site.btaBulgaria’s Eurozone Accession Will Boost Purchasing Power, Says Economy Minister

Bulgaria’s accession to the eurozone will increase people’s purchasing power, Economy and Industry Minister Peter Dilov told Bulgarian National Television on Saturday. He recalled that the process began back in 2018 when Bulgaria took initial steps toward joining the Banking Union and the ERM II mechanism. According to Dilov, eurozone accession typically leads to an improved credit rating.

Dilov emphasized that small and medium-sized enterprises in Bulgaria are fully prepared and clearly recognize the benefits of adopting the euro. Only technical details remain to be finalized.

“All sectors will benefit from the euro, including tourism,” noted Dilov.

Regulatory authorities are already monitoring for unjustified price increases. There is no expected rise in electricity or fuel prices, meaning retailers will have no justification for raising prices in stores. Institutions are currently watching this issue closely, he added.

Dilov highlighted that the Bulgarian economy is performing well, with the country’s GDP growing by 3.1% year-on-year as of March. Moreover, Bulgaria ranks second in the EU in terms of debt-to-GDP ratio, he pointed out.

Bulgaria is also actively working toward accession to the Organization for Economic Co-operation and Development (OECD), the minister said. “If we manage to close this circle of strategic priorities, our economy will undoubtedly progress much more effectively,” Dilov said confidently.

Efforts are also underway to remove Bulgaria from the Financial Action Task Force’s (FATF) “grey list” for money laundering – a major barrier to attracting foreign direct investment, said Dilov and added that Justice Minister Georgi Georgiev has assured him this will happen by the end of 2025 or, at the latest, in early 2026.

Joining the eurozone will bring predictability to monetary policy, which in turn is a strong foundation for economic stability, concluded Dilov.