Bulgaria Plans Dual Price Display in Lead-Up to Euro Adoption

In a significant move toward Eurozone accession, Bulgaria's Council of Ministers has announced that, one month after the official entry date into the Eurozone is disclosed, shop prices will be displayed in both Bulgarian Lev (BGN) and Euro. This dual pricing strategy is set to continue for a year after the Euro becomes the official currency. The exchange rate will be based on the current peg of BGN 1.95583 to EUR 1, rounded off to two decimal places for ease of calculation.

Addressing concerns about potential inflation shocks post-Euro adoption, the Council of Ministers cites Croatia as an example where inflation decreased in the initial months following Eurozone entry. Additionally, the cabinet assures that there will be no immediate impact on incomes or purchasing power. On the contrary, gradual income increases are expected as businesses reduce currency conversion costs, enhancing competitiveness. Salaries and pensions will be recalculated automatically at the established exchange rate.

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