Sofia Prepares for Euro: Local Taxes and Fees to Be Recalculated
Sofia Municipality is setting up a dedicated working group tasked with converting all local taxes, fees, and service prices from Bulgarian leva to euros
Bulgarian Posts will carry out the exchange of levs into euros in 2,230 post office locations across the country, according to an official statement from the postal operator, cited by BTA. The complete list of participating offices is now available on the company’s website.
At these locations, individuals will be able to exchange lev banknotes and coins into euros for amounts up to 1,000 leva per person per day. For sums between 1,000 and 10,000 leva per day, customers will need to submit a prior request between three and five working days in advance. Such exchanges will only be processed at 954 designated offices within the postal network.
As outlined in the National Plan and the Law on the Introduction of the Euro, Bulgarian Posts will handle currency exchange operations in towns and villages without access to bank branches or credit institution offices once Bulgaria joins the eurozone. For the first six months after the euro's introduction, these exchanges will be conducted free of charge for the public.
During the same initial six-month period, credit institutions will also provide free-of-charge conversion of levs into euros in unlimited amounts at the official exchange rate. It is important to note, however, that Bulgarian Posts will not process exchanges exceeding 10,000 leva per person per day.
In recent weeks, Bulgaria has seen a noticeable uptick in demand for euro banknotes
The adoption of the euro in Bulgaria is not expected to cause fast loans to become more expensive
Although converting leva into euros may appear straightforward - just divide by the fixed rate of 1.95583 - reality brings far more complexity
The Bulgarian National Bank will stay the course with its conservative and stability-oriented monetary policy even after the country enters the eurozone
The demand for euros in Bulgaria has surged by about 50%
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