Major retailers are now awaiting their first deliveries of euro banknotes, with distribution beginning today, November 3. But how will stallholders cope? It appears they will rely on their customers to supply them with the new currency.
By the end of October, traders were required to inform the banks they use how much cash they would need. Yet at one of Sofia’s markets, stallholders said they had not heard of such a requirement and had no intention of stocking up on euros before 1 January.
“Do you have euros already?”
“Euros? Where would we get euros from already? We don’t have any yet.”
“And how will you get them – from the bank?”
“Ah, from the bank… from the customers, not the bank,” explained Rumyana, a stallholder.
Customers, too, seem unprepared and expect to shop with calculators in hand from next year:
“The beginning will probably feel unusual, we’ll just have to get used to it.”
“I’ll learn.”
“Do you have euros on you now?”
“No, I don’t. When they pay my pension, I’ll wait.”
“From 1 January you’ll have to give change in euros.”
“Yes.”
“You know that?”
“Yes, I do.”
“And are you ready?”
“Well, I’ll try to manage. I’ll probably have to get some from the bank.”
Others have misunderstood, believing they must give change in whichever currency they are paid.
“I don’t like the euro. If they give me euros, I’ll give euros back. If they give me Bulgarian money, I’ll give Bulgarian money back,” said Asen, a stallholder.
“The customers will give us euros. We’ll work in euros and in leva,” added Ivan, another stallholder.
Large retailers, however, say they are fully prepared.
Dragia Dragiev, CEO of a retail chain:
“We are working with our cash-handling company and banks. We have already submitted orders for each store and each location – we have over 270 outlets across the network. We have more than 1,000 colleagues in our stores. At the same time, our training academy is preparing training materials in the form of short videos. We will explain how to recognise banknotes, identify the coins, and follow step-by-step procedures in the shops. We expect January to be the busiest, when both leva and euros will be used.”
From 1 December, banks will also begin selling starter packs of euro coins with national symbols. The pack available to citizens will cost the equivalent of 20 leva. However, many people say they will rely on whatever cash they already have.
“That’s all nonsense. When my money comes in by bank transfer, I immediately withdraw it in euros and keep it at home. End of story. You need a lot of money to keep it in the bank. Cash, in hand – that’s how we were taught as children. It’s hard to change now.”
“We’ve just got back from a holiday abroad, so I have some. I think I’ll pay by card more often.”
“I’m aware – there are packs for citizens and for businesses.
Would I buy one?
Yes, I would. I have some leftover euros from travelling abroad.”
"I have decided to go, but from next month. I have a card, but I don't use it, I prefer it by hand. I'm so old and I don't know why I don't bother. Neither about the little money I saved, nor how they're going to give change.
The Bulgarian National Bank supplies commercial banks, which in turn supply post offices and retailers under contractual agreements. Meanwhile, the market debate continues:
“They check sometimes, they come and fine us if we don’t show euro prices.”
“Was it easy for you to calculate them?”
“Easy, difficult – the children help,” said Rumyana, the stallholder.
At the market, the long-standing argument goes on:
“It’s better to pay in Bulgarian lev.”
“True, but there won’t be lev any more.”
“There’s no way around it.”
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