Coordination centre urges public to get euro banknotes, coins, before dual circulation ends

The head of the Bulgarian government’s coordination centre on euro adoption, Vladimir Ivanov, issued an appeal on January 13 to the public to get euro banknotes and coins before the January 31 end of the period of dual circulation of euro and leva.

From February 1, payments may be made only in euro.

There is sufficient supply of euro coins and banknotes, and there is no room for panic, Ivanov told a regular weekly briefing at the Cabinet office.

Ivanov said that currently, 48.3 per cent of leva had gone out of circulation, compared with 36.3 per cent a week earlier.

“The process is going well, better than expected,” he said.

He said that people who do not have bank accounts will be able to convert leva to up to 5000 euro using only an identity card.

Above 5000 euro, standard legislation applies, requiring a declaration of the origin of the money.

He said that steps had been taken to simplify and standardise the rules at banks both for those who were a bank’s customers and those who were not.

Ivanov said that overall, the process of switching to the new currency was going smoothly, and traders who had not increased their prices vastly outnumbered those who had.

Isolated cases of counterfeit euro banknotes being placed had been identified, and appropriate action has been taken, he said.

The coordination centres recommends that merchants equip themselves with special devices for recognizing counterfeit banknotes.

Bulgarian National Bank (BNB) has warned that intentionally damaged banknotes will not be accepted at BNB cash desks and other banks. This comes in response to photos on social media of euro banknotes with anti-euro messages written on them.

(Photo: European Commission Audiovisual Service)