site.btaBulgarian Banks Fully Prepared for Eurozone, Says Banking Association Head

Speaking at the opening of the Financial Forum Innovations 2025 in Sofia on Thursday, Petia Dimitrova, Chair of the Executive Board of the Association of Banks in Bulgaria, said that the country’s banking sector is fully prepared for joining the eurozone, having already invested BGN 400 million in preparation.

Dimitrova emphasized that the beginning of 2026 is the key target date for the introduction of the euro, describing it as a decisive moment not only for banks, but for every Bulgarian citizen. According to her, the euro is the second most recognizable global currency after the US dollar, and its adoption would bring numerous benefits to the public. She voiced confidence that Bulgaria meets all the necessary criteria for joining the eurozone and voiced hope that the upcoming convergence report from the European Commission will be favourable. A positive assessment, she said, would trigger a more extensive public information campaign.

She also addressed the political climate, warning that recent populist rhetoric could undermine Bulgaria’s efforts to adopt the euro. In her view, joining the common currency would strengthen the country’s economic stability, which should not be compromised by short-term political posturing.

Dimitrova described Bulgaria’s banking system as robust and stable, with over BGN 200 billion in assets and BGN 24 billion in capital, and with a low percentage of non-performing loans. She pointed out that Bulgaria is already a member of the European Banking Union and has fully adopted relevant EU legislation. The only remaining step, she stressed, is to begin reaping the benefits of eurozone membership.

Reflecting on the digital transformation of the financial sector, Dimitrova rejected earlier concerns that traditional banks would be displaced by fintech companies. Instead, she said, banks have embraced innovation and now offer a full range of modern services, often in partnership with fintech firms. She added that artificial intelligence is rapidly reshaping the sector, and those who adopt it early will be the ones to benefit most.

Valentin Panayotov, Chair of the Board of Directors of the Bank of the Year Association, organizer of the event, reaffirmed the banking sector’s readiness to embrace the euro and support the country through this historic transition.