“The positive assessment is objective,” stated Deputy Minister of Economy and Industry Nevena Lazarova in an interview for BNR, referring to the convergence reports issued by the European Central Bank and the European Commission, which assessed Bulgaria’s readiness to adopt the euro.
Among the benefits of introducing the single currency, Lazarova highlighted the stimulation of the economy, trade, and investment, as well as the increase in incomes and purchasing power.
“Businesses have been provided with guidelines on how to navigate the process of euro adoption. First and foremost, they must be familiar with the rules for currency conversion and rounding. The official exchange rate is used with six digits, including all five digits after the decimal point. The period for dual price display of goods and services begins one month after the official decision to adopt the euro – that is, on 8 August – and ends 12 months after the actual introduction of the currency,” commented Lazarova during the programme “Before Everyone.”
She explained that prices must be displayed in a clear, legible, and unambiguous manner, using the same font to avoid misleading consumers.
According to her, the period of dual circulation of the lev and the euro, which begins on the date of the euro’s introduction, is of particular importance.
“During this one-month period, banknotes and coins in leva will remain legal tender. For cash payments – whether made in leva or euros – change will be given in euros; however, if there is insufficient euro cash available, it may also be given in leva,” she emphasised.
The Deputy Minister added that during the dual price display period, the total amount due from the customer – as shown on the fiscal receipt – must appear in both euros and leva. She further informed that the “Non-financial Sector” working group, under the Coordination Council for Bulgaria’s Preparation for Eurozone Membership and led by the Ministry of Economy and Industry, recently developed and published on the official euro adoption website Guidelines for the application of accounting regulations set out in the Euro Adoption Act and Guidance for adapting business information systems to operate with the new currency.