When is the expected introduction of the euro as an official currency in Bulgaria?

A couple of months ago, we wrote about the introduction of the euro as an official currency in Bulgaria. Certain details are known, but not much has been officially confirmed. Firstly, the data of starting the period with the euro will be present from 2024, but according to the latest announcement, it won’t be before 2025. Of course, this change requires major changes not only in the fiscalization terms but in others as well. The concept of the law for introducing the euro as an official currency in Bulgaria has been introduced, but the official law is still not published.

But, according to information from the Ministry of Finance in Bulgaria, an interdepartmental working group at the Coordination Council for the preparation of the Republic of Bulgaria for euro area membership is currently developing a draft law on the introduction of the euro in the Republic of Bulgaria. The law will regulate the principles, rules, and procedures for the introduction of the euro in Bulgaria. All ministries and other interested institutions participate in the working group.

Also, according to the government's plans, the draft law should be ready by June, and before that, it will be proposed for public consultation on the Public Consultation Portal.

Regarding the  date of introduction of the euro in the country, Bulgaria will join the euro area as soon as it is clear that all membership criteria will be met, which could be  January 1, 2025, but in view of the dynamic situation in terms of inflation, it is difficult to specify with certainty.