Retail chains in Bulgaria are preparing for the eventual introduction of the euro, with some businesses already displaying prices in both leva and euro on receipts. The fixed exchange rate of 1.95583 remains in place, ensuring that consumers are charged according to this rate when they see prices listed in both currencies. However, there are questions about possible discrepancies and the overall readiness of retailers for the change.

The current legislation and currency board in Bulgaria guarantee that the exchange rate will stay fixed. Over the next six months, receipts will show prices in both currencies according to this official rate. Galin Popov, the executive director of the Association of Non-Food Traders, stated that this period will be crucial for finalizing the preparations for the transition, which includes updating fiscal receipts to reflect both currencies.

While there is no official timeline for adopting the euro, retailers are focused on ensuring a smooth transition. The main task currently involves updating IT systems, but other departments, such as human resources and finance, are not yet making changes due to the uncertainty surrounding the exact timing of the eurozone adoption. Aksiniya Baeva, CEO of a large sports company, explained that staff training and adjustments to employment contracts and financial statements will be put on hold until the transition date is clearer.

The Association for Modern Trade (AMT) has expressed its readiness to support the euro adoption process. Companies have already invested considerable resources into upgrading systems and preparing their staff. However, retailers are concerned about the lack of a clear date for Bulgaria’s entry into the eurozone, which would allow them at least six months to finalize their technical preparations. Galin Popov emphasized that clarity on the date is essential for ensuring a calm market and smooth preparations.

One of the biggest challenges retailers face is ensuring cash payments are handled smoothly, as there will be a need to provide change in euros. The regulatory framework for the transition has been approved, but additional ordinances are still needed to adjust fiscal devices and ensure that they are compatible with the new currency requirements.

Sources:

• BNT
• econ.bg