July 13 (BTA ) - The European Central Bank said on Monday that compulsory intrvention rates have been established for the Bulgarian lev, following its inclusion in the Exchange Rate Mechanism II effective from July 13.

The rates have been set in accord with the Bulgarian National Bank as follows:

EUR 1 =

Upper rate 2.24920
Bulgarian lev (BGN) Central rate 1.95583
Lower rate 1.66246


The rates have been agreed in line with Article 1.2 of the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of Economic and Monetary Union.

International media outlets including Reuters, Boomberg and New York Times quoted ECB board member Fabio Panetta as saying Monday that Bulgaria and Croatia still have work to do in fixing their economies and improving their institutions before joining the euro. "The reforms undertaken by the two will not fix all the imbalances and vulnerabilities they are facing, and more progress is needed to improve governance, their legal framework, and the overall quality of institutions," Panetta said in speech.

Bulgaria could join the currency union as soon as 2023. RI/LN/PP//