As the historic moment approaches when Bulgaria will adopt the euro as its official currency, more and more people are asking themselves: “What is changing for me and how can I prepare?“ Here are the most important highlights and practical tips that will help you go through this transition smoothly. These tips were given in an interview for "Predi visi" on the Bulgarian National Radio by Deputy Minister of Economy Nevena Lazarova.
The transition to the euro - what is happening in practice?
On January 1st, Bulgaria will join the eurozone, and this means that the lev will gradually give way to the euro in our everyday lives. It is important to know that all prices will be displayed simultaneously in leva and euro, and this dual label will be used for a whole year after the introduction of the new currency. This will make it easy for consumers to navigate and avoid confusion or abuse.
The official exchange rate and rounding rules Do not underestimate the importance of the exact exchange rate!
The currency conversion will be carried out at a fixed rate, determined with accuracy to the fifth decimal place. This ensures transparency and protects the interests of citizens. It is important to ensure that prices are displayed clearly, legibly and in the same font - any deviation can be a signal of incorrect practices.
Dual circulation of leva and euro - what does this mean?
In the first month after the introduction of the euro, payment will be allowed in both leva and euro. If you pay in levs, the change will be returned to you in euros, and if there are not enough euros - also in levs. On the receipts you will see the final amount in both currencies, which will make it easier to control your expenses.
How will we get euros?
Banks will provide merchants with the necessary euro banknotes and coins, and ATMs will gradually start paying out amounts in euros. During the first six months after the introduction of the euro, you will be able to exchange levs for euros completely free of charge and without any quantity restrictions. However, for amounts over 30,000 levs, you will need to make a prior request at least three business days in advance. In smaller settlements where there are no bank branches, “Bulgarian Posts“ will exchange levs for euros up to 1,000 levs per day per person without a fee. For larger amounts - between 1,000 and 10,000 leva - a prior request will be required and the exchange will be carried out only at certain post offices.
What are the benefits of introducing the euro?
According to experts, the transition to the single European currency will bring a number of advantages - easier trade, more investment, economic stability and increased income. The purchasing power of Bulgarians is also expected to increase, and business will become more competitive on the European market.
Where can we find more information?
The official euro website will publish detailed instructions and sample labels for traders to ensure correctness and transparency in pricing. Don't hesitate to follow the latest news and get informed in a timely manner to avoid unpleasant surprises.
The transition to the euro is a big step for Bulgaria, but with the right preparation and awareness, everyone can take advantage of the new opportunities. Be vigilant, monitor prices and don't hesitate to seek help if needed - this way you will welcome the new currency with confidence and peace of mind!