The International Monetary Fund (IMF) approved a financial system stability assessment of Bulgaria at a recent executive board meeting.

Members of the IMF executive board expressed generally favorable views of improvements in Bulgaria's financial system, applauding financial institutions boosting credibility in the financial system in the past three years, according to a press release from the IMF.

In 2014, the fourth largest bank in Bulgaria collapsed to due fraud and other issues, according to the press release. This raised questions about other banks at the time.

The banking system has since stabilized due to many reforms. Banking supervision has also improved in the past two years, although the press release states more measures need to be in place to offer more support during times of financial crises.