In 1960, the banks of Great Britain, France, Germany, and Italy demanded early repayment of loans, a whopping $135 million. Thus, they provoked an economic crisis in Bulgaria. Over time, it had ballooned to an astronomical sum. If nothing else, Bulgaria had to pay off the enormous interest that had accumulated on those loans. The Soviet Union came to the aid - they bought (and at the London Stock Exchange rate) Bulgaria's gold reserves.
In accordance with a written request from the chairman of the People's Bank of the BNR, the USSR State Bank paid off Western loans by purchasing 22 tons of Bulgarian gold and 50 tons of silver. The payment of these assets was made in a convertible currency at the market rate. Moreover, Moscow undertook to support the Bulgarian economy by subsidizing it with the supply of petroleum products at prices significantly below market prices.
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