BNB Will Not Reimburse the Value of Defaced or Damaged Banknotes

The Coordination Centre on Euro Adoption has implemented uniform rules for exchanging levs in Bulgarian banks. The Bulgarian National Bank (BNB) has urged that deliberately damaged euro banknotes not be accepted by retailers, and that those in possession of such notes should hand them in. However, defaced notes will not be replaced with new ones.

Under the new rules, citizens can exchange amounts up to €5,000 at any bank using only their ID card, without any forms or declarations, regardless of whether they are clients of that bank. The unified regulations come in response to multiple complaints from members of the public reporting inconsistent information or fees when trying to exchange levs. Banks are required to treat all customers equally, whether clients or not. Fees for counting coins, which had been reported previously, should now be eliminated, although banks are still encouraged to sort coins when possible.

For amounts over €5,000, general Bulgarian legislation applies, including the requirement to provide a declaration of origin, explained Vladimir Ivanov, head of the Coordination Centre.

Georgi Chanev, BNB Issue Department Director General , added: “No fees are charged for exchanges, whether for banknotes or coins, sorted or unsorted. Our appeal is that if possible the notes should be sorted."

James Yolovski from the Association of Banks in Bulgaria confirmed: “Up to the end of yesterday, we received 32 complaints. I can confirm that absolutely no fees are collected for exchanging coins or banknotes, sorted or unsorted. Clients and non-clients are treated the same, and simplified identification applies to all. In cases of isolated errors or misunderstandings, banks generally reverse any charges automatically.”

Despite institutional reassurances, queues outside the BNB remain long, as many citizens prefer to wait there rather than at commercial banks. Some complain about being asked to sign declarations or encountering restrictions on exchanging coins at their bank.

Petar, a citizen waiting at the BNB, said: “I have a torn €10 note I want to exchange for a whole one. If they exchange it, fine; if not, I’ll tear it up and throw it away.”

BNB officials emphasised that deliberately defaced or damaged euro banknotes should not be accepted by retailers.

Photos by Dessislava Kulelieva, BNT

Stefan Tsvetkov, Chief Cashier of the Bulgarian National Bank:

“We are calling on traders, banks and all our colleagues not to accept these banknotes under any circumstances. If they are brought to the BNB, they will not be reimbursed. And to everyone who is deliberately damaging banknotes, we say: let us respect banknotes, preserve them in their original condition, and keep currency in circulation clean.”

Pavlina Opreva said:
“It is clearly defined in the Penal Code and is called vandalism. If we come across such a banknote, there is a procedure to follow – it must be taken to a bank to verify whether it is genuine or not. As the saying goes, if it turns out to be fake, we will just have to swallow the loss.”

Nadezhda Tsekova:
“I am not familiar with them. This is the first time I am getting to know the euro – both banknotes and coins – and I cannot imagine that there could be fraud.”

The authorities have also reported an accelerated withdrawal of levs and their replacement with euros. So far, 48.3% of levs have already been taken out of circulation, and BGN 29.5 million has been exchanged through Bulgarian Posts in just four working days.