Bulgarian Retailers Prepare for Euro Transition Amid Complex Changes

Retail chains in Bulgaria are actively preparing for the transition from the Bulgarian leva to the euro. Nikolay Valkanov, the executive director of the Association for Modern Trade, stated on Nova TV that ongoing discussions with relevant departments are focused on coordinating activities associated with the euro's introduction. He emphasized that there has been a productive dialogue with the Ministry of Economy and the Commission for Consumer Protection. The regulatory framework established by the previous Parliament has largely satisfied businesses, providing clarity on requirements such as dual pricing labels, fiscal receipt designations, and other technical matters crucial for traders' operations. Valkanov noted that the transition will be a long and complex process.

He highlighted that several indicators are being monitored to determine the timing of the transition from leva to euro. "From March, we should have dual price indications in stores. However, this also hinges on the specific date that will be set," he explained. Vulkanov pointed out that to achieve a favorable convergent report, the final criterion regarding inflation must be formally met.

Additionally, he discussed the current state of food vouchers, which have been converted to electronic formats for greater convenience for both consumers and retailers. While electronicization typically reduces maintenance costs, in this case, they have increased by 1.8% due to bank fees. Valkanov warned of potential market imbalances as food vouchers have dramatically increased in recent years, now accounting for 8-9% of retail food and beverage sales.