site.btaParliament Adopts Decision to Accelerate, Complete Practical Preparations for Euro Introduction in Bulgaria

Parliament Friday adopted a decision to accelerate and complete the process of practical preparations for the euro introduction in Bulgaria with 118 votes in favour, 44 against and 13 abstentions. The sponsors were GERB leader Boyko Borissov and GERB-UDF MPs.

The decision was supported by GERB-UDF, Continue the Change – Democratic Bulgaria, Movement for Rights and Freedoms, six independent MPs and one from Vazrazhdane. Thirty-five MPs from Vazrazhdane, four from BSP for Bulgaria and five independent MPs voted against. There Is Such a People abstained.

The adopted decision stipulates that the euro introduction bill should be considered a priority during the first session of the 50th National Assembly. The Council of Ministers, in coordination with the Bulgarian National Bank (BNB) and other responsible institutions, is expected to finalize the regulatory framework for the bill's implementation by the end of 2024.

The Cabinet, in coordination with the BNB and other responsible institutions, should complete the process of technical preparation for the adoption of the euro no later than the end of the first quarter of 2025, the MPs further agreed. The Finance Ministry is expected to ensure compliance with the nominal convergence criteria for the government deficit and debt, as well as for the long-term interest rate, synchronizing its actions with the BNB to meet the price stability criterion.