Fixed exchange rate

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.

Recent changes to the Law on Payment Services and Payment Systems regarding the adoption of the euro have raised concerns among legal experts about potential contradictions with the already enacted Law on the Introduction of the Euro.

During his visit to Bulgaria, Croatian Central Bank Governor Boris Vujcic reassured that Croatia's transition to the euro did not result in a significant uptick in prices.

In a significant move toward Eurozone accession, Bulgaria's Council of Ministers has announced that, one month after the official entry date into the Eurozone is disclosed, shop prices will be displayed in both Bulgarian Lev (BGN) and Euro. This dual pricing strategy is set to continue for a year after the Euro becomes the official currency.

Gabriela Rumenova from the consumer advocacy platform "We, the Consumers" exposes a series of pricing violations in stores, where advertised prices in euros diverge significantly from the actual values in Bulgarian Lev (BGN), in direct violation of current legislation.

The largest Chinese state banks were busy this week selling US dollars for yuan, both in onshore and offshore foreign exchange markets, to slow down the depreciation of the yuan. While they also trade on their own behalf or to fulfill client orders, state banks often act on the central bank's instructions when the yuan is under pressure, as is the case currently.

"Our economy is growing. Not as well as it could, but still growing. We have coped well with the post-Covid restrictions as well as the effects of the war in Ukraine".

The Ministry of Finance is preparing a draft budget in which the indicators fully meet the Maastricht criteria, that is, for entry into the Eurozone. For now, Bulgaria plans to do this in 2025.

The total Bulgarian export of goods to the European Union and third countries increased in the first four months of the year by 3.6% compared to a year earlier, while imports into they country increased by only 0.05%, according to preliminary data of the National Statistical Institute (NSI).

"There are formal entry criteria for each country to enter the Eurozone, it is only a matter of time before Bulgaria fulfills them.

There are low deficits and once the energy crisis is over, there will be low deficits again.

The benchmark for inflation remains, but it will moderate anyway.