“I believe that businesses will take a reasonable approach during the transition to the euro.” This was stated by Deputy Minister of Economy and Industry Dontcho Barbalov during an appearance on Nova TV’s programme “Presechna tochka”.
The Deputy Minister of Economy assured that state oversight will not become a form of pressure on traders.
According to him, while isolated attempts at abuse cannot be entirely ruled out, the vast majority of businesses are prepared, responsible, and already working on adapting to the new rules.
Barbalov pointed out that regulators will primarily target those businesses that might try to take advantage of the transitional period through speculative actions. “Today’s messages are directed precisely at them,” he emphasised, while also expressing confidence that the overwhelming majority of traders will cooperate with the institutions.
The government and regulatory authorities are already working in parallel across various areas. One of the key focal points is a memorandum between the state and the business sector, which will cover training and awareness-raising for employees at commercial establishments.
Barbalov explained that “a lack of knowledge can also lead to mistakes,” which is why efforts will also focus on raising awareness among all economic participants – both vendors and consumers.
The price monitoring system is also undergoing improvement. According to the Deputy Minister, an automated system for submitting pricing information will be developed in cooperation with major retail chains. This will allow for timely analysis of price levels and enable regulators to respond to unjustified deviations.
When asked whether the monitoring will mainly focus on large retailers, Barbalov clarified: “With them, we will more easily automate the process and reduce the risk of human error. This will free up resources for monitoring in smaller settlements, where the risk is higher.” In his view, the overall process of introducing the euro has been “overdramatized” and no significant problems are expected.
Experience from other countries, including Croatia, has been analysed and best practices will be applied. Particular attention will be paid to the correct calculation of the conversion rate. The transition will officially begin on 8 July, when the country is expected to receive the final decision on adopting the single currency. From that moment, a one-month preparatory period will commence, during which businesses must comply with the requirement for dual price display – in both leva and euros.
“There is sufficient time,” said Barbalov, noting that a large number of retail chains have already begun the adaptation process. Dual price labelling will remain mandatory until the end of 2025.
The Deputy Minister firmly stated that the risk of speculation prior to the euro’s introduction is minimal. The reason – the Consumer Protection Commission has already carried out price checks earlier this year. A system for regular monitoring is to be established, which will ensure transparency and hinder attempts at abuse. ““It would be overly pessimistic to expect that someone would take advantage of the public’s conscious trust,” said Barbalov, adding that the state is ready to respond “with its full force” in the event of any irregularities.