Countdown to Eurozone: Bulgaria Awaits June Decision

Business » FINANCE | November 25, 2023, Saturday // 12:26
Bulgaria: Countdown to Eurozone: Bulgaria Awaits June Decision

Deputy Governor of the Bulgarian National Bank (BNB), Andrey Gyurov, has highlighted June as the pivotal month for Bulgaria's Eurozone aspirations. Gyurov anticipates that the convergent report from the European Commission (EC) and the European Central Bank (ECB) will shed light on Bulgaria's eligibility to join the Eurozone.

In a recent interview on Nova TV, Gyurov outlined the timeline, indicating that the awaited report is due mid-next year, with the country receiving clarity on its Eurozone candidacy by June. He also disclosed plans for introducing price visibility in both Bulgarian Lev (BGN) and Euros (EUR), slated to commence approximately a month after receiving the EC's opinions, expected around July next year.

Gyurov further elaborated that by the end of 2025, both BGN and EUR prices would be openly displayed, allowing citizens to compare and make informed decisions. He detailed the envisaged transition, stating that after the introduction of the euro, there would be a transitional period for payments in both BGN and EUR. Eventually, from the beginning of February, transactions would exclusively occur in euros.

Moreover, Gyurov addressed recent discussions regarding his resignation sought by the party “There Is Such a People” over his alleged affiliation with another political group, clarifying that his resignation was submitted and accepted without political interference.

Additionally, Gyurov assured that the BNB, specific post offices, and banks would offer free Bulgarian lev exchange services, emphasizing the practical aspects of the impending currency transition.

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Tags: Bulgaria, Eurozone, Gyurov, euro

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