Bulgarian banknotes and coins in circulation will be destroyed after we join the Eurozone. This is clear from BNB information published in the heading "Joining the Eurozone".
According to the published statistics by denominations on the website of the BNB, in the available money circulation at the end of February 2024, there are a total of 581.4 million banknotes and 3.242 million coins, which have a constant tendency to increase number. The estimate of their weight is about 820 tons for the banknotes and 13,000 tons for the exchange coins, the BNB specified, quoted by Bg ON AIR.
The withdrawal of Bulgarian banknotes and coins from circulation will require sufficient storage areas with the necessary degree of security, as well as additional high-capacity machines for listing and verifying the authenticity of the withdrawn banknotes and coins. In addition, those for destroying banknotes and demonetizing coins will also be needed, as well as transport to transport them to the places of destruction and demonetization.
Euro banknotes and coins intended to replace Bulgarian banknotes and coins are estimated at around 550 million euro banknotes and 880 million euro coins.
For the first year, the euro banknotes will be loaned by central banks of the euro zone, and the BNB will have to pay the transport costs, as well as within up to two years it must return the borrowed banknotes to the central banks.
Eurocoins will be produced with a Bulgarian national side according to the already approved design, for which the BNB will supply the necessary blanks.
The accession of the Republic of Bulgaria to the Eurosystem will lead to a fundamental change in the monetary policy model in Bulgaria, the BNB also points out.
In contrast to the highly limited possibilities of monetary policy within the framework of the monetary board regime, after the entry into force of the new Law on the BNB, the central bank will be able to implement, through the Eurosystem, the entire range of monetary policy instruments provided for in Chapter IV from the Statute.