site.btaBGN 1 Bln Withdrawn from Circulation on December 29-30

“In a day and a half, on December 29 and 30, about BGN 1 billion were withdrawn from circulation,” the Secretary General of the Association of Banks in Bulgaria, Associate Professor James Jolovski, said on Nova TV.

He noted that as of December 23 last year, there were about BGN 21 billion in circulation. “At the start of this process, there were about BGN 30 billion, and so far a little over one-third has been withdrawn from circulation,” Jolovski explained, adding that the pace is similar to what was observed during the introduction of the euro in Croatia.

“We expect that in January, during the dual-currency period, another large critical amount of leva will be withdrawn,” he said. “Within just a day and a half, BGN 1 billion were processed, so the banks are well prepared for this process,” Jolovski stressed.

Until the end of June, banks will exchange banknotes and coins free of charge, Jolovski said. “If you exchange coins after January 1, until June 30 it will be free of any fees. The only recommendation is to sort them in advance so that people can be served more quickly,” he said.

Jolovski also noted that the Bulgarian National Bank will exchange banknotes and coins without any fees for an unlimited period of time.

He explained that if a customer goes to a bank branch with coins, they may be directed to a centre equipped with coin-counting machines. “There will be such hubs set up in larger cities,” he said.

Jolovski also noted that banks strictly comply with the Law on Measures Against Money Laundering, and for amounts over EUR 5,000 a declaration about the origin of the money is required.