site.btaGovernment Will Work to Have Euro Law Amended Next Week

The government intends to coordinate its efforts with the National Assembly, so that the amendments to the Introduction of the Euro Act can be adopted before the parliamentary recess, Prime Minister Rosen Zhelyazkov said on Tuesday, quoted by the Council of Ministers press service, at the start of the meeting of the Coordination Mechanism for Monitoring and Control of the Introduction of the Euro in the Republic of Bulgaria.

The legislative amendments proposed by the Cabinet provide for additional measures against unjustified price hikes, higher sanctions and more powers to the Commission for Consumer Protection to control the process. The bill to amend and supplement the Introduction of the Euro in the Republic of Bulgaria Act was submitted to the National Assembly by the Council of Ministers Monday.

At Tuesday’s meeting, Finance Minister Temenuzhka Petkova highlighted the important aspects of the bill’s amendments. Firstly, she pointed out the amendments stipulate that the period of dual pricing of goods and services in leva and euro will start on August 8, 2025, and end on December 31, 2026, and the requirement not to increase prices unreasonably will apply during the entire period. Secondly, additional powers are given to the Commission for Consumer Protection related specifically to control this process. Thirdly, certain obligations in the labelling of goods so that consumers will not be misled are also introduced. 

In the interests of the public and to achieve greater transparency, retailers with a turnover of more than BGN 10,000,000 a year will be obliged to post on their websites the prices of the goods they sell that are in the large consumer price index basket. On the basis of this data, the Commission for Consumer Protection will work out an online platform showing the minimum and maximum prices of products. An amendment in the law is also foreseen regarding the financial penalties to be imposed, which will depend on the turnover for the previous financial year. The aim being to “prevent the desires of some unscrupulous retailers to use the euro as a reason to unjustifiably raise the prices of goods and services,” Petkova said.

The Finance Minister also reported on a meeting held earlier in the day on issues concerning the pharmaceutical sector. Petkova pointed out that the Bulgarian Pharmaceutical Union will give special instructions regarding the introduction of the euro to all pharmacies in the country. She added that the software for the sector has been developed. Petkova said that a schedule for the events of the information campaign, which will start from the beginning of September throughout the country, is being worked out.

Bulgarian National Bank (BNB) Deputy Governor, Radoslav Milenkov, said that the minting of Bulgarian euro coins has already started. “We have been assured that the required quantities will be minted in due time,” Milenkov said. “The banknotes have already been secured. The logistics regarding their delivery on demand to commercial banks is still to be worked out. Representatives of Bulgarian Post are to undergo training, which will be conducted by BNB experts. The plan is clear and is being implemented,” the BNB Deputy Governor added, quoted in the government’s press release.