Retail chains in Bulgaria are actively preparing for the transition from the Bulgarian leva to the euro, focusing on regulatory coordination with the Ministry of Economy and the Commission for Consumer Protection. While the official date for the euro adoption remains unknown, businesses are gearing up for dual pricing labels starting in March, and discussions on fiscalization and other technical aspects are ongoing. The transition is expected to be a long and complex process, with inflation and other indicators being closely monitored to determine the timing.
Bulgarian retailers prepare for Euro transition
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Bulgaria
Author: Nikolina Basić
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Fiscal subject related
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Content accuracy validation date:
23.10.2024
Content accuracy validation time:
09:03h
Retail chains in Bulgaria are actively gearing up for the transition from the Bulgarian leva to the euro. Nikolay Valkanov, the executive director of the Association for Modern Trade, shared on Nova TV that ongoing discussions with relevant departments are focused on coordinating activities related to the euro's introduction. He emphasized the productive dialogue with the Ministry of Economy and the Commission for Consumer Protection, noting that the regulatory framework established by the previous Parliament has largely satisfied businesses. This framework provides clarity on requirements such as dual pricing labels, fiscal receipt designations, and other technical matters crucial for traders' operations. Valkanov acknowledged that the transition will be a long and complex process.
It is important to mention that the official date for the Euro has not yet been known, and the regulations from the different sectors, fiscalization included, are still missing. But certainly, Bulgaria is in the preparation phase for the transition.
Valkanov highlighted that several indicators are being monitored to determine the timing of the transition from leva to euro. "From March, we should have dual price indications in stores. However, this also hinges on the specific date that will be set," he explained. He pointed out that to achieve a favorable convergent report, the final criterion regarding inflation must be formally met. It is also stated that the regulatory framework, established by the previous Parliament, largely meets business needs by clarifying the rules for dual price labeling, fiscal receipts, and other technical aspects essential for retailers. However, he stressed that the transition process will be long and complex.
These preparations and discussions underscore the significant efforts being made to ensure a smooth transition to the euro, aiming to provide stability and clarity for both businesses and consumers in Bulgaria.
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