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As Bulgaria steers towards adopting the euro, economists dispel concerns over potential price increases, assuring the public that the impact on inflation will be minimal. Renowned economists, including Petar Ganev and Preslav Raykov, have weighed in on the matter, emphasizing the stability and positive prospects associated with the currency transition.
In an interview with Nova TV, economist Petar Ganev underscored that the introduction of the euro is unlikely to trigger significant price hikes, with estimations suggesting a marginal increase of only 0.1-0.2%. Financial analyst Preslav Raykov echoed this sentiment, affirming that the purchasing power of Bulgarians will remain unchanged, with anticipated growth in the medium to long term.
The Ministry of Finance's recent publication of the bill pertaining to the euro's adoption provides clarity on the transition process. The bill outlines key changes and timelines for currency conversion, shedding light on the practical aspects of the switch.
Under the proposed plan, Bulgaria will undergo a one-month transition period during which both the euro and the lev will be accepted. Following this period, the lev will be officially phased out, marking a definitive shift to the euro.
Economist Georgi Angelov elucidated that pension rounding during the transition will occur within a narrow margin of one euro cent. Additionally, currency conversion in banks will be facilitated at the official exchange rate, eliminating the need for additional fees.
Preslav Raykov highlighted Croatia's successful euro adoption as a precedent, citing positive economic outcomes and dispelling fears of rampant inflation. Drawing parallels, Raykov expressed optimism regarding Bulgaria's transition to the euro, emphasizing the potential for economic growth and stability.
While acknowledging challenges, such as the one-month dual-currency period, experts remain confident that Bulgaria will meet the inflation criterion for Eurozone accession by year-end, signaling a significant milestone in the country's economic trajectory.
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In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
In the initial quarter of 2024, Bulgaria's economy expanded by 0.4%, as per an expedited evaluation by the National Statistical Institute (NSI), a slight deceleration from the 0.5% growth witnessed in the final quarter of the preceding year
According to Levon Hampartzoumian, the likelihood of Bulgaria joining the Eurozone in 2025 is very slim, as no country has ever entered during the middle of the year
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