Bulgaria Bond 1905 - Bulgarian Government Bond - On Stamp, Tobacco and Mourourie Duties

5% Bond. Bulgarian Government Bond on Stamp, Tobacco and Mourourie Duties.

Bulgaria, a unitary parliamentary republic, operates within a democratic framework established by its 1991 constitution. The political system is characterized by a clear separation of powers among the legislative, executive, and judicial branches. The executive branch is primarily headed by the Council of Ministers, led by the Prime Minister. The Prime Minister holds the most significant power in the government and is usually the leader of the majority party or coalition in parliament. The President, serving as the head of state and commander-in-chief, primarily performs representative functions but also possesses limited veto power and the authority to schedule national elections.

The legislative branch comprises a unicameral National Assembly (Narodno Sabranie) with 240 members elected directly for four-year terms. Since late 2020, Bulgaria has experienced significant political instability, marked by a series of snap elections and the frequent appointment of caretaker governments by the president to address parliamentary deadlocks. Despite these internal challenges, the Bulgarian government maintains a pro-Western orientation. It has been a member of NATO since 2004 and the European Union since 2007. As of 2025, the government continues to focus on key international integration milestones, including full entry into the Schengen Area (achieved on January 1, 2025) and the planned adoption of the eurozone in 2026.