Twelve European currencies will be exchanged for euros in Bulgaria starting January 1, 2002. The single European currency will replace the monetary units of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain as from the beginning of next year. Bulgaria`s central bank will handle the exchange process parallel to the commercial banks, BNB Deputy Governor M. Zaimov announced. The central bank is negotiating with the commercial banks the timeframe, procedure and terms for withdrawal from circulation of the banknotes and coins of the Eurozone currencies and for circulating the new euro banknotes. An interim committee of banks for management and coordination of the process has been set up, with the BNB working on the matter jointly with Bulbank, the United Bulgarian Bank, the Bulgarian Post Bank and Commercial Bank Biochim. At the beginning of next year, the BNB will be completely ready for the exchange, central bank experts said. According to Zaimov, Bulgarians hold the equivalent of some 400 M euros in cash in various European currencies.

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