Bulgaria Officially Adopted the National Plan for Introduction of the Euro in 2024

Business » FINANCE | May 27, 2022, Friday // 18:10
Bulgaria: Bulgaria Officially Adopted the National Plan for Introduction of the Euro in 2024 Bulgaria's Deputy Prime Minister and Minister of Finance Asen Vassilev

The Council of Ministers adopted the National Plan for the Introduction of the Euro in 2024”.

This was announced by Deputy Prime Minister and Minister of Finance Asen Vassilev.

This is the operational plan, which gives clear deadlines and tasks to the institutions - how will the currency conversion happen, the reversal of deposits, loans, how will this work in the registry agencies, so that on January 1, 2024 we can be technically ready for adoption of the euro”, Vassilev explained.

A number of legislative changes are forthcoming, including an amendment to the BNB Act and public discussions before that”, the Deputy Prime Minister specified.

3 months before and 9 months after the introduction the prices in BGN and EUR will be published in order to protect consumers. The rate is fixed - it is the current rate”, Vassilev explained in response to a question from BNT.

Especially for traders it is planned to have a double cash register - in BGN and in EUR, within one month.”

The coalition agreement provides for the introduction of the euro as soon as possible. The technical preparation to be able to enter on January 1, 2024 takes 18 months, so we do not have much time”, explained the Minister of Finance.

Asen Vassilev answered a question in connection with the definition of the Bulgarian version of the Magnitsky Act.

There is a working group led by the Ministry of Justice, the Ministry of Finance, the Ministry of Foreign Affairs, SANS and a number of other institutions. When the first Magnitsky list came out, we had a loophole in the legislation”, the deputy prime minister explained, adding that they were committed to filling this legislative gap.

According to Vassilev, the Ministry of Justice is the right ministry - to comply with all national and international acts and find a way when someone is sanctioned and this sanction poses a problem to the Bulgarian financial system and economy of additional contagion, this problem to be solved.

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