site.btaBNB Governor, International Monetary Fund Managing Director Discuss Bulgaria’s Eurozone Progress

Bulgarian National Bank (BNB) Governor Dimitar Radev and International Monetary Fund (IMF) Managing Director Kristalina Georgieva held a meeting on Monday as part of Georgieva's visit to Bulgaria, BNB said in a press release.

The discussion focused on Bulgaria’s progress toward joining the euro area and the adoption of the euro as the country’s official currency. 

Georgieva said that the euro is a forward-looking step and an important driver of economic growth, better business conditions, and higher productivity. According to her, the experience of other countries shows minimal impact on prices and significant benefits for the economy, investment, and incomes. “Bulgaria has been de facto in the euro area since the introduction of the currency board in 1997. With the adoption of the euro as its official currency, it will become a de jure member,” the IMF Managing Director said.

Radev described euro area membership as a strategic opportunity to improve Bulgaria’s competitiveness and long-term economic potential. He stressed the need for sound macroeconomic policies, fiscal discipline, and structural reforms in areas such as human capital, innovation, and institutional development, BNB said.

Earlier on Monday, Georgieva also held talks with Prime Minister Rosen Zhelyazkov and National Assembly Chair Natalia Kiselova and took part in an event marking the 30th anniversary of the establishment of the National Trust EcoFund, hosted by the St Kliment Ohridski University of Sofia.