site.btaJoining Euro Area, Which Includes 20 Major European Economies, Will Have Long-Term Positive Impact - PM Zhelyazkov

Joining the euro area, which includes 20 major European economies, will have an impact for the next ten, twenty, or thirty years, Prime Minister Rosen Zhelyazkov told Bulgarian National Television on Wednesday evening.

The long-term benefits include a higher credit rating, increased investment, boosted trade, greater confidence in Bulgaria’s economy, and growth in tourism. These benefits will stimulate the Bulgarian economy, Zhelyazkov added.

Asked whether fears that the Bulgarian National Bank's (BNB) reserves and people's savings would be taken after joining the euro area were justified, the Prime Minister dismissed this as “widespread misleading propaganda“.

Zhelyazkov noted that “the BNB or any other national bank cannot invest in the debts of another country; it cannot give them loans”. It cannot invest in the debts of other countries, Zhelyazkov said.

In his words, the BNB’s current reserves stand at nearly BGN 80 billion, and these funds will be used to ensure price stability and to support investment activities that will enable the bank to maintain and expand its portfolio and resources.

Zhelyazkov noted that there has been some upward rounding of prices in other countries following currency conversion. However, Bulgarian authorities have started taking steps to prevent such practices six months ahead of the planned euro adoption on January 1, 2026, he noted. Since 3 June, the Commission for Consumer Protection has been monitoring pricing in major retail chains.

Penalties will outweigh any gains retailers might see. ”They must not believe that they will exploit this situation at the expense of consumers,” Zhelyazkov added.

He said that there is sufficient capacity to conduct inspections, including in the National Revenue Agency, adding that the capacity of the Commission for Protection of Competition and the Commission for Consumer Protection will be increased.

An information campaign will mainly target vulnerable people, Zhelyazkov added. The State must be present when the currency conversion starts, especially in smaller settlements, the Prime Minister said. The Interior Ministry is developing plans to ensure public safety and Bulgarian Post is prepared for the currency exchange, he noted.