Transition to Euro: Bulgaria’s National Bank to Stop Announcing Key Interest Rate
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The Bulgarian National Bank (BNB) has announced that it will stop publishing the key interest rate following the country's adoption of the euro. This change is outlined in a new series of questions and answers available on the central bank's website.
Once the euro becomes the official currency of Bulgaria, the key interest rate will no longer be relevant for calculating statutory interest rates. Instead, after Bulgaria’s transition to the euro, the interest rate for eurozone members will be based on either the most recent refinancing rate applied by the European Central Bank (ECB) or the marginal interest rate from ECB’s variable rate tender procedures.
For one month following the euro's introduction, both the lev and the euro will be legal tender in Bulgaria, allowing citizens to make cash payments in either currency. However, bank transfers and card payments will be processed exclusively in euros during this period.
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