Preparations for Bulgaria’s entry into the eurozone are well underway, despite the exact timeline remaining uncertain. While the government has not specified the date of the country’s adoption of the single European currency, regulatory changes are being made to ensure a smooth transition. Recently, the caretaker government has approved a decision requiring the State Commission for Commodity Exchanges and Markets to begin converting its fees from leva to euros as soon as Bulgaria is officially part of the eurozone. Similarly, other government bodies are making adjustments to their tariffs and fees in preparation for the currency change. For instance, the Agency for Metrological and Technical Supervision has released a draft for a new tariff, which will be adopted in euros once Bulgaria joins the eurozone.
Both public and private sectors are gearing up for the switch. The private sector is already recalculating prices and updating software systems to accommodate the change. Notably, retail chain “Fantastico” has started displaying both leva and euro prices on cash receipts to help customers become familiar with the conversion. In the real estate sector, the euro is already the dominant currency, with properties frequently listed in euros rather than leva.
The logistical challenges of transitioning to the euro are considerable and require thorough preparation. Institutions, banks, companies and citizens must coordinate efficiently for a smooth rollout. A representative from Croatia recently highlighted the complexities involved, particularly in adapting ATMs to accommodate euro banknotes, which differ in size from the Croatian kuna notes.
Despite the efforts underway, there has been criticism of the lack of public communication about the euro’s introduction. Many citizens are still unaware of the practical benefits of switching to the euro, and the government has yet to launch a comprehensive campaign to inform the public. The Ministry of Finance has announced plans for a survey to gauge public attitudes toward the euro, but critics argue that such a survey is coming too late, especially since government officials had previously suggested Bulgaria could join the eurozone as early as July. The new target of January 1, 2026, while realistic, is fast approaching, and many believe more needs to be done to prepare the public for the change. (Novinite)