site.btaCentral Bank Governor Expects Positive Assessment in Eurozone Convergence Report

Central Bank Governor Dimitar Radev expects a positive assessment in the eurozone convergence reports that the European Commission and the European Central Bank are preparing for Bulgaria. "Bulgaria is familiar with what is being done on the convergence reports, and the assessment is positive," Dimitar Radev, Governor of the Bulgarian National Bank (BNB), said in Pleven Tuesday.

He reiterated that all conditions for Bulgaria to join the eurozone are in place.

Bulgaria aspires to adopt the euro as of January 1, 2026.

“We are fully prepared for the euro. I speak on behalf of the BNB. Our assessment is that we are perfectly ready, but of course, that alone is not enough. There is an evaluation process involving the European Central Bank and the European Commission. Then, there is a well-established procedure that requires the approval of all eurozone member states,” Radev explained.

He added that Bulgaria is meeting all nominal criteria, and just yesterday, the inflation criterion was certified as fulfilled. Radev emphasized that the BNB is operating at full capacity.

In his view, public support for the euro among Bulgarians will be much higher in a year’s time. “All new member states joined the eurozone with a similar balance between supporters and skeptics. One, two, or three years later, support rose to over 70%,” the BNB Governor said.

He stressed that the introduction of the euro is not related to inflation, which is driven by other factors. “We are an open economy. If energy prices go up, this will inevitably impact the country internally, but it has nothing to do with the euro adoption,” Radev commented.

When asked whether Bulgarians' savings would be eroded after joining the eurozone, he pointed out that the countries that adopted the euro in previous years have seen income growth of 10–15 percent and an improved standard of living.

Radev was in Pleven for the opening of a new center of the Cash Services Company AD.