Several Bulgarian banks have introduced a period during which individuals can deposit cash in leva into their accounts free of charge. The initiative is part of preparations for the country’s adoption of the euro on January 1 next year. According to Tsvetanka Mincheva, Deputy Chair of the Association of Commercial Banks in Bulgaria, leva deposits…
Although converting leva into euros may appear straightforward – just divide by the fixed rate of 1.95583 – reality brings far more complexity. The transition comes with a massive logistical operation. According to preliminary Bulgarian National Bank (BNB) estimates, around 640 tons of banknotes and 7,700 tons of coins will be pulled from circulation, most…
The Board of the National Bank of Ukraine (NBU) has decided to keep its key policy rate at 15.5%. This will support the sustainability of the FX market and keep inflation expectations in check. “If threats to the sustainable decline in inflation toward the 5% target increase, the NBU will keep its key policy rate…
The Association of Banks in Bulgaria has issued a statement expressing unequivocal support for Bulgaria’s accession to the eurozone on January 1, 2026. In its message, the organization emphasizes that the country’s banking sector is already deeply integrated with the eurozone, paving the way for a smooth transition. The Association acknowledges the significant progress in…
Banking services in Bulgaria rank among the most accessible within the European Union, according to a detailed analysis by the Economic Analysis and Policy Department of the Association of Banks in Bulgaria (ABB). The study focuses on countries in Central and Eastern Europe (CEE) with similar territory, population and economic development levels, drawing several important…
The European Central Bank has fined SEB’s Baltic operations a total of EUR 1.24 million for failing to adequately address deficiencies in credit risk assessment practices, including a EUR 490,000 penalty for the bank’s Lithuanian branch. According to the ECB, internal models used by SEB banks in Estonia, Latvia and Lithuania for calculating the Margin…
Banks in Bulgaria have allocated a total of 400 million leva to prepare their systems for the transition to the euro, according to Petya Dimitrova, chairwoman of the Association of Commercial Banks. She highlighted the significant benefits that adopting the single currency would bring, including enhanced competitiveness, improved operational efficiency, better access to capital and…