Euro Confidence Grows: 25% of Bulgarian Household Deposits Now in Euros

A quarter of household savings in Bulgaria are now held in euros, reflecting growing confidence in the currency and its widespread use. According to Petar Chobanov, Deputy Governor of the Bulgarian National Bank (BNB), 25% of household deposits and 32% of corporate deposits are already denominated in euros. He attributes this trend to Bulgaria’s strong economic ties with the eurozone and the European Union, which have made the euro increasingly accepted among both citizens and businesses.

Chobanov also noted that preparations are progressing for the transition of card payments from the Bulgarian lev to the euro. A key part of this process is the planned integration of BORICA—the national card payment system—into the European TARGET system by the end of the year.

Additionally, the BNB has already connected to the Eurosystem’s TIPS platform, enabling instant payments in euros. This system allows for immediate local and cross-border transfers—completed within 10 seconds—at any time of the day, further supporting the adoption of the euro in everyday financial operations.