Bulgaria’s Parliament approves law on introduction of the euro
Bulgaria’s National Assembly has approved the second and final reading of legislation on the introduction of the euro, as well as amendments to the Credit Institutions Act linked to the changeover to the euro.
The August 7 vote to approve the second reading of the law on the introduction of the euro was 167 in favour, 48 against, with 13 abstentions.
The date of the introduction of the euro in Bulgaria will be determined by a decision by the Council of the EU.
For one month after the introduction of the euro, both the euro and the lev will be legal tender. After this period, the lev will cease to be legal tender.
During the time that both the euro and the lev are legal tender, change must be given in euro. If the merchant does not have the sum of change in euro, change may be given entirely in leva.
The law provides that the introduction may not lead to increases in prices of goods and services that would place consumers in a financially disadvantaged position, unless such increases may be justified by objective economic factors.
Central Bulgarian National Bank will change leva banknotes and stotinki coins to euro free of charge, in an unlimited quantity and with no time limit, at the official exchange rate.
For six months after the introduction of the euro, banks will exchange leva banknotes and coins for euro free of charge.
In places where there are no offices or branches of a credit institution, Bulgarian Posts will exchange leva banknotes and coins free of charge, also for six months.
For a year after the introduction of the euro, prices will be shown in leva and in euro.
The bill also provides for regulations on adaptation of information systems, cash registers and accounting documents to euro.
The amendments to the Credit Institutions Act involve rules on the powers of Bulgarian National Bank in the context of the adoption of the euro.
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