We don’t expect changes in loan interest rates

For the second year now, there has been a committee of specialists at ING Bank Bulgaria and at the bank's central office in the Netherlands working on a project related to the adoption of the euro in Bulgaria.

Our experts constantly monitor events that have a direct impact on the project, including the development of the legal framework and requirements regarding the products and services provided by banks in Bulgaria. ING Bank is fully prepared for the introduction of the currency, as per the requirements of the country’s draft law on the introduction of the euro. We have planned all necessary activities and systems changes with a target date of 1 January 2025.

The remaining activities are related to communication with customers after confirmation of the final date, as well as possible refinements, in the event that any of the requirements of the legal framework change in the process of adoption by the Bulgarian Parliament.

Our main goals are the updating of our banking products and solutions according to all requirements on time, the provision of the full range of services needed after the introduction of the euro in Bulgaria, as well as the minimization of possible inconveniences to our customers, related to updating the accounting and treasury systems.

Our team maintains a continuous dialogue with our customers and provides the necessary information on the important issues related to the upcoming changes. On the date of introduction of the euro, all accounts will be automatically, and free of charge, converted into euros at the official exchange rate. Regarding the exchange of cash, according to the draft law, banks are obliged to accept and exchange BGN in cash from their customers free of charge during the first 6 months after the date of euro adoption. We assure our customers that with the introduction of the euro, their IBANs will not undergo any changes, and that there will not be any changes in loan price conditions and loan interest rates either.