The introduction of the euro is not a reason for changing the terms of loans. Loans will be converted. Interest and payments will be converted into the new currency. No changes should occur. This was said by Iliya Lingorski, member of the Governing Council of the Bulgarian National Bank.
"We live in historic times and on the threshold of a historic achievement. One of the important things about a country's readiness to introduce the euro as a national currency is that it is not political. It is exclusively normative, based on precise criteria, on an accurate quantitative assessment by the EC and the ECB," he pointed out.
„The fears are unfounded. This is a process that many other countries have gone through. The BNB is working on the communication campaign. This campaign will be much more active after July 8, when the decision will be made. We have printed the questions and answers about the euro in a booklet. It is also available online on the BNB website," Lingorski commented to bTV.
„The BNB and our banking system have been preparing intensively for this moment in 2020, when the Bulgarian lev was included in the exchange rate mechanism two. We entered the banking union. This is a successful practice that is very useful for the BNB and the banks in our country," added Iliya Lingorski.
„The exchange of levs in bank accounts into euros will be carried out automatically at the fixed rate. There will be no fee. The easiest thing that every citizen can do, especially when they have cash available, is to deposit them in the bank to take advantage of the automatic currency conversion. Available funds will be exchanged on the spot at the BNB forever. "Commercial banks and post offices will also exchange in the first six months. After that, they can introduce fees. Up to 30 thousand leva will be exchanged over the counter without prior request. A prior request must be made three working days in advance for over 30 thousand leva for banks and for amounts between 1,000 and 10 thousand leva at post offices," he commented.
The euro coins will have Bulgarian symbols. Minting will begin on a specific date after the decision of the European Council after July 8. The euro coins will say "Stotinka", not "Cent". They will be minted in Bulgaria.