2024-03-26 23:48:25
- The free and automatic conversion of accounts, salaries, prices, pensions, securities will be carried out at the rate of 1.955883
- For loans with a variable interest rate, the new interest rate cannot be higher than the one on the date of adoption of the euro
- One month we will pay in both currencies, then merchants can refuse more than 50 coins in BGN, including pennies, in one transaction
On the day of the introduction of the euro, Bulgaria will part with the currency board and payments in the new currency will start. Banks will automatically and completely free of charge convert savings and loans on current, deposit, savings and credit accounts and cards into euros at the official exchange rate of BGN 1.955883 per euro.
All mandatory requirements and procedures are listed in a bill for the introduction of the euro, announced for public discussion by the Ministry of Finance.
From this date, we will only withdraw euros from ATMs and bank offices, and merchants will also return change in the new currency, even if we pay in BGN. The prices of all goods will be announced in both currencies at the same time for buyer control.
From the same date, it is envisaged that the payment of wages, pensions, benefits, monetary and social benefits and all payments will be made in euros.
Debts to the state will be rounded from the decimal point down, and from the state to the people – from the decimal point up.
The use of both currencies at the same time will be allowed only up to a month after the introduction of the European currency. Half a year from this date, banknotes and coins in BGN will be exchanged free of charge by banks and in some post offices in settlements where there are no bank branches or they are far away. If the amounts to be exchanged are over BGN 30,000 and the holder wants to exchange them at once, he must make a request three days in advance in order to have sufficient availability of the new currency.
The BNB will exchange banknotes and coins from leva to euros free of charge and in an unlimited quantity and without time limits at the official exchange rate from the day of the introduction of the European currency, the project also provides.
So that there are no changes and speculations that make it difficult to convert loans, the law stipulates that if they are variable interest rates, the new interest rate cannot be higher than the amount of the interest rate on them before the date of introduction of the euro. In the case of a loan agreement with a fixed interest rate, it remains the same as agreed before the introduction of the euro.
One month from the date of the introduction of the new currency, the prices of goods and services will be indicated simultaneously in BGN and EUR. The law stipulates that the two prices are written clearly, legibly and unambiguously, so as not to mislead consumers. In the fiscal receipt, the amount paid will also be written in both currencies.
During the one-month period with dual leva and euro circulation, people will be able to pay in both currencies, and merchants will be obliged to return change in euros unless they have sufficient current availability. After the expiration of this period, the lev will cease to be legal tender.
During the period of double circulation, merchants may not accept more than 50 leva coins, including pennies, in one transaction.
Control authorities will ensure that traders do not increase the prices of the goods and services offered by them, if this is not required by economic factors, such as the introduction of the new currency.