Former Finance Minister Asen Vassilev addressed common questions regarding Bulgaria’s transition to the euro, assuring that for most people, the change will be seamless and cause no disruption. Speaking to bTV, he said the government has been actively engaging with citizens across the country - in cities like Vratsa, Blagoevgrad, Plovdiv, and Sofia - to clarify concerns about what will happen to bank deposits, loans, and cash during the currency switch.

Vassilev emphasized that, in the majority of cases, the shift will not affect people’s money. Funds held in bank accounts will be converted automatically on January 1 at the current exchange rate, without any commission fees. For those holding cash, up to 10,000 leva can be exchanged daily at any preferred location. He encouraged people to visit the Ministry of Finance and Bulgarian National Bank websites for more detailed information.

Regarding loans, the minister explained that fixed-interest loans will remain unchanged, and any rounding during conversion will always favor the borrower by rounding down. The Bulgarian National Bank will oversee this process closely to ensure fairness.

Vassilev also touched on the broader public sentiment, noting that despite Eurostat’s recent announcement that trust in the EU and the eurozone has reached a 20-year high, skepticism remains strong in Bulgaria. He attributed this to a well-coordinated, aggressive misinformation campaign aimed at stirring doubt and fear among the population.

Vassilev also commented on the political stance of the WCC-DB coalition, which plans to submit a vote of no confidence in the current government shortly after the convergence report’s release - expected within two to three weeks. He stated that their decision stems from the belief that the government is not only failing to manage the transition effectively but is actively hindering Bulgaria’s progress.

Source: bTV