site.btaNational Bank Boosts Gold Reserves Ahead of Euro Introduction

On Thursday, the Bulgarian Central Bank announced on its website that it had purchased 66,000 troy ounces of gold [2,053.2 kg] in anticipation of the upcoming introduction of the euro in the country. This follows the EU Council's decision on July 8 to introduce the euro in Bulgaria on January 1, 2026.

The transactions were carried out on international markets at market prices, amounting to less than 1% of its international currency reserves.

According to the European Central Bank's (ECB) rules, upon adopting the euro, the Bulgarian National Bank (BNB) must provide foreign reserve assets to the ECB. The aim of this is to secure the necessary amount of gold without reducing the BNB's existing gold reserves. These foreign reserve assets mainly comprise currency, as well as gold, in a ratio of 85:15.

For accounting purposes, this contribution to the ECB is recognized as a receivable from the ECB and recorded as an asset in the BNB's balance sheet, thereby ensuring the BNB's access to the Eurosystem's income.

Earlier this month, the World Gold Council announced that the Bulgarian National Bank had acquired two tons of gold in August, marking the largest such operation since Bulgaria introduced the currency board in 1997.