Why Bulgaria’s Switch to the Euro Will Be Smoother Than Expected

Bogomil Nikolov from “Active Consumers” believes that Bulgaria’s transition to the euro will be much easier compared to countries like Croatia or Slovakia, thanks to the fixed exchange rate. In an interview with Bulgarian National Radio, he explained that this fixed exchange rate will ensure that the dual display of prices during the changeover will be clearer and more understandable for consumers, making it easier for them to adapt to the new currency. Nikolov expressed confidence that the process would not be too complicated.

One of the main concerns for citizens, according to Nikolov, is related to physically exchanging their money. This issue is especially serious for elderly people who might feel insecure about leaving their homes with cash to visit banks or post offices. In smaller settlements, he noted, this process could be even riskier and more stressful. Nikolov urged the Ministry of Interior to play an active role in this period by ensuring there is a police presence wherever money exchanges are taking place. Such measures would help people feel safer and more confident in changing their money.

Nikolov also pointed out that whenever there is a new situation like this, criminal groups tend to become more active. He warned of the risk of counterfeit banknotes circulating during this period. In his opinion, part of the information campaign around the euro adoption should focus specifically on helping people identify fake banknotes, and the Ministry of Interior should have a clear plan to prevent such activities. He also recommended that merchants should invest in scanners to detect counterfeit money.

Drawing on the experience of eight other countries that have already adopted the euro, Nikolov highlighted that confidence in the currency has actually increased in every one of them. He believes this is a strong indication that many of the fears people have about switching to the euro are based on incorrect or misleading information. While he admitted that no one can guarantee that fears won’t arise, he stressed that the experience of other countries shows that these concerns eventually prove unfounded.

Addressing the calls for a referendum on the euro, Nikolov said that in the current situation, such a referendum would not be based on sound reasoning but rather on people’s emotions. He expressed concern that such a vote could deepen divisions in society, which he believes would be unhelpful.

Nikolov argues that the most important step forward is for institutions to involve both consumers and traders more actively in monitoring the transition. Consumers, he emphasized, can act as a powerful check on the system. The shift to the euro also provides an opportunity, he noted, to consider how laws can be strengthened to include penalties when needed.

Source: BNR interview