Bulgaria: Bank accounts will automatically be converted from BGN to EUR on the day of introducing the Euro. Political situation is the main risk before the adoption of the euro with a target date of 2024 – says the BNB’s Governor.

Bank accounts will automatically be converted – free of charge – from BGN to EUR on the day of the introduction of the single European currency, emphasized the Governor of the Bulgarian National Bank (BNB) Dimitar Radev in his publication in the bulletin of the Association of Commercial Banks, according to Novinite.

Two weeks before the date of the introduction of the euro, the BNB will start supplying the banks with euro banknotes and euro coins with a Bulgarian national side in advance, it is clear from the publication of Governor Dimitar Radev. In the same period, banks will start supplying traders and „Bulgarian Posts” EAD offices with euro banknotes and euro coins with the Bulgarian national side (without fee) – the so-called secondary pre-supply.

After the introduction of the euro, during the first 6 months, the banks (together with „Bulgarian Posts” EAD) will necessarily provide free exchange of banknotes and coins from leva to euro.

After the expiration of the first 6 months to 1 year of the introduction of the euro, banks will be obliged to continue exchanging banknotes and coins from leva to euro, and will now be able to apply a fee for this service.

After 1 year from the introduction of the euro, the service for exchanging banknotes and coins from leva to euro, again with the possibility of applying a fee for this service, will be provided by the banks at their discretion.

The BNB will continue to exchange banknotes and coins from leva to euros free of charge and indefinitely.