site.btaBulgarian National Bank Publishes Answers to Questions Related to Loans, Bank Accounts and Currency Conversion upon Euro Adoption

The Bulgarian National Bank (BNB) has published a new series of questions and answers related to the country's accession to the eurozone, BNT said on Friday.

These questions include: What will happen to a bank client’s remaining obligations/remaining principal on a loan initially taken out in BGN; Will there be a change in the installment on a loan taken out in BGN; Will the interest rate change from the date of the EUR adoption on a loan, if it was agreed at a fixed interest rate; Do clients need to close their BGN accounts and open new EUR accounts after the date of the euro adoption; Will the international bank account number (IBAN) on BGN accounts change after the adoption of the euro as an official means of payment; What will happen after the introduction of the euro as the official currency if, before the date of the introduction of the euro, a bank client has two bank accounts, one in EUR and one in BGN; Is there a risk that a client’s funds will disappear during the automatic currency conversion?

The BNB maintains a special section on its website, titled "Joining the Eurozone" with explanations of issues related to the introduction of the euro in this country.