Bulgaria Accelerates Eurozone Entry: Parliament Sets July 2025 Target

The Bulgarian Parliament has recently adopted a decision to accelerate the process of adopting the euro. Under this new directive, the Ministry of Finance is tasked with requesting Bulgaria's Eurozone membership to commence on July 1, 2025, provided the country meets the inflation criteria by the end of this year. Once this criterion is met, the government will seek extraordinary convergence reports from the European Central Bank and the European Commission within two weeks to confirm that all conditions for adopting the euro are fulfilled.

The decision, proposed by GERB, aims to expedite Bulgaria's technical preparations for joining the Eurozone. It emphasizes that the Law on the Introduction of the Euro, introduced by the Council of Ministers, must be treated as a priority and approved during the Parliament's current session, which is expected to conclude in August.

Additionally, the decision mandates that the Council of Ministers, in coordination with the Bulgarian National Bank (BNB), complete the technical preparations for the euro's adoption by the first quarter of 2025. The parliament has also stipulated that Bulgaria will adopt the euro at the official exchange rate of 1.95583 leva per euro.