Banker and economist Levon Hampartsumyan addressed concerns about Bulgaria’s adoption of the euro, emphasizing the need to overcome fears and embrace the impending change. According to Hampartsumyan, the shift to the euro as the primary measure of economic success will not only be seamless but also without financial burdens for the public.
Contrary to apprehensions, he assures the public that currency conversion from leva to euros will be facilitated by the state at no cost to individuals, eliminating fees and commissions. Hampartsumyan further dispels worries related to mortgage loans, assuring that figures will not be rounded and the conversion process is likely to be automatic to avoid administrative complexities.
“The National Bank will exchange leva for euros indefinitely,” assured Hampartsumyan, drawing parallels with Germany, where individuals still possessed around 30 billion Deutsche Marks, emphasizing that the value of exchanged money would persist after the euro adoption.
Meanwhile, Bulgaria’s National Bank (BNB) governor Dimitar Radev expressed confusion over the lack of discussion in the National Assembly regarding the bank’s 2022 report on the benefits and drawbacks of Bulgaria’s entry into the Eurozone. Radev calls for the avoidance of political entanglements with the institution.
As Bulgaria navigates the path toward euro adoption, Hampartsumyan’s insights aim to allay concerns and foster a positive outlook, emphasizing the long-term stability and benefits associated with the transition. (Novinite/Business World Magazine)
