The BNB will not lose its foreign exchange reserves upon entering the eurozone. This was stated by the Governor of the BNB, Dimitar Radev, to BNT.
According to him, there is no reason for entering the monetary union to be a reason for an increase in the prices of goods. The Governor of the central bank predicts growth in the purchasing power of Bulgarians, referring to the experience of the last countries that adopted the European currency.
Radev also emphasized that political instability and a series of elections have delayed the process of introducing the euro by three years.
Now there is a vote again, there is no reason for entering the monetary union to be a reason for an increase in the prices of goods. It is for early elections, for a vote of no confidence in the cabinet. Do you see any risks a month before the final vote on July 8?
"A new political crisis at this very moment would make the smooth transition to the introduction of the euro more difficult and would create many problems for businesses and households. I think one of the lessons after 2020 is that the answer is not political instability in Europolitical crises", Radev said and added:
"Nothing unexpected happened in Croatia. I don't think there will be any surprises or any special lessons. If we look at the big picture, what is happening is that the eurozone opens up new opportunities, it is not a guarantee of anything, but it opens up new opportunities - for economic growth, it is very important to emphasize that it opens up the possibility for accelerated real convergence. A key element of real convergence is the accelerated increase in incomes, and this is what we are observing in Croatia."
How do you comment on the concerns in the debates and protests in defense of the leva that we are losing our identity by switching to the euro?
In practice, it is exactly the opposite, i.e. not only are we not losing our identity, but we are affirming our identity. Just think - the Bulgarian euro coins, the euro banknotes - they have our letters on them. The euro coins have some of the greatest Bulgarian symbols and they will be depicted on coins that are in circulation among 350 million Europeans."