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A Plan for the Euro in Bulgaria: For a Month Payment in both Currencies, but the Change will be in Euros
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By the end of the year, commercial banks will be technically ready to accept the euro, according to, Dimitar Radev, Governor of the Bulgarian National Bank (BNB). He said this during his hearing by the parliamentary committee on European Union issues.
However, Radev added that the institutions have a problem with preparation and pointed to "Bulgarian Posts" as an example. He explained that a strategy has been developed for the preparation for the adoption of the common European currency.
The governor of the BNB pointed out that the governmental body is preparing for the adoption of the currency intensely, including by providing cash centers and new armored cars. According to him, the bank has so far been preparing for the adoption of the euro from January 1 next year and if the deadline is postponed to January 1, 2025, the BNB will be fully ready. 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 6 months before and one year after the adoption of the euro.
The "Vazrazhdane" party made a comment instead of a question. Stoyan Taslakov stated that the BNB is in a hurry to prepare for the adoption of the euro before the referendum initiated by them is held. Radev stated that the BNB and the entire banking sector are part of the European banking system and in this sense, excluding monetary policy, are part of the Eurozone. He also added that the suspension of preparations for the adoption of the currency means a step backwards and carries with it many risks - for example, the exit from the currency mechanism.
Dimitar Radev also said that from October 2021 an information strategy has been developed to explain the benefits of the euro. However, he added that the entire data set is located in the Ministry of Finance and in practice can start today. The governor added that there are also draft contracts with the media.
Yesterday, after his meeting with the WCC-DB parliamentary group, Dimitar Radev announced that he will work for Bulgaria's admission to the Eurozone no later than January 1, 2025. Radev is the GERB-SDS nominee for a second term at the head of the Bulgarian National Bank, and yesterday it became clear that his candidacy also received the support of WCC-DB.
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