A significant portion of Bulgarians’ savings is already held in euros, signaling the country’s readiness for the currency switch, even before its official adoption. According to Petar Chobanov, Deputy Governor of the Bulgarian National Bank (BNB), 25% of household deposits and 32% of business deposits are currently in euros. This reflects a pragmatic approach by…
Prices in seaside restaurants across Bulgaria are rising this year, with a noticeable hike in some popular beachside dishes. A typical summer meal, such as a beer with sprats and fries, will now cost around 30 leva, according to a recent check by Telegraph. This is an increase from last year, where the same meal…
The liberalization of the electricity market for households – meaning that residential consumers would join the free electricity exchange where businesses have traded for years – is being postponed. At least for now. The reform was supposed to take effect on July 1, following an initial 365-day delay approved by Parliament in 2024. In the…
Inflation in Bulgaria is projected to rise ahead of the country’s euro adoption, as indicated in the Ministry of Finance’s latest spring Macroeconomic Forecast. The anticipated increase is largely driven by higher prices for services and food. According to data based on the EU consumer basket, the average annual inflation rate in 2024 was recorded…
Iliya Lingorski, a member of the Bulgarian National Bank’s (BNB) Governing Board, highlighted the significant logistical challenges of adopting the euro in Bulgaria during a public lecture at the University of Economics in Varna. According to Lingorski, the introduction of the euro involves much more than just currency exchange; it also requires extensive adjustments across…
The Bulgarian National Bank (BNB) has clarified the procedural changes that will take effect with the adoption of the euro as Bulgaria’s official currency. One significant update is that the BNB will no longer announce the base interest rate, as stated in its series of questions and answers about the transition to the euro. With…
The Bulgarian National Bank (BNB) has announced that it will stop publishing the key interest rate following the country’s adoption of the euro. This change is outlined in a new series of questions and answers available on the central bank’s website. Once the euro becomes the official currency of Bulgaria, the key interest rate will…