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The Bulgarian National Bank (BNB) has clarified the procedural changes that will take effect with the adoption of the euro as Bulgaria’s official currency. One significant update is that the BNB will no longer announce the base interest rate, as stated in its series of questions and answers about the transition to the euro. With the discontinuation of the base interest rate, its function in determining the legal interest rate will also cease, with interest rates set by the European Central Bank taking precedence.
The BNB also highlighted that for one month following the euro’s introduction, both the lev and the euro will be recognized as legal tender, but only for cash transactions. Non-cash payments, including bank transfers and card transactions, will be exclusively conducted in euros from day one of the currency changeover. ATM operations will also be adjusted to dispense euro banknotes exclusively.
Additionally, all Bulgarian lev accounts will be automatically converted to euros by financial institutions without any fees or commissions. This conversion will be carried out without accruing interest, ensuring a seamless transition for account holders.
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