Minimum Wage Hike on the Horizon for Bulgaria in 2025
Starting from January 1, 2025, Bulgaria aims to raise its minimum wage to at least BGN 1,080 (EUR 552), a significant increase from the current BGN 933
If there is an increase in interest rates on loans, it will begin at the earliest in the summer of 2019. This is what the Chairman of the Board of the Association of Banks Petar Andronov told NOVA "Hello Bulgaria", citing the forecasts of the European Central Bank.
He urged consumers to be very careful about borrowing at the moment, as interest rates may not remain as low as they are at present. According to Andronov, banks also need to be careful about how many credits they give.
"The BNB has repeatedly recommended that we reduce the number of loans granted, because household savings exceeded the income of people in 2017," Andronov said. And he added that last year, banks have put much more money to clean up bad loans, but their numbers are now down. It was this, not the charging of fees, that contributed to the stability of financial institutions and earned them a profit.
"The European administration is constantly looking for tools to curb national differences in bank charges," Andronov said.
He was categorical that the bankers in Bulgaria fully support the state's desire to enter the Eurozone. He added that the banks in Bulgaria should get used to the stress tests because they will be held every year.
"The Bank Union is not a guarantee. Today there are troubled banks in the Eurozone, "Andronov also said.
According to him, the bank's profit increases by about 400 million. The big plus is that bad credit declines and banks have to spend less on bad loans.
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Starting from January 1, 2025, Bulgaria aims to raise its minimum wage to at least BGN 1,080 (EUR 552), a significant increase from the current BGN 933
Bulgaria’s prospects for joining the euro in 2025 have been bolstered by a cooling annual inflation rate, which dropped to the eurozone average of 2.4% in April, marking its first dip below 3% since the summer of 2021
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
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