Bulgaria has fulfilled the final requirement for joining the eurozone, the inflation criterion, according to Finance Minister Temenuzhka Petkova. Following recent data from Eurostat, the country has now met all the conditions necessary for eurozone membership. The price stability criterion, which was previously an obstacle, has been successfully met with an inflation rate in Bulgaria falling within the acceptable limits as of January.

Prime Minister Rosen Zhelyazkov also confirmed that Bulgaria now meets this criterion. "The reference value for the 'price stability' criterion, calculated at 2.6%, covers inflation in Bulgaria with the January data," he said, highlighting the importance of this achievement.

Petkova emphasized that this development gives Bulgaria solid grounds to request extraordinary assessments from the European Commission (EC) and the European Central Bank (ECB) regarding its convergence towards the eurozone. “Today is a very significant day for Bulgaria, as we can now move forward with submitting a request for extraordinary reports on Bulgaria’s eurozone convergence,” she added.

The government has been working on the national budget, which is expected to be submitted to the National Assembly soon. The draft budgets for the Health Fund, State Social Insurance, and State Budget are set to have a consolidated deficit of 3%, meeting the Maastricht criteria, which further strengthens Bulgaria’s position for eurozone integration.

Delyan Dobrev from the ruling GERB party called the day "magnificent," stating that Bulgaria has now fulfilled the eurozone criteria thanks to the efforts of the Bulgarian people. He also remarked on the progress made in overcoming inflation and praised the country's current standing within the European Union. Dobrev emphasized that the National Assembly has already passed a decision requiring the prime minister to submit a report and request a date for Bulgaria's entry into the eurozone.

The Bulgarian National Bank (BNB) has also released a series of FAQs regarding Bulgaria's transition to the euro. This includes details on currency conversion, bank reserve changes, and the regulatory adjustments that will accompany the adoption of the euro. The exchange rate will be fixed at 1.95583 leva for 1 euro, and both the lev and the euro will circulate for a month after the transition. From then on, ATMs will exclusively dispense euros, and the use of the new currency will become mandatory.

The target date for Bulgaria's eurozone accession is January 1, 2026, as confirmed by various officials and experts involved in the process.

Sources:

• BNT
• BNR
• Novini.bg