The transition to the euro will not necessitate the re-signing of existing contracts, Vasil Golemanski, Chair of the Financial Supervision Commission, clarified in an interview with the Bulgarian National Radio.

He warned the public about a wave of scams exploiting uncertainty around the euro adoption process. Golemanski emphasized that individuals are being targeted with misleading offers that involve signing new agreements related to the currency change, particularly involving pensions, insurance, or investment products.

“If someone approaches you with a proposal to update or re-sign a contract because of the euro, don’t fall for it. That’s a scam,” he said. According to Golemanski, these fraudulent schemes often involve promises of high returns within a short timeframe and with no associated risk - an immediate red flag.

He encouraged consumers who encounter such situations to promptly contact the Financial Supervision Commission. The safest course of action is to obtain the name of the individual or company making the offer and check with the FSC to see if they are properly licensed and regulated.

Golemanski reiterated that Bulgaria’s euro adoption process will not affect the validity of currently active financial agreements, and any claims to the contrary should be viewed with caution.