After Bulgaria Adopts The Euro: Leva Will Be Exchanged For Euros Indefinitely

Business » FINANCE | January 18, 2024, Thursday // 17:00
Bulgaria: After Bulgaria Adopts The Euro: Leva Will Be Exchanged For Euros Indefinitely @Wikimedia Commons

Banker and economist Levon Hampartsumyan addressed concerns about Bulgaria's adoption of the euro, emphasizing the need to overcome fears and embrace the impending change. According to Hampartsumyan, the shift to the euro as the primary measure of economic success will not only be seamless but also without financial burdens for the public.

Contrary to apprehensions, he assures the public that currency conversion from leva to euros will be facilitated by the state at no cost to individuals, eliminating fees and commissions. Hampartsumyan further dispels worries related to mortgage loans, assuring that figures will not be rounded, and the conversion process is likely to be automatic to avoid administrative complexities.

"The National Bank will exchange leva for euros indefinitely," assured Hampartsumyan, drawing parallels with Germany, where individuals still possess around 30 billion Deutsche Marks, emphasizing that the value of exchanged money will persist after the euro adoption.

Meanwhile, Bulgaria's National Bank (BNB) Governor Dimitar Radev expressed confusion over the lack of discussion in the National Assembly regarding the bank's 2022 report on the benefits and drawbacks of Bulgaria's entry into the Eurozone. Radev calls for the avoidance of political entanglements with the institution.

As Bulgaria navigates the path toward euro adoption, Hampartsumyan's insights aim to allay concerns and foster a positive outlook, emphasizing the long-term stability and benefits associated with the transition.

Finance » Be a reporter: Write and send your article
Tags: Bulgaria, euro, currency, bank

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria