The state will ensure a smooth and secure transition to the euro. This was stated by Prime Minister Rosen Zhelyazkov in an exclusive commentary in the studio of "Around the World and at Home". About the euro, people and business and whether the fears are justified - watch Prime Minister Rosen Zhelyazkov in the studio of "Around the World and at Home".
"The assessment of the commission and the European Central Bank is positive, that is, Bulgaria meets the criteria for stability. This assessment is the necessary step for the European Parliament and the European Council to make the decision in the ECOFIN format on July 8th.
Zhelyazkov commented on some of the biggest fears of people regarding the introduction of the euro:
BNB RESERVES
The Prime Minister described the claims that the BNB reserves will be taken as "widespread false propaganda".
"There are two factors - one is written in the Treaty on the Functioning of the EU, where it is clearly stated that a country cannot assume the debts of another EU country, the other is that the BNB and any national bank cannot invest in the debts of another country, cannot give them loans. It can invest its funds at the appropriate rate of return, but not debts.
The BNB's reserves currently amount to about 80 billion leva and will serve to guarantee price stability and for investment actions that will enable the BNB to maintain and expand its portfolio and resources, Zhelyazkov stressed.
CURRENCY EXCHANGE AND PRICES
Rounding prices to the upper limit when converting currencies has been a practice in other countries, but the authorities are prepared for this not to happen in our country, Zhelyazkov said.
The information campaign will be specifically aimed at more vulnerable people. The state must be in place when the currency exchange begins, especially in small settlements, the prime minister emphasized. The Ministry of Interior is starting to develop plans, "Bulgarian Posts" are also ready to guarantee people's security.
Exchanging levs into euros will be possible free of charge and indefinitely at the Bulgarian National Bank. In credit institutions and "Bulgarian Posts" money will be able to be exchanged for free up to 6 months after the introduction of the euro and this has nothing to do with dual circulation.
"That is, people should not start exchanging in a panic on January 1. Moreover, the money in our accounts will be converted automatically," the Prime Minister pointed out.