The draft law on the introduction of the euro as an official currency unit in Bulgaria has entered the final stage

Bulgaria, Sofia, October 16, 2023.

Bulgaria's historic decision to introduce the euro as the country's official currency unit is moving forward with confident steps. The draft law providing for this important change has entered the final stage of preparation, and this opens a new era for the Bulgarian economy and financial stability.

What does this decision mean?

The draft law on the introduction of the euro as the official currency of Bulgaria has profound economic and financial consequences. According to experts, this change will help attract investment, facilitate trade and increase the level of macroeconomic stability.

Next steps

For the law to come into force, Bulgaria needs to confirm its accession to the eurozone from January 1, 2025. This means that the country will use the euro instead of its national currency, the leva. According to Finance Minister Asen Vasilev, this initiative is purely technical, and the law defines the mechanisms for transferring amounts from levs to euros.

Optimism and hope

Minister Vasilev expressed optimism about Bulgaria's intentions to become part of the eurozone. He stressed that this decision will not only strengthen the financial system, but also make the country more competitive on the world stage.

Global significance

The introduction of the euro as the official currency in Bulgaria is also of global importance. The euro is the world's second largest reserve currency, and this decision will help strengthen the role of the euro in the global economy.