site.btaPM Zhelyazkov: Bulgaria's Eurozone Accession Is Prerequisite for Economic Development and Stability

"Bulgaria’s membership in the common currency union is a prerequisite for economic development and stability, a better business environment, and a higher standard of living for its citizens. As a government, we will make every effort to ensure that Bulgaria feels the full benefits of the euro," said Prime Minister Rosen Zhelyazkov in response to the news of Bulgaria’s upgraded long-term credit rating from 'BBB+' to 'A-' in both local and foreign currency. The comment was published on Saturday on the official Facebook page of the Council of Ministers.

The Prime Minister noted that Bulgaria’s long-term credit rating is now in the high investment-grade category, something the country has never achieved before. The European rating agency Scope Ratings raised Bulgaria’s rating from "BBB+" to "A-" with a stable outlook, he also pointed out. Just a day earlier, two other major agencies, Fitch Ratings and Standard & Poor’s, also gave favorable assessments of Bulgaria. According to Zhelyazkov, this represents a strong vote of confidence in the Bulgarian state following the decision to join the eurozone.

According to Scope, euro area accession will strengthen Bulgaria’s credit profile via improvements across multiple rating-relevant areas, including via eliminating foreign-exchange risk in the economy, improving monetary policy flexibility, and enhancing access to deep euro area capital markets.

On July 8, the Council of the European Union unanimously voted on the final decisions related to Bulgaria’s adoption of the euro starting January 1, 2026. This completed the procedure, after the European Parliament had earlier the same day approved the report on introducing the common European currency in Bulgaria by a large majority. A ceremony for the signing of Bulgaria’s accession documents was also held at the Council of the EU.