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. Last Updated: 07/27/2016

IMF Advises Bulgaria

SOFIA, Bulgaria () -- The Bulgarian government is prepared to negotiate with the International Monetary Fund on placing its central bank under the authority of a currency board, Prime Minister Zhan Videnov said Monday.

The IMF, which suggested the move as the only way out of Bulgaria's financial crisis, will be asked to discuss technical details and negotiate terms with the government early next year, Videnov told a press conference.

Bulgarians have withdrawn the equivalent of $800 million from banks since the start of the year,