Why December 8 is Celebrated as Student Day in Bulgaria
December 8 is celebrated as the holiday of Bulgarian students
Retail chains in Bulgaria are actively preparing for the transition from the Bulgarian leva to the euro. Nikolay Valkanov, the executive director of the Association for Modern Trade, stated on Nova TV that ongoing discussions with relevant departments are focused on coordinating activities associated with the euro's introduction. He emphasized that there has been a productive dialogue with the Ministry of Economy and the Commission for Consumer Protection. The regulatory framework established by the previous Parliament has largely satisfied businesses, providing clarity on requirements such as dual pricing labels, fiscal receipt designations, and other technical matters crucial for traders' operations. Valkanov noted that the transition will be a long and complex process.
He highlighted that several indicators are being monitored to determine the timing of the transition from leva to euro. "From March, we should have dual price indications in stores. However, this also hinges on the specific date that will be set," he explained. Vulkanov pointed out that to achieve a favorable convergent report, the final criterion regarding inflation must be formally met.
Additionally, he discussed the current state of food vouchers, which have been converted to electronic formats for greater convenience for both consumers and retailers. While electronicization typically reduces maintenance costs, in this case, they have increased by 1.8% due to bank fees. Valkanov warned of potential market imbalances as food vouchers have dramatically increased in recent years, now accounting for 8-9% of retail food and beverage sales.
Valkanov proposed two potential solutions regarding electronic vouchers. One option allows the Minister of Finance to regulate voucher operators' expenses annually, while the other involves rethinking the voucher policy altogether.
The Bulgarian National Bank (BNB) has voiced strong opposition to a proposed 10% tax on banks' excess profits, citing concerns that it would destabilize the financial sector
Economist Rumen Galabinov has stated that Bulgaria's potential future membership in the Eurozone could significantly benefit the country's economy
The Gross Domestic Product (GDP) for Bulgaria in the third quarter of 2024 grew by 2.4% compared to the same period in 2023
The Organization for Economic Co-operation and Development (OECD) has projected that Bulgaria will join the eurozone in 2026
Bulgarians allocate a significant portion of their savings to deposits, with 73% of their assets held in this form
Bulgaria's Acting Finance Minister Lyudmila Petkova stated that discussions are ongoing regarding the payment of a 100 leva (50 euros) Christmas supplement to pensioners
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