Most Shops Compliant, Prices Stable: Euro Coordination Center Reports on Bulgaria’s Transition

Bulgaria has officially joined the eurozone, and authorities are now focusing on making the currency transition as transparent as possible. Vladimir Ivanov, head of the newly established Euro Coordination Center and chairman of the DCBT, outlined the center’s mission in an interview with bTV. Created by the Council of Ministers on December 30, the center is tasked with coordinating a smooth adoption of the euro, ensuring timely information on prices, monitoring compliance, and countering misinformation.

Ivanov emphasized that currently, there is widespread disinformation circulating about the introduction of the euro. Some political groups and NGOs, he said, are spreading unverified claims, particularly those opposed to the euro. He added that most recent alerts about alleged irregularities proved to be false, with over 90% of inspections showing no violations. Stores are reportedly well stocked with euros, and citizens have adapted to the change without major disruptions. Since early January, the center has received more than 1,500 calls through its hotlines, including contacts with the NRA, CPCo, and BFSA.

Looking ahead, Ivanov stated that 2025 is expected to be a year of market stabilization. Despite challenging conditions and high prices for fruits, price fluctuations remain minor, with annual inflation projected below 2%. The Euro Coordination Center will concentrate on service sectors, where businesses have been known to round up prices following the euro’s introduction. Penalties for violating the Euro Introduction Act range from 5,000 BGN (€2,550) to 200,000 BGN (€102,000), depending on the frequency and severity of the violation.

Ivanov also highlighted that competitive promotions have led to significant reductions in some products’ prices. For instance, sugar is now sold for a third less than in 2022, and certain stores have lowered oil prices as well. He concluded that overall market behavior has remained stable, and citizens are adapting well, provided they stay informed and rely on verified information.

Source: bTV