site.btaFinance Minister: Bulgaria Lost a Lot from BGN-EUR Conversion Fees in 2022
Bulgaria lost BGN 500 million in 2022 from fees for converting the national currency into euro, not counting other fees, said Finance Minister Assen Vassilev at question time in Parliament on Friday.
He was answering a question by MP Rumen Hristov on the adoption of the euro as a currency in Bulgaria.
However, the benefit of adopting the euro is mainly in the interest rates, Vassilev stressed. In Europe, bank interest rates are based on indices such as Euribor and the interest rate falls by half, as was seen in Croatia when they adopted the common European currency. For Bulgaria, this would mean that the state would save another BGN 500 million a year, while Bulgarian businesses will be saving several billion, he stressed.
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