New Currency Exchange Rules Effective in Bulgaria

Business | August 14, 2012, Tuesday // 09:17|  views

The new currency exchange rules are expected to limit opportunities to mislead customers. File photo

The new rules for currency exchange bureaus in Bulgaria are becoming effective Tuesday.

According to them, the difference between the rates of buying and selling currency at the bureaus cannot exceed 5% of the daily rate of the Bulgarian Central Bank, BNB.

The old legislation allowed a threshold of 20% difference.

The revenue authorities in the country say the changes will affect only merchants who are trying to deliberately deceive customers, and will limit opportunities for the exchange bureaus to use misleading advertisements and list one rate on signs outside and another at cash registers inside.

The ATMs for currency exchange are expected to become functional by the end of the year. They will exchange up to BGN 2 000 in one transaction, will issue receipts and will be connected to the National Revenue Agency, NRA.

Bulgaria has about 1 700 currency exchange bureaus owned by 700 companies.

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Tags: currency exchange, rules, bureaus, Bulgarian Central Bank, BNB, National Revenue Agency, NRA

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