Conference "Bulgaria in the Eurozone by the Ministry of Finance: What have they stated?

At the beginning of the April Conference, "Bulgaria in the Eurozone " was held. More precisely, deputy Minister of Finance Metodi Metodiev pointed out this about the benefits of the country's entry into the Eurozone during the conference "Bulgaria in the Eurozone: What's next for business", organized by the American Chamber of Commerce in Bulgaria. They introduce the main goals for Bulgaria to join the Eurozone and accept the euro as its official currency. They stated that the introduction of the euro will favor businesses by stimulating investments and will deepen the integration processes in the common European market, capital markets, and financial markets. Also, they stated that, in the case of Bulgaria, the very goal of adopting the euro was and still is a catalyst for a number of reforms and investments. Without it, these key reforms are unlikely to happen, or at least unlikely to happen in such a short time.

The Deputy Minister of Finance indicated that the caretaker government continues the work on preparing the country for membership in the Eurozone at an accelerated pace. He explained that the Council of Ministers is doing everything within its powers to prepare the necessary bills, but from then on the decisions are in the hands of the legislators.

"For the process to go smoothly and for the conversion to appear almost automatic for ordinary citizens, the government is counting on business to partner with the state and take more proactive action." "For its part, the state will try to limit the administrative burden for companies as much as possible," said the Deputy Minister of Finance.

During the forum, it became clear that one of the important things that businesses should prepare for is to indicate the prices of their products and services simultaneously in BGN and EUR one month after the official decision on the date of the introduction of the euro in Bulgaria, and for one year after that date. The period of double circulation of levs and euros will last one month from the date of introduction of the new currency. After the expiration of this one month, the euro will remain the country's only official currency. All of these are also announced in the concept of the law, which we have already introduced.

Again, they have confirmed that normative changes will also be adopted for the preparation of accounting supporting documents, accounting registers, and financial statements. The procedures for converting the capital and shares of the companies into euros will be determined, as will the procedures for entering operations with cash registers during the transitional period in which payments in levies and euros are accepted. The normative basis for all these processes will be the prepared law on the introduction of the euro in Bulgaria. Therefore, in addition to the Ministry of Finance, a number of other institutions, such as the Bulgarian National Bank, the Financial Supervision Commission, the National Revenue Agency, the Ministry of Economy and Industry, etc., were included in its preparation.