Although there are currently no official dates or details on the adoption of the euro as Bulgaria's national currency, we may still infer that something is undoubtedly taking place.
According to Dimitar Radev, Governor of the Bulgarian National Bank, commercial banks will be technically prepared to accept the euro by the end of the year. There is also a lot of work involved because this will affect many other laws, including fiscalization rules, without a doubt.
The BNB's governor emphasized that the government is working hard to get ready for the introduction of the currency, notably by setting up cash centers. He asserts that the BNB will be completely prepared if the deadline is moved to January 1, 2025, and that the bank has been preparing for the adoption of the euro beginning on January 1 of next year.
Plan for the Euro introduction in Bulgaria
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Bulgaria
Author: Kristina Dosen
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Fiscal subject related
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Content accuracy validation date:
09.08.2023
Content accuracy validation time:
08:37h
He added that it is planned to be able to pay with both currencies only a month after the adoption of the euro, but the change will be in euros. In this way, levs will be taken out of circulation. Prices in stores will be announced in both currencies six months before and one year after the adoption of the euro.
Also, The Governing Council of the Bulgarian National Bank has united around the idea of reproducing the design of the current exchange coins, which will ensure continuity in the monetary signs used and will facilitate the recognition of the new currency by Bulgarian citizens, namely: the Madara Rider on the small coins; St. John of Rila on the 1 euro coin; and Paisius of Hilendar on the 2 euro coin," reported BNB Governor Dimitar Radev in an interview with BTA. On the national side of the Bulgarian euro coins, the word "Bulgaria" will be written in Cyrillic (лари), as well as the words "euro" (евро) (for the 1 and 2 euro coins) and "stotinka", respectively "стотинка" (for the 1, 2, 5, 10, 20, and 50 euro cent coins).
On the face of the largest 2-euro coin, it is planned to write a text in Cyrillic "God, Protect Bulgaria" (БОЖЕ, ПАЗИ БЪЛГАРИЯ), which is in accordance with the Bulgarian historical traditions in coinage, added Radev.
As a reminder, the development of the artistic projects that will be submitted to the Coordination Council for the preparation of Bulgaria for membership in the Eurozone is pending. After their final approval, the projects will be presented to the Council of the European Union, the European Commission, and the member states of the Eurozone.
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