site.btaContinue the Change-Democratic Bulgaria’s Vassilev Outlines Euro Adoption Process

Bulgarian leva will be exchanged for euro at the current rate, automatically and without commission, if held in a bank account, co-chair of Continue the Change-Democratic Bulgaria (CC-DB) Assen Vassilev said on Sunday. 

Those holding cash can choose to exchange up to BGN 10,000 per day or deposit the amount into an account for automatic conversion.

Vassilev explained that for several months, meetings have been held with citizens in different cities – Vratsa, Blagoevgrad, Plovdiv and Sofia – to clarify the main points, such as what will happen to deposits and how loans will be handled, so that people can clearly and calmly understand what will happen to their money. 

He added that it is completely understandable for people to be concerned if they are uncertain about what to expect.

Vassilev also confirmed that CC-DB will submit a vote of no confidence in the government once a date for introducing the euro is set. He said this will happen a few weeks after the release of a positive convergence report. “We see that this government is not only failing, but is also impeding the country’s development,” Vassilev said.

He went on to note that the Bulgarian National Bank monitors any speculation in the banks and that the fines are very severe, so no problems are expected there. Companies offering fast loans are supervised by the Consumer Protection Commission, Vassilev explained.

Speaking to journalists earlier this week, Vassilev said that there has been no increase in consumer prices in countries that have adopted the euro, noting that any price rises have mainly affected real estate, not everyday goods. He recalled that property prices also went up after Bulgaria joined the EU and NATO. Vasilev added that the public campaign on eurozone membership is delayed and that information is difficult for people to navigate.