site.btaBulgaria Continues to Work Towards Entry in Euro Zone on January 1, 2024

Sofia, June 30 (BTA) - Тhe board coordinating Bulgaria's preparation for entry in the euro zone approved a national plan for adoption of the euro in Bulgaria, the central bank and the Finance Ministry said in a joint statement Wednesday. The coordination board co-chaired by the National Bank of Bulgaria (BNB) Governor, Dimiter Radev, and Finance Minister Assen Vassilev.

Bulgaria's commitment to the adoption of the euro was reconfirmed in its EU Accession Treaty after the initial declaration with the commencement of EU accession talks.

The plan is that this country will adopt the euro without a transitional period as on the same day, July 1, 2024, it will become the official currency.

The revaluation will used the fixed exchange rate between the Bulgarian lev and the euro. For a month after the introduction of the euro, the Bulgarian lev and the euro will simultaneously be legal tenders.

The operational work for replacing the lev with the euro will be guided by the national plan for adoption of the euro. The plan was prepared by the coordinating board and was based on the best practices of the euro zone countries. It met the June 30, 2021, deadline set in a government ordinance of March 25, 2021, which also provided for the establishment of the coordinating board.

The national plan will be published for public consultation before being submitted to the government.

It formulates the institutional and statutory framework for adoption of the euro, and the key activities that need to be undertaken. It catalogues all major steps to be taken and measures to be implemented by the participants in the preparation for adoption of the euro: the public and private sector, and the citizens.

The national plan also sets out the rules for recalculating prices and the procedures for cash exchange and conversion of lev-denominated deposits and loans.

All necessary legislative changes are described in detail.

It provides for holding an awareness-raising campaign among Bulgarian people about how they will exchange their leva with euro, about the features of the euro notes and coins, measures for consumer protection and other important matters. RI/LN/