site.btaBulgarian Banking Sector Ensures Smooth Transition to the Euro, Says Banks Association

The banking sector in Bulgaria has ensured a successful, smooth and trouble-free transition to the euro, the Association of Banks in Bulgaria (ABB) said in a statement.

According to the association, immediately after midnight on December 31-January 1, bank ATMs and POS terminals were already processing transactions in euro. “Thanks to the banks’ full technical and operational readiness, from the very first minutes of the new year customers across the country were able to make payments freely with their credit and debit cards. Mobile applications and online banking services are also fully accessible. All conditions under existing banking products remain unchanged, with interest rates staying the same,” the statement said.

The ABB noted that in the last two working days alone, more than BGN 1 billion was deposited in banks. All account balances were automatically converted at the officially fixed exchange rate, without fees and without any action required from customers. Until the end of June, banks will exchange lev banknotes and coins into euro free of charge at the fixed rate. From the first working day, merchants have also been able to obtain euro banknotes and coins in all denominations from banks, the association added.

The smooth transition is the result of many years of coordinated and consistent preparation by the banking sector and all key participants in the process. According to the ABB, the banking sector invested more than EUR 200 million in adapting its systems and IT infrastructure to ensure the reliability and availability of services at the moment of the transition.

“Joining the euro area marks a historic step in Bulgaria’s development – one that strengthens the financial system, boosts confidence in the economy and opens up new opportunities for growth, investment and deeper European integration,” the Association of Banks in Bulgaria further said.