Deputy Minister Barbalov: Bulgaria Is Preparing a Secure and Transparent Transition to the Euro

The Ministry of Economy and Industry, together with its partner institutions, is working to protect consumers and support businesses. To ensure a smooth transition between the two currencies, the Ministry places regular and targeted communication with all stakeholders at the core of its efforts. This was stated by the Deputy Minister of Economy and Industry, Dontcho Barbalov, in Haskovo during an information meeting held as part of the National Information Campaign on the Introduction of the Euro in Bulgaria.

"Meetings are being held between the regulatory bodies - the Commission on Protection of Competition (CPC), the Commission on Consumer Protection (CCP), the National Revenue Agency (NRA), as well as representatives of business and citizens. These meetings serve to exchange information, discuss emerging issues, and seek solutions to ensure the process is as transparent and fair as possible," he said.

According to him, the main goal is to guarantee stability and fairness during the transition, so that the risks to the economy are minimised and consumer rights are fully protected.

"The Ministry is working in close cooperation with a number of institutions to prevent risks of speculation and to safeguard the interests of citizens," Barbalov added. He emphasized that special attention is being given to socially vulnerable groups, whose rights and interests will be protected throughout the transition period.

The Deputy Minister emphasised that every unjustified increase in prices will be closely monitored and that timely action will be taken where necessary. Prices must be set in good faith and with full transparency, and any rise should be justified by real economic factors. He pointed out that preliminary inspections carried out by the Commission on Consumer Protection (CCP) have found almost no cases of incorrect dual price display, which shows that businesses are also making efforts to comply with the new rules.

"The official state website "How Much Does It Cost" (kolkostruva.bg) has been launched. It will publish the daily prices of 101 goods and has been developed by the Commission on Consumer Protection (CCP) in accordance with the Law on the Introduction of the Euro in the Republic of Bulgaria. The Ministry of Economy and Industry participated in discussing and finalising the list of foods, medicines, hygiene and cosmetic products - as part of the transparency measures during the transition," Barbalov announced.

The requirements for traders under the Law on the Introduction of the Euro in Bulgaria came into force on 8 August this year and will remain valid for 12 months. The grace period granted to businesses to bring their operations into compliance with the new rules expires on 8 October. After this date, the control authorities will begin imposing fines, rather than merely issuing warnings, the Deputy Minister reminded.

During his speech, Barbalov emphasised that the introduction of the euro is a national priority requiring unity, consistency and cooperation. "Some of the benefits are already visible, while others are yet to be felt. Immediately after the announcement of the decision to introduce the euro, Bulgaria's credit rating was raised by one notch, which is a positive development for businesses in itself," he stated.

The meeting was attended by Dr Stefka Zdravkova, Regional Governor of Haskovo; Maria Valcheva, Deputy Mayor of Haskovo Municipality; and Georgi Chanev, Director General of the Issue Department of the Bulgarian National Bank (BNB).