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Banker and economist Levon Hampartsumyan addressed concerns about Bulgaria's adoption of the euro, emphasizing the need to overcome fears and embrace the impending change. According to Hampartsumyan, the shift to the euro as the primary measure of economic success will not only be seamless but also without financial burdens for the public.
Contrary to apprehensions, he assures the public that currency conversion from leva to euros will be facilitated by the state at no cost to individuals, eliminating fees and commissions. Hampartsumyan further dispels worries related to mortgage loans, assuring that figures will not be rounded, and the conversion process is likely to be automatic to avoid administrative complexities.
"The National Bank will exchange leva for euros indefinitely," assured Hampartsumyan, drawing parallels with Germany, where individuals still possess around 30 billion Deutsche Marks, emphasizing that the value of exchanged money will persist after the euro adoption.
Meanwhile, Bulgaria's National Bank (BNB) Governor Dimitar Radev expressed confusion over the lack of discussion in the National Assembly regarding the bank's 2022 report on the benefits and drawbacks of Bulgaria's entry into the Eurozone. Radev calls for the avoidance of political entanglements with the institution.
As Bulgaria navigates the path toward euro adoption, Hampartsumyan's insights aim to allay concerns and foster a positive outlook, emphasizing the long-term stability and benefits associated with the transition.
Bulgarians may begin exchanging their lev for euros if the upcoming convergence report
In July, Bulgaria’s eurozone entry plans will be definitively clarified
Bulgaria has successfully met the price stability criterion required for entry into the eurozone
Bulgaria is in a very strong initial position to join the eurozone
Finance Minister Temenuzhka Petkova has stated that Bulgaria is ready to join the eurozone
The international rating agency Fitch has reaffirmed Bulgaria’s long-term credit rating at 'BBB' with a positive outlook
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