Nearly 20% of Households in Bulgaria and Greece Face Winter Without Adequate Heating
Nearly one in five residents in Greece and Bulgaria struggle to keep their homes warm
Igor Barat
From December 1st, Bulgarians can purchase starter packages with the national side of the euro coins at banks and “Bulgarian Posts.” Each kit, containing coins of all denominations, is priced at €10.23 - BGN 20. These starter packages aim to help citizens familiarize themselves with the new currency as Bulgaria begins its transition to the euro.
Further reading: Today: Bulgaria Launches Sale of First Euro Coin Starter Kits
Igor Barat, known in Slovakia as Mr. Euro, shared insights from Slovakia’s own currency changeover in 2009. He emphasized that the smooth transition had little to do with secrecy and much to do with careful preparation, clear communication, and political consensus. “It was not a political issue. All parties, experts, and institutions agreed on the process,” Barat explained. Transparent communication with both businesses and the public ensured that citizens knew exactly what to expect and how to adapt, making the change feel almost seamless.
A key element in Slovakia was fine-tuning the operational aspects. Citizens did not need to take special action; stores accepted both Slovak koruna and euros during the initial period. Salaries and pensions were converted to euros starting in January, and everyone was fully informed of the schedule. Barat described the preparation of ATMs as particularly impressive: cassettes were preloaded with both currencies, and at midnight, a quick switch allowed Slovaks to withdraw euros instantly. The process, while technically sophisticated, was simple and immediate for users.
Starter kits with euro coins proved unexpectedly popular in Slovakia, becoming sought-after gifts for all generations. Barat recalled that the mint in Kremnica managed to supply additional quantities to meet growing demand. He stressed that the currency switch itself did not drive inflation. Price adjustments were mathematically converted from koruna to euros under strict rules, with no impact on actual market prices. Between 2008 and 2009, favorable economic conditions also contributed to a stable transition, and inflation remained very low.
Consumer protection was legally reinforced. The Euro Changeover Act prohibited unjustified price hikes tied to the new currency, and inspection mechanisms ensured compliance. Barat recounted isolated cases of abuse, such as a school head charging higher lunch fees under the pretext of the euro change, which were swiftly addressed with fines. In practice, nearly all retailers adhered to the rules, preventing speculative price increases.
Source: BNR interview
Scope Ratings has completed its latest review of Bulgaria and confirmed the country’s long-term credit rating at A- with a stable outlook, alongside short-term ratings of S-1/Stable
At the turn of the year, Bulgaria is preparing to enter 2026 without an approved state budget
In Bulgaria, the common perception that investing is reserved for the wealthy remains widespread, but recent analysis by Freedom24 shows that households can begin investing with modest amounts of 50–100 BGN (approximately €25–50) per month
The euro has been in use since 1999 as a non-cash accounting unit and since 2002 as physical currency.
Pension insurance contributions will not increase in 2026, while pensions themselves will be updated from 1 July under the Swiss indexation formula, resulting in an expected rise of 7–8%.
The digital euro is a crucial tool for strengthening Europe’s financial and strategic independence and will complement physical cash amid the rapid digitalisation of payments.
Bulgaria's Strategic Role in the EU's Drone Wall Defense Initiative
When Politics Means Violence