Bulgaria Prepares for Euro Transition with Double Price Labeling Starting March

Retailers in Bulgaria are gearing up for the introduction of the euro, with double price labeling in BGN and EUR expected in stores starting March, NOVA NEWS reports. Nikolay Valkanov, executive director of the Association for Modern Trade, mentioned that discussions are ongoing with relevant government departments, including the Ministry of Economy and the Commission for Consumer Protection, to coordinate the euro transition activities.

Valkanov noted that the regulatory framework, established by the previous Parliament, largely meets business needs by clarifying the rules for dual price labeling, fiscal receipts, and other technical aspects essential for retailers. However, he stressed that the transition process will be long and complex.

He explained that several indicators are being monitored to determine the timeline for the currency switch, adding that the double price labeling in stores from March depends on the confirmed date.

Valkanov also stated that to achieve a positive convergence report, the last criterion relating to inflation must be officially met.

Regarding food vouchers, Valkanov highlighted that they have now been digitized, which benefits both retailers and consumers. However, despite the expected reduction in maintenance costs due to digitization, overall expenses have risen by 1.8% because of bank fees. He warned that the retail market could be destabilized as food vouchers have increased significantly in recent years, now accounting for 8-9% of food and beverage sales.