The process of introducing the euro in Bulgaria is advancing, with the implementation of the Eurosystem’s TIPS (Target Instant Payment Settlement) service playing a central role. The Bulgarian National Bank, the BISERA payment system, two banks and one electronic money company have joined the service, which facilitates instant payments in euros, completed within ten seconds.…
Preliminary data from the Ministry of Finance indicate a slight reduction in the budget deficit for November compared to October. As of the end of November, the deficit is expected to stand at 3.7 billion leva, marking a decrease from nearly 4 billion leva reported in October. This adjustment corresponds to a decline in the…
Mass layoffs have resurfaced in Bulgaria’s labor market, with nearly 10,000 workers affected in the past two years. Once associated with the closure of major industries, this process has gained renewed attention as significant foreign investors withdraw from the country. Between January and October, 65 notifications of mass layoffs involving 4,921 employees were submitted to…
Bulgaria’s banking system is on track to surpass three billion leva in profits again this year, following the record-breaking 3.4-billion leva reported in 2023. According to the Bulgarian National Bank (BNB), commercial banks in the country had already posted a total profit of 3 billion leva as of the end of October. However, the growth…
Small grocery stores contribute approximately 10% to Bulgaria’s GDP. For the first time in a decade, traditional trade is outpacing the growth of modern trade, reversing a long-standing trend that had led to the closure of 10,000 family-owned stores in recent years. Despite fierce competition from hypermarkets, these small stores retain a significant market share…
The decision to buy or rent property in Bulgaria’s major cities, particularly Sofia, is influenced by various factors, with real estate experts suggesting that buying remains more advantageous than renting in the long term. Mortgage payments for purchasing an apartment in Sofia are typically similar to monthly rent, making homeownership an attractive option, especially in…
Wizz Air has announced four new routes from Varna for the summer 2025 season, marking a significant expansion of its operations in Bulgaria. Starting on March 31, 2025, the airline will introduce flights to Abu Dhabi, which will operate three times a week. Additionally, the airline is resuming services to Frankfurt-Hahn, Nuremberg and Tel Aviv.…