Bulgaria's Euro Adoption Likely Postponed: Entry Date Shifts to Second Half of 2025

Finance | April 25, 2024, Thursday // 12:13|  views

Bulgaria's long-anticipated entry into the Eurozone may face a delay, as the country is unlikely to meet the inflation criterion required for the introduction of the euro on January 1, 2025. Dimitar Radev, the Governor of the Bulgarian National Bank (BNB), disclosed to BTA that a more plausible scenario for Bulgaria's integration into the Eurozone would be later in 2025.

This revelation comes as part of a broader discussion within Bulgaria's financial and business circles. The Bulgarian Chamber of Commerce, represented by Stanislav Popdonchev - Deputy Chairman of the BCC, was involved in an interdepartmental working group tasked with drafting the Law on the introduction of the euro. Popdonchev shared insights with BNR, shedding light on the evolving timeline for Bulgaria's euro adoption.

"The original target date of January 1, 2025, was reevaluated due to concerns that Bulgaria may not meet the inflation criterion by the release of the regular convergence report in June this year. As a result, alternative dates for entry, notably March 1 or July 1, 2025, are now under consideration," explained Popdonchev.

Highlighting the significance of the entry date for businesses, Popdonchev emphasized the need for ample preparation time. "Businesses require between 6 and 8 months to adjust their operations for euro transactions, encompassing fiscal devices, internal software, and procedural adaptations," he stated.

A key aspect of this adjustment involves updating the software of fiscal devices utilized by businesses, including cash registers, which number over 350,000. Popdonchev underscored the importance of amending Ordinance N18 to facilitate software updates, which are estimated to cost between BGN 44 and BGN 100 per device.

While the transition to the euro necessitates comprehensive preparations, Popdonchev reassured that businesses may not need to invest in entirely new fiscal devices, provided that software updates suffice. However, any potential need for new devices would depend on the extent of software changes.

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Tags: Bulgaria, euro, inflation, business


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