site.btaSofia Municipal Councilor Defends Position for Delay of Bank Switch, Citing Lack of Transparency in Proposal and Her Own Banking Expertise

A day after Sofia Deputy Mayor for Finance Ivan Vasilev accused her of torpedoing a proposed change in the servicing bank of Sofia Municipality, municipal councilor Blagovesta Kenarova publicly defended her decision highlighting her extensive banking background and the lack of transparency in the proposal.

The controversy stems from a proposal by Mayor Vasil Terziev to move Sofia’s municipal funds from Municipal Bank to a new financial institution. The report was scheduled for discussion at a meeting of the City Council’s Budget and Finance Committee but was postponed after Kenarova, a member of the Continue the Change – Democratic Bulgaria group - the same that nominated Terziev for the mayor's office, called for a delay. The move effectively halted the bank transition for now.

In a detailed statement posted on social media, Kenarova criticized the proposal for lacking basic financial justification and transparency. “There is no analysis of the current banking service, no breakdown of fees, no clear reason for the switch, and no methodology for selecting a new bank,” she wrote. Kenarova argued that public funds should not be concentrated in a single institution without a risk mitigation plan, citing good international practices and lessons from past banking failures in Bulgaria.

Kenarova also pushed back against Deputy Mayor Vasilev’s accusation that her proposal for a decision delay catered to the interests of the economic majority and personally of the MRF - New Beginning leader Delyan Peevski, describing his remarks and his refusal to engage with her on the day of the vote as “deeply offensive.” She emphasized her 27 years of experience in European banking, including a role as Regional Manager for Central and Eastern Europe focused on risk control and fraud prevention. “I don’t vote based on party orders. I vote based on facts and professional standards,” she said. Kenarova added she would support the proposal once it includes detailed analysis, clear criteria, and transparency guarantees, stressing that “quality decisions require a quality process.”