bank proposed the following draft amendments to the Penal Code: 2-5 years in jail for spreading false information and 5-10 years if damages are inflicted. The amendments are necessitated by the false information and ill-meant rumors about Bulgarian banks, which circulated last week, wreaking nationwide panic reports Am Cham Bulgaria.

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