site.btaSofia Regional Governor Stefan Arsov: Euro Means Stability, More Investment, Better EU Integration

The euro means stability, more investment in the country, lower bank interest rates, and greater integration into the European Union, the Regional Governor of Sofia, Stefan Arsov, told BTA with the start of an information campaign on the benefits of adopting the euro.

On June 9, the regional administration organized an event dedicated to the strategic relationship between Bulgaria and the European Union. The focus of the forum, which was attended by Prime Minister Rosen Zhelyazkov, Finance Minister Temenuzhka Petkova, MEPs, and business representatives, was the transition to the introduction of the euro as the official currency in Bulgaria: a process with profound economic, social, and political dimensions. The highlights included the benefits, challenges, and next steps in this key stage of the country's European integration.

Bulgaria has been a member of the European Union since 2007 and part of Schengen, which makes this country an equal and integrated member of the Union, Stefan Arsov pointed out. He noted that the euro provides positive benefits for this country. “I don't think citizens will become poorer, quite the contrary,” Arsov said. According to him, the adoption of the single European currency will increase the purchasing power of citizens and, accordingly, their lives will improve.

“Economic growth is characteristic of all 20 European countries that have adopted the euro. We will become the 21st country to introduce the euro on January 1, 2026. Citizens’ bank accounts in leva will be automatically converted into euro without any fees. In other words, the adoption of the currency itself will not lead to impoverishment,” Arsov emphasized.

“Prices in leva and euro are already displayed in stores. The fixed exchange rate of the lev against the euro as of June 11 is 1.95583. There is no way that Bulgarian citizens can be misled about prices. If there are any such attempts, they will be based on speculation by traders. The competent authorities are those that can take preventive action - the Commission for Protection of Competition, the Commission for Consumer Protection, the Financial Supervision Commission, the National Revenue Agency, and the Bulgarian National Bank. Citizens can turn to these competent authorities if there are any irregularities,” the Sofia Regional Governor said.

According to him, it is extremely important to have an information campaign because the residents of Sofia deserve to know about the specific benefits that the single currency will bring.

“As a secondary budgetary body of the Council of Ministers, we implement the government's policy in this specific area,” Arsov said. According to him, the information campaign on the euro that began with the June 9 conference will continue for at least six months after the adoption of the single European currency.

“I believe it is important for our region to be more active, to read more, and not to succumb to disinformation,” Arsov said. He invited citizens to seek information from the official website of the campaign on the benefits of adopting the euro, www.evroto.bg, where they can find specific data and figures that debunk the myths and misconceptions about the euro.

Arsov pointed out that Sofia produces 40% of Bulgaria's GDP. Business is concentrated in the capital, most international companies are in Sofia, and people have a positive attitude toward the euro, he said.