Banks in Bulgaria have allocated a total of 400 million leva to prepare their systems for the transition to the euro, according to Petya Dimitrova, chairwoman of the Association of Commercial Banks. On BNR, she highlighted the significant benefits that adopting the single currency will bring, including enhanced competitiveness, improved operational efficiency, better access to capital, and expanded market opportunities. Dimitrova also emphasized that the introduction of the euro will eliminate the need for currency conversion, mitigate currency risks, provide price transparency, and integrate Bulgaria more closely into the larger European market.

Dimitrova also pointed out the positive collaboration between the banking sector and the tourism industry. According to data from the Bulgarian National Bank (BNB), by the end of last year, banks had provided over 2.3 billion leva in loans to the hotel and restaurant sectors.

Petar Chobanov, Deputy Governor of BNB, urged businesses, particularly in the tourism industry, not to increase prices following the transition to the euro. He stressed that although inflation criteria had been met, further efforts were required from all sectors of society, including tourism, to ensure economic stability.

Metodi Metodiev, the Deputy Minister of Finance, encouraged the tourism industry to participate in the national campaign promoting the benefits of the euro. He also reminded stakeholders that joining the eurozone, along with the country's entry into the OECD and previous currency mechanisms, would contribute to an improved institutional environment. These changes are part of a broader commitment to implement necessary reforms.

Source:BNR