Bulgarian National Bank Chief Targets 2025 Eurozone Access

The path to Eurozone accession for Bulgaria may see a significant milestone in 2025, albeit not at the outset of the year, according to Dimitar Radev, the governor of the Bulgarian National Bank (BNB). Speaking from Washington during the annual spring meetings of the World Bank and the International Monetary Fund, Radev outlined a timeline that suggests a later entry into the Eurozone as a more plausible scenario at present.

In an interview with BTA, Radev emphasized the importance of an anti-inflationary budget, noting a disparity between current fiscal policies and the imperative to curb inflationary pressures. Drawing on global and domestic experiences, he highlighted the efficacy of measures geared towards effective cost management as instrumental in achieving this goal.

Radev's remarks come against the backdrop of ongoing efforts to align Bulgaria's economic policies with Eurozone standards, a prerequisite for accession to the single currency bloc. While the prospect of Eurozone entry in 2025 looms large, Radev's tempered optimism suggests a cautious approach to the timeline, acknowledging potential complexities and challenges that may influence the process.

Addressing concerns surrounding Bulgaria's mortgage lending sector, Radev assured stakeholders that the situation remains under close scrutiny. While acknowledging the sector's growth, he indicated a lack of immediate alarm, attributing his vigilance to the need for prudent oversight in the credit market.