Penn State International Law Review

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The changes taking place in the countries of Eastern Europe since the turbulent end of the 1980s have brought significant changes in the Bulgarian economy and legislation. The transition from a centrally-planned economy to a free market economy in Bulgaria also necessitated some major changes and reforms in the legal framework. The adoption of the New Constitution in 1991 was the beginning, followed by other new laws and by-laws forming the new structure and function of the banking system. Most important among these laws are the Law of Bulgarian National Bank (1991) and the Banks and Crediting Activities Law (1992). These laws, for the first time, provide for the legal regulation of "banking secrecy" in Bulgaria.