Postponement of EURO implementation in Bulgaria

UniCredit Bulbank AD
EURO implementation in Bulgaria postponed from 1 January 2024
Tue, 21/02/2023

The Bulgarian Ministry of Finance has announced that Bulgaria will not submit a Convergence Report request to the European Commission and the European Central Bank at the end of February due to having not fulfilled some of the eligibility criteria. This includes inflation requirements as well as not having been able to adopt some of the necessary laws including the Bulgarian National Bank Act. With this, Bulgaria will not be in a position to implement the Euro from 1 January 2024, the original target date for the replacement of the national currency, the Bulgarian Lev (BGN).

At this stage it is unclear when the new target date for implementing the EUR in Bulgaria will be.

Impact on investors: For information purposes