The Bulgarian Parliament has formally called upon the Ministry of Finance to establish a revised timeline for Bulgaria’s entry into the Eurozone, targeting July 1, 2025, as the new adoption date for the euro. This schedule is contingent on Bulgaria meeting inflation control requirements by 2024.
Within two weeks of fulfilling this criterion, the Bulgarian government has pledged to request a formal report from the European Central Bank and the European Commission, which would confirm that all conditions required for Eurozone accession have been met, according to BNT.
A draft resolution, submitted by the GERB-UDF coalition, seeks to expedite and complete the technical preparations necessary for Bulgaria to adopt the euro. The draft emphasizes that the Law on the Introduction of the Euro, as presented by the Council of Ministers, should be prioritized and approved during the current parliamentary session, anticipated to conclude in August 2024. The resolution specifies that the Council of Ministers, in coordination with the Bulgarian National Bank (BNB), must finalize all technical preparations required for the euro’s adoption within the first quarter of 2025.
Parliamentary representatives underscored that Bulgaria would adopt the euro while maintaining the fixed exchange rate of 1.95583 BGN per 1 EUR.
In its initial reading, the draft law, outlining principles, regulations, and procedures for introducing the euro, was approved. Among the key provisions is a transitional period in which prices will be displayed in both BGN and EUR, allowing citizens to adjust to the new currency.
The legislation further stipulates that, in the first month following the euro’s introduction, payments in both BGN and EUR will be legally accepted. A six-month period will be allowed for free currency exchange, with all bank accounts, loans, and deposits automatically converted to euros at no additional cost by the relevant financial institutions.