Bulgaria's Central Bank Is Ready for Accession to the Eurozone

The Bulgarian National Bank and the Bulgarian government are ready for the country’s accession to the Eurozone, Dimitar Radev, Governor of the Bulgarian National Bank (BNB), said at the opening of the new building of the of a new Cash Services Company in Pleven (Northern Bulgaria) on May 20.

He also said that he had the support of 80% of the business community, as well as one of the country's major trade unions, 171 MPs and many NGOs. Radev also said that he expects a positive convergence report in June.

The modernisation of the Cash Services Company’s infrastructure is part of the necessary preparations for joining the Eurozone. The new branch in Pleven will serve 17 banks and over 400 non-financial clients across Northern Bulgaria.

"Technically, logistically we are ready. You may know that what is referred to as legal convergence—the harmonization of Bulgarian legislation with eurozone standards—has been fully completed. We meet all nominal criteria. Just yesterday, Bulgaria’s compliance with the inflation criterion was officially certified,” said Radev.

He firmly rejected concerns that adopting the euro would diminish Bulgarians’ purchasing power.

“If you compare Bulgaria’s position going into the Eurozone with that of other newer member states at the time of their accession, you’ll find it is very similar. Those countries now enjoy income levels and living standards 10–20% higher than before. Ask Bulgarians in a year — I am confident that public support for the euro will be much stronger by then.”

The BNB governor expressed confidence that the European Central Bank and the European Commission will have a positive assessment of Bulgaria's readiness to join the euro area.