We must dispel myths and fears

The biggest challenge for all institutions, public and private, is to dispel people's fears and dispel myths and speculations regarding the introduction of the euro in Bulgaria.

The challenges facing the banking system are numerous and complex. Technological adaptation of banking infrastructure and software systems is required to support operations in the new currency. Staff training is required. Communication with customers will be key to prevent misunderstandings and ensure transparency regarding any changes to banking products.

End users will feel the change in several ways. All accounts and deposits in BGN will be converted to Euros at the fixed exchange rate, which will require an update of bank statements and balances. Loans and interest on them will also be recalculated in euros, which may lead to changes in monthly installments. When transferring a fixed interest rate from BGN to EUR, there shouldn’t be less favorable conditions for the client.

The readiness of businesses to switch to euro payment varies according to the size and sector of the companies. Large corporations are better prepared as they often work with euros. However, small and medium-sized enterprises may face more difficulties and will need support and information. In order to avoid confusion, it is important to carry out information campaigns and training on the new requirements and procedures.

Easy access to information and consultation for consumers should be provided to minimize confusion and ensure a smooth transition to the new currency.