Association of Bulgarian Banks calls on public to deposit unbanked cash before euro introduction
There is more than 30 billion leva in unbanked cash in Bulgaria, and people should deposit it in banks before the introduction of the euro, Association of Bulgarian Banks (ABB) chief secretary James Yolovski said, according to a May 26 report by Bulgarian National Radio (BNR).
In February 2025, Bulgaria’s government requested special convergence reports from the European Commission and the European Central Bank to show whether Bulgaria meets the criteria for entering the euro zone. The official results are expected on June 4. After the reports are available, the relevant European institutions will decide on admitting Bulgaria to the euro zone as of January 1 2026.
Yolovski told BNR that once the money is deposited into an account, an automatic and free currency conversion from lev to euro can be made.
“We are currently observing instability and uncertainty on a global scale, but the Bulgarian economy is performing exceptionally well,” he said.
“The data for the first quarter on GDP growth, which exceeds three per cent, ranks us in one of the first places in the EU. Our unemployment is extremely low. It is below four per cent. Looking at the forecasts of the EC, the BNB, and the Ministry of Finance, we have a pretty good outlook. This is another confirmation that Bulgaria’s place is in the euro zone.”
The purely technical process of preparing banks began back in 2022, Yolovski said.
“The banks are completely ready. We have an extremely good partnership with the institutions. We work with the BNB, the Ministry of Finance, and the Financial Supervision Commission. If we look at things economically, the banks are already in the euro zone.”
The fixed interest rate on loans already withdrawn will not change after Bulgaria’s accession to the euro zone, he said.
“People can rest assured. Even the trend is that there may be a slight decrease in interest rates after our accession.”
Entering the euro zone cannot lead to an increase in the prices of banking services, he said.
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