site.btaOnly 10% of Inspections Reveal Violations, Euro Transition Proceeding Better than Expected, Consumer Protection Commission Chair Says

Since the entry into force of the Introduction of the Euro in the Republic of Bulgaria Act, nearly 7,000 inspections have been carried out, around 700 statements of violation have been drawn up, and more than 170 penalty decrees have been issued, Chair of the Consumer Protection Commission (CPC) Alexander Kolyachev told MPs during a hearing on Wednesday.

"The very fact that only 10% of the inspections we conduct result in identified violations means that the market is calm and stable, and the transition to the new currency is proceeding even better than expected," Kolyachev noted.

He added that, given its limited administrative capacity, the CPC cannot cover all settlements and traders, which is why the legislator has empowered the National Revenue Agency to also enforce the law and oversee the market. Kolyachev said that together with the revenue agency, the CPC has developed a comprehensive strategy to reach even the smallest settlements and sectors where market distortions are anticipated. He noted that these inspections are already under way. 

"Our conduct on the market is yielding results; traders are currently disciplined," the CPC chair said.

Kolyachev also pointed to the "Kolko Struva" (How Much It Costs) website, where food retailers and pharmacies submit daily prices for 1,500 products. The database has been accumulating data for more than three months, allowing institutions to track price movements for each product.

"From an institutional standpoint, we currently see no problems with the introduction of the euro or with increases in the prices of essential goods offered across the country," he added.