Angarski's claim is contradicted by the fact that Hanke first proposed a currency board for Bulgaria in 1991, with his book "Teeth for the Bulgarian Lev: A Currency Board Solution." Hanke later helped bring about its adoption in 1997, when he served as an adviser to President Petar Stoyanov. In July 2013, Hanke's work on the Bulgarian currency board was praised by Bulgarian Prime Minister, Plamen Oresharski, as well as by the Bulgarian Academy of Sciences, which in 2013 awarded Hanke the degree Doctor "honoris causa." Then in 2015, the Varna Free University awarded Hanke another degree, Doctor "honoris causa", in recognition of his currency reform efforts in Bulgaria. In 2018, Hanke received another Doctorate "Honoris Causa" from the D.A. Tsenov Academy of Economics in the same recognition.