The Ministry of Finance (Bulgaria) published remarks by Deputy Minister Metodi Metodiev outlining how deposits and cash will be converted when the euro is introduced, alongside planned measures to identify and address irregularities during the changeover. Banks will automatically and free of charge convert all deposits of individuals and business customers on the euro introduction date. Free cash exchange of levs into euros will be available at Bulgarian Posts post offices in settlements without bank branches during the first six months, while the Bulgarian National Bank will exchange indefinitely and without fees. Currency conversion of larger cash amounts will need to comply with anti-money laundering legislation and applicable European requirements. Metodiev also cited the removal of transaction costs, elimination of foreign exchange risk and hedging costs for business, and potential credit rating improvements that could affect state funding conditions. Reports of irregularities related to the euro introduction process can be submitted to the Ministry of Interior, the National Revenue Agency, the Consumer Protection Commission, the Financial Supervision Commission or the Bulgarian National Bank. An action plan aimed at maximising citizen protection is being prepared, with institutions expected to be active from day one after the euro’s introduction to monitor and counter unfair and illegal practices.

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