BNB: Bulgaria Must Join the Eurozone As Soon As Possible To Avoid the Losses of Billions
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
The Bulgarian currency board linking the BGN to the EUR will remain in place until the country gains accession to the single currency.
That was announced Friday by the the deputy governor of the Bulgarian central bank, Dimitar Kostov, speaking to delegates at the European Bank for Reconstruction and Development's (EBRD) annual meeting in London.
"The currency board is here and will be here until we enter the Euro zone," Kostov said.
Bulgaria has a currency board pegging the BGN to the EUR. As a result, it does not have the ability to set interest rates nor can the BGN slide, as other regional currencies have done to discount credit concerns, the Wall Street Journal commented.
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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
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This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
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