Bulgaria's entry into the Eurozone for business it can cost more than BGN 500 million, as just changing the software would cost around BGN 3 million. This forecast was made by the executive director of the Association of Non-Food Traders, lawyer Galin Popov, in the studio of Bloomberg TV Bulgaria.
He warned that the lack of a regulatory framework would create serious difficulties for business around the admission of Bulgaria to the Eurozone – companies will be faced with the need to reconfigure their software and currency exchange, for which the expected timeframes are short.
According to him, a reasonable date for joining the Eurozone seems to be July 1, 2025, “so that any problems that may arise can be cleared up”.
„ Serious preparation is needed for Bulgaria's entry into the Eurozone, as business is interested in predictability and the availability of a regulatory framework so that the acceptance process can take place in a normal way, Popov pointed out. – Effort can be seen from the state, which is starting processes related to the implementation of inflation criteria, but business is worried that the regulatory framework will not be ready in a timely manner."
According to the lawyer, another big stumbling block for the business is the time frame in which it will be possible to exchange leva for euros.
„This is scheduled to happen within two weeks before Bulgaria joins the Eurozone, explained Popov and calculated that if this happens on January 1, 2025, the two weeks will be significantly shorter due to the presence of many weekends and holidays in late December. – One month after the adoption of the euro, there will be dualism in commercial establishments, as it will be possible to pay in both currencies, but the change will necessarily have to be returned in euros, which would create complications for businesses if they did not manage to convert in time” .
The lawyer reminded that the law stipulates that no trader has the right to raise prices during the introduction of the euro, if there are no objective reasons for doing so. “The measure protects against artificial inflation of prices", noted Galin Popov and explained that the word “objective“ is very broad and has no specific meaning.
He believes this may create cases where a business is forced to raise prices due to real factors, but examiners may not consider this to be “objective” reason.