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FEATURE STORY August 9, 2021

RAMP Voices: Ilia Galabov, Bulgarian National Bank


Meet: Ilia Galabov, Bulgarian National Bank

  • RAMP Voices is a series by the World Bank Treasury Reserve Advisory & Management Partnership (RAMP) that highlights members for their contributions to the Partnership.
  • Mr. Ilia Galabov is the Director of Risk Analysis and Control Directorate at the Bulgarian National Bank (BNB), where he is responsible for risk management.
  • He most enjoys the challenges of frequently changing financial markets and overall environment, and the necessary responses that risk management constantly demands. Previously he worked as Head of Risk Control Division at BNB.

What are the top three reasons your institution joined RAMP?

As one of the first members of RAMP, we joined in 2001 and remain a member for many reasons. First, we gain access to the resource-intensive investment strategies in line with best practices, and we use external managers to benchmark against our internally managed investment portfolios. Second, through our RAMP membership, we minimize our infrastructure costs and reduce the overall staff requirement and staff turnover risk. Third, we acquire specialized training, skills and knowledge from RAMP’s expertise.

What do you appreciate most about RAMP?

We most appreciate the transfer of knowledge and skills. Building competence internally is usually long and costly process, whereas having the support from an external partner like the World Bank speeds up the overall learning process and opens a window to the most advanced market practices.

What is one lesson you have learned from another RAMP member institution?

One of the most valuable aspects of being a RAMP member is its global network. Through workshops, webinars and other training events, we have met many other central bank colleagues. In one instance, through this network, we learned how to explore new investment strategies and begin investing in new asset classes, such as futures.

What's your favorite RAMP resource?

My favorite resource is RAMP advisory service, which share with us financial knowledge and expertise from World Bank experts and external consultants. RAMP’s individual consultations and onsite visits by the World Bank Treasury specialists help us prioritize and strategize our reserve management needs.

What's your favorite workshop?

My favorites include the Advanced Credit Risk workshop as well as the Portfolio Management, Performance Measurement, Attribution and Reporting workshop.

"One of the most valuable aspects of being a RAMP member is its global network. Through workshops, webinars and other training events, we have met many other central bank colleagues."
Ilia Galabov
Director, Risk Analysis and Control Directorate, Bulgarian National Bank


The Bulgarian National Bank (BNB) is one of the oldest national institutions established right after the restoration of the Bulgarian state, on January 25, 1879, and on 6 of June of the same year the first banking operation was conducted. The BNB is an independent issuing institution of the State reporting to the National Assembly. It plays a key role in the Bulgarian economy and takes care of maintaining the stability of the Bulgarian currency, and of strengthening and development of the banking and credit system in the country.

Describe one of the most memorable moments working with RAMP.

While I have no one specific moment in mind, I cherish the years of building friendships between our risk and treasury staff with World Bank Treasury colleagues. These have been invaluable to accessing a global network and partnership with the other central bank colleagues.

Name the top three things with which RAMP has helped you, your team, or your institution.

RAMP has assisted our institution with a wide variety of capacity building activities especially the access to World Bank expertise in the fields of risk management, portfolio management, reporting, strategic asset allocation and benchmarking, and legal aspects of asset management and compliance.

Has your institution participated in the RAMP Survey on Central Bank Reserve Management Practices?


Have you used the Benchmarking Analysis Tool? If so, what did you use it for?

No, not yet.

RAMP: The Reserve Advisory & Management Partnership

RAMP is a program developed within the World Bank Treasury that builds human capital, delivers asset management services, and convenes a network of practitioners—all in one.

What do you look forward to next in your work with RAMP?

We look forward to co-hosting with RAMP the European & Central Asia regional executive Forum on Reserve Management.

What’s the next product or service RAMP should offer?

We look forward to RAMP organizing more specialized internships and training programs for BNB employees to gain in-depth knowledge and skills in reserve management. Such trainings could be on RAMP’s software and training tools, such as the Asset Allocation Workbench, Benchmarking Analysis Tool, and other tools on operational risk, trading simulation, and external asset management.