Deputy Minister of Economy Nevena Lazarova explained in a recent interview with Bulgarian National Radio what businesses need to know about the practical side of adopting the euro starting January 1. She emphasized that companies must familiarize themselves with the official rules on currency conversion and rounding. The euro will be introduced at a fixed exchange rate with six digits, including five decimal places.

From August 8, one month after the euro's official adoption, businesses will have to display prices in both lev and euro. This dual pricing period will last for 12 months. Prices must be shown clearly and consistently - using the same font and layout - so consumers are not confused or misled.

To assist merchants, official guidelines with sample price labels will be made available on the dedicated euro website.

An important stage to watch closely is the one-month dual circulation phase that begins as soon as the euro is introduced. During this time, both lev and euro banknotes and coins will be legal tender. Customers can pay in either currency, but if paying cash in lev, change will be given primarily in euros; if euros are insufficient, then in lev. Cash registers will print receipts showing amounts in both currencies during this transition period.

Banks are preparing for the change as well. By the euro introduction date, they will have supplied merchants with euro cash and starter kits containing euro coins. ATMs will be stocked with euro banknotes to ensure accessibility.

For consumers, banks will offer free exchange of levs to euros at the official rate for the first six months. However, large exchanges exceeding 30,000 levs will require a three-day advance notice.

In areas without bank branches, Bulgarian Posts will provide free currency exchange services for amounts of 1,000 levs or more per day per person. Exchanges between 1,000 and 10,000 levs will require prior requests and will be available only at designated post offices.

Lazarova regards the positive evaluations from the European Central Bank and the European Commission on Bulgaria’s readiness to adopt the euro as objective. She also highlighted the benefits expected from the switch - including a boost to the economy, increased trade and investment opportunities, and growth in income and purchasing power for citizens.

Source: BNR interview