Assoc. Prof. Milena Angelova, Secretary General of the Association of Industrial Capital in Bulgaria and Deputy Chairman of the Economic and Social Council, has advised that the safest way for Bulgarians to convert levs to euros is through banks. Speaking to the Bulgarian National Radio ahead of a conference on potential fraud related to the euro adoption, she emphasized that using banks avoids risks and costs, potentially generating a positive impact of nearly 1 billion leva on the economy.

Angelova warned that exchanging cash stored at home, commonly referred to as “money under the mattress”, through private exchange offices can be detrimental to citizens due to unfavorable rates. She suggested that people should avoid rushing to these offices and instead wait until after the New Year, when amounts under 10,000 leva, which are not subject to declaration, can be safely converted in banks.

She also noted a rise in counterfeit euro banknotes over the past year, highlighting the risks associated with informal currency exchange. Addressing the elderly, Angelova urged caution against succumbing to panic. “The Bulgarian tendency to save cash for emergencies, combined with distrust in banks following past financial instability, has led many to keep money at home. However, the longer such funds remain outside the banking system, the more they lose value, and they become vulnerable to inflation, theft, or fraud. It is safer to exchange funds after the New Year rather than giving in to hysteria now,” she explained.

Angelova added that public information sessions about the euro transition, held across various cities, have drawn strong attendance, reflecting the interest of citizens in understanding the upcoming currency change.