January 1, 2025 - Bulgaria’s New Target Date for Entry into the Eurozone

Business » FINANCE | September 24, 2023, Sunday // 09:22
Bulgaria: January 1, 2025 - Bulgaria’s New Target Date for Entry into the Eurozone

Bulgaria will enter January 1, 2025 as the target date for adopting the euro in an official document, it became clear from the project published on the government website strategy.bg.

The changes are being made in the decree of the Council of Ministers to establish a coordination council for preparing the country for membership in the Eurozone and the deadline for sending opinions expired last night.

Bulgria missed the previous target date for the introduction of the euro in the country - January 1, 2024, after the caretaker government did not submit a report on the fulfillment of the criteria for membership in the Eurozone in February.

The official argument was that the necessary legal changes had not been implemented, which was dictated by the political crisis at the time. Although a large part of the necessary texts were submitted to the parliament, the lack of agreement between the political forces led to their delay and the dissolution of the previous National Assembly without a final result on these texts.

However, the current parliament is rapidly adopting key laws that must be ready before the introduction of the euro. During the week, the European Central Bank also gave a positive assessment of the new BNB law with technical recommendations that will be discussed with the Ministry of Finance before the final texts are proposed for a vote by the government and then by the deputies. The law should enter into force the moment Bulgaria becomes a member state of the Eurozone.

The date 1 January 2025 is specified as the target date for joining the Eurozone in the government's management program for the period June 2023 - December 2024.

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Tags: Eurozone, date, Bulgaria

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