site.btaUPDATED Process of Withdrawing Lev Banknotes, Introducing Euro Expected to End Faster Than Forecasts, Says Euro Adoption Coordination Centre Head

The process of withdrawing Bulgarian lev banknotes and coins and putting euro banknotes and coins into circulation is progressing smoothly and even faster than initially expected, Vladimir Ivanov, Chair of the State Commission on Commodity Exchanges and Wholesale Markets and head of the Coordination Centre on Euro Adoption, said. He was speaking on Tuesday at the Council of Ministers at the Coordination Centre’s regular weekly briefing.

"What we initially forecast - that the process would be completed by the end of March, is in fact being achieved and will be completed even sooner," Ivanov said. According to him, the circulation is very well supplied with euro banknotes and there are no problems in this regard.

Ivanov cited data from the Bulgarian National Bank on the withdrawal of lev cash and the introduction of the euro, according to which as of February 6, lev banknotes and coins worth BGN 5.9 billion remain in cash circulation. This represents 81% of lev cash withdrawn compared with the beginning of 2025. As of that date, euro banknotes and coins with a total value exceeding EUR 6.7 billion have been put into circulation, ensuring the normal functioning of the payment system and the servicing of the economy and the public.

Between January 5 and February 6, Bulgarian Post Office carried out 117,968 transactions with a total value of BGN 182 million. On February 6, 4,952 citizens were served, with BGN 8.3 million exchanged, including completed requests worth BGN 5.8 million, Ivanov said. He again called on merchants and citizens who still have lev cash not to use post offices as banks. Post offices are not banks, but are designed to serve areas where there are no bank branches, he said, noting that there is still a flow from large cities to small post offices.

Ivanov recalled that the country is still in the period of dual price display, stressing that all traders must ensure dual labelling until August. He also reminded those who have not yet exchanged their money that levs can be exchanged indefinitely and free of charge at the Bulgarian National Bank, while commercial banks and the Bulgarian Posts offer free exchanges until June 30. 'Anyone who still has levs has the opportunity, at a time convenient for them and without any pressure, to exchange their money," Ivanov said.

Ivanov also addressed older people with an appeal not to fall for certain "tempting" offers related to faster and easier home-based currency exchanges, and to avoid carrying large sums of money for security reasons.

Regarding security during pension payments, Ivanov said that good coordination is currently in place between the Ministry of Interior and Bulgarian Posts, with police presence ensured everywhere. He also urged pensioners to adhere to the payment schedules, noting that failure to do so creates difficulties and unnecessary tension at post offices. "Everything is planned, the money is secured, may the schedule be followed," he said.

Ivanov also announced that between January 31 and February 5, the Ministry of Interior registered 23 new cases of attempts to put into circulation counterfeit euro banknotes, including requisitioned ones. Five pre-trial proceedings were initiated for crimes under the Penal Code, one pre-trial proceeding and one fast-track proceeding. Ten cases and three inspections were registered for crimes under the Penal Code. A total of 42 banknotes were seized, including 6 with a face value of EUR 20, 19 with a face value of EUR 50, 15 with a face value of EUR 100, and one banknote each with a face value of EUR 200 and EUR 500.

Ivanov also pointed out that between January 31 and February 5, the General Directorate for Combating Organized Crime (GDCOC) received a report from citizens regarding the offering of euro banknotes on the TikTok app, explaining that specialized operational procedures are being carried out to investigate and identify the source of the counterfeits. Since the beginning of the year, a total of six reports have been received by the GDCOC. In this regard, Ivanov said that the structures of the Ministry of Interior continue their operational and preventive actions to prevent violations during the introduction of the euro.

Regarding the inspections carried out by the control authorities, Vladimir Ivanov reported that between January 30 and February 5, the Consumer Protection Commission (CPC) carried out 314 inspections of commercial establishments, during which 12 violations were found, 23 reports of administrative violations were drawn up, 11 penalty orders were issued, and 6 agreements were concluded under the Administrative Violations and Penalties Act. The inspections covered a wide range of establishments and activities - grocery stores, restaurants and entertainment venues, bakeries, cafes and pastry shops, diagnostic and consultation centers, commercial establishments selling wine, meat, packaged foods, fruits and vegetables, laundry detergents, as well as various types of services. The priority of the control activity is to identify cases of justified price increases. He reported that a justified price increase was found in 149 goods out of a total of 2,317 inspected.

Since the start of the campaign, the National Revenue Agency (NRA) has carried out 7,415 inspections, resulting in 571 administrative penalty proceedings, of which 80 have already resulted in penalty orders. Between February 2 and 8, the revenue agency conducted a total of 1,154 inspections, which revealed 74 violations of the requirements of the Act on the Introduction of the Euro in Bulgaria and 156 violations of the Ordinance on the Registration and Reporting of Sales in Commercial Establishments through Fiscal Devices. A total of 113 reports of violations were drawn up and delivered, and 19 penalty orders were issued for a total amount of EUR 28,000, Ivanov said.

Between February 2 and 6, the Bulgarian Food Safety Agency (BFSA) carried out a total of 219 inspections of establishments producing food from the small consumer basket for identified non-compliances relating to the hygiene conditions of the establishments, shortcomings in food labeling, and discrepancies between the raw materials used and those specified in the technical documentation and on the product label. Eight prescriptions were issued, Ivanov added. He pointed out that of the samples taken from the previous reporting period, two non-compliant results for nitrites in local products were reported, adding that the necessary measures had been taken and prescriptions issued. A total of eight samples were taken from the country's retail network and sent for testing to the accredited laboratories of the BFSA - two from bread, two from oil, two from flour, one from pastry dough, and one from canned fish. The results of the analyses are pending. Ivanov also said that the BFSA will continue to intensively monitor the quality of products in the small consumer basket, both during their production and when taking samples from the retail network.