During 1996, however, the economy collapsed due to an unstable and decentralised banking system, a wave of hyperinflation throughout several countries of Eastern Europe, and slow reforms, which led to an inflation rate of 311 % and the collapse of the lev.

During 1996, however, the economy collapsed due to the Bulgarian Socialist Party's slow and mismanaged economic reforms and an unstable and decentralised banking system, which led to an inflation rate of 311 % and the collapse of the lev.

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