Bulgarians Rush to Buy Euros: 43% Surge in Currency Exchange Triggers Inspections

A sharp rise in the exchange of Bulgarian levs for euros has prompted the National Revenue Agency (NRA) to initiate mass inspections of currency exchange offices across the country. Within the span of just one week, the volume of levs converted into euros has jumped by 43%, NRA Director Rumen Spetsov told lawmakers during a parliamentary subcommittee session focused on consumer protection oversight.

Spetsov noted that authorities had detected instances of fluctuating base rates at which euros were being purchased, leading to questions about whether some bureaus are operating within the bounds of the law. In response, over 300 currency exchange locations nationwide have been targeted for checks. The inspections aim to determine if the operations are compliant not only with foreign exchange regulations but also with anti-money laundering laws.

According to current rules, no identity documents or declarations about the origin of funds are required for transactions under 10,000 leva, which increases the risk of untraceable cash being moved through exchange points. "There is a noticeable uptick in activity," Spetsov commented, adding that queues in front of exchange offices have become a common sight.