According to him, the exchange rates of the lev and the euro to the US dollar were not crucial to the Bulgarian economy.
According to specialists, by the end of the year, one dollar will cost 1.55 leva, after which the lev is expected to become slightly more expensive.
He also said the rises were necessary given the exchange rate of the dollar against the lev , and the prices of the energy resources.
The lev is expected to appreciate further against the dollar in 2004.
The Bulgarian lev has therefore maintained its value against major currencies in real terms, which implies that the currency board arrangement is not in jeopardy from inflation pressure.
The appreciation of the lev against the US dollar, and stability in the price of goods on international markets, would serve as brakes against inflation.
The Bulgarian lev is tied to the euro, which did not benefit much from the dollar problems.
The appreciating of the lev against the US dollar pushed prices up in 2003, as dollar-denominated real estate trade switched to euro, at a one-to-one ratio, analysts commented.
At last Bulgaria had its own unit of currency - the lev , divided into 100 stotinki.
Throughout 2004, the highest value of the US dollar against the lev was 1.6572.