Up To BGN 5,000 Fine For Incorrect Conversion And Rounding Of Prices From BGN To EUR

Business » FINANCE | March 28, 2024, Thursday // 12:42
Bulgaria: Up To BGN 5,000 Fine For Incorrect Conversion And Rounding Of Prices From BGN To EUR

Up to BGN 5,000 fine for incorrect conversion and rounding of prices from BGN to EUR
A transition period and special conditions protect consumer rights

In order to protect the economic interests of consumers, there will be a period of double labeling of the prices of goods and services - in leva and in euros. It will begin one month after the entry into force of the Decision on the adoption of the single European currency in the Republic of Bulgaria and will continue for 12 months after its introduction. This is what the founder of the online platform "We, the consumers" Gabriela Rumenova said on Radio "Focus" in connection with the measures for the protection of consumers in the published bill for the introduction of the euro in Bulgaria.

Prices in BGN and EUR will be placed in close proximity, clearly and legibly written, unambiguous and easily understood. They should be of the same font size and in a way that does not mislead users.

The expert commented that the imposition of this obligation on traders, as well as the explicitly stated rules for currency conversion and rounding, will give people the opportunity to track whether the price for payment in euros is correctly calculated, to protect their rights and to refer the responsible institutions in case of violations. The sanctions provided for in the Law on the Euro reach up to BGN 5,000, and for unfair practices under the Law on Consumer Protection they are up to BGN 70,000.

Rumenova explained that the provisions of the Euro Law aim to protect consumers in this transitional period, but people should be vigilant, as it is possible that unscrupulous traders will try to use the situation to implement unfair practices. For example, when indicating prices in discount campaigns. The consumer legislation in these cases currently obliges traders to indicate the old and new price in BGN, and during the period of double indication of prices, traders will be obliged to indicate only the final prices in BGN and in Euro. Thus, users may find it difficult to track the correctness and amount of the discount. There is a similar risk with the change, which will affect the cases in which traders are now obliged to indicate the price in BGN per unit of measure and the selling price for the quantity in the consumer package or cut. Traders will now be required to indicate the price in euros only on the final price.

From the date of the introduction of the euro, all leva accounts in banks will be converted into euros in accordance with the rules for currency conversion and gambling, without fees and commissions for users and while preserving the terms of the relevant contracts valid before the conversion. People will be able to exchange levs into euros at the Bulgarian National Bank without any restrictions, while there will be specific rules for credit institutions. When withdrawing cash, only euro banknotes will be distributed.
During the double turnover period, even when paying in cash in levs, the trader will return the change in euros, except for certain exceptions. No more than 50 BGN coins, including pennies, will be accepted in one transaction.

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Tags: BGN, euro, prices, currency

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