site.btaEffective Sanctions for Traders Who Do Not Comply with Euro Act Begin on October 9

The two-month grace period during which institutions only issued recommendations and traders who did not comply with the provisions of the Introduction of the Euro in the Republic of Bulgaria Act were not fined, expires on Wednesday. Starting October 9, effective sanctions will be imposed on traders who do not comply with the requirements of the law. Joint inspections by the Consumer Protection Commission (CPC) and the National Revenue Agency will begin to monitor compliance, Deputy Economy and Industry Minister Doncho Barbalov said a few days ago.

Companies will be subject to sanctions for unjustifiably increasing prices without economic grounds, incorrect currency conversion, or lack of dual price marking. The financial penalty will be between BGN 7,000 for a first violation and BGN 14,000 for repeat offences. 

Since the law came into force in August until the beginning of October, the CPC carried out nearly 600 inspections in various commercial establishments across the country, including grocery stores, fruit and vegetable stalls, bakeries, restaurants, clothing, shoe, home goods, and appliance stores, pharmacies, perfume shops, gas stations, and others. The most common violations found during the inspections were failure to display prices in both levs and euros, different sizes, colours, or fonts for prices in the two currencies, and incorrect conversion of prices into euros at the official exchange rate. To date, over 70 recommendations have been issued to traders who do not comply with the rules. At its last meeting the Commission decided to issue 22 new recommendations, most of which directed at large retail chains with outlets throughout the country. One warning often covers multiple stores belonging to the same retailer, the CPC said.

The amendments to the Introduction of the Euro in the Republic of Bulgaria Act were published on August 8 in the State Gazette. Since then, prices must be displayed in both levs and euros.