Bulgaria Imposes Fines Up to €50,000 for Price Gouging After Euro Launch

Two weeks after Bulgaria adopted the euro, tensions in the retail sector are growing as many stores continue to return change in levs rather than euros, despite the legal requirement to do so, according to Bogomil Nikolov from the Active Consumers Association, cited by Bulgarian National Radio. This practice is not only illegal but also slows transactions and undermines the smooth withdrawal of the lev from circulation, effectively turning shops into informal exchange points.

Authorities have warned that attempts at price manipulation or speculative behavior will not be tolerated. Nikolov stressed that the law governing the euro’s introduction explicitly forbids unjustified price hikes until August 8, 2026. Businesses found in violation of these rules can face fines of up to €50,000 (approximately 97,900 BGN). However, ambiguity remains over what constitutes an “unjustified” increase, leaving consumers still vulnerable to inflated or rounded-up prices.

Another concern is the use of the €500 banknote. While legal, it is widely viewed with suspicion across Europe due to its frequent use in the shadow economy. Experts advise avoiding this denomination for retail transactions, as merchants may refuse it or be unable to provide change. Printing of the €500 note has decreased since 2019, reinforcing its limited circulation.

The dual circulation period also raises the risk of counterfeit currency. The 50 Euro note is reportedly the most frequently counterfeited, and authorities recommend using card payments whenever possible to minimize the risk of receiving fake bills or errors in conversion. Consumers are urged to stay vigilant and ensure that all transactions adhere to the new legal requirements as Bulgaria transitions fully to the euro.