President Iliana Iotova: Bulgaria’s Banking System Is Exceptionally Well-Functioning

“The banking system in Bulgaria is exceptionally well-functioning. If we go back to 2008–2009, we should remember the many crises that swept across Europe. Throughout that entire period, the banking system remained stable. Trust is the most valuable form of capital.

I know it has not been easy for you. It was not easy during the period when we adopted the euro. If there was one sector that was fully prepared for the introduction of the euro, it was the banking system.”

This was stated by President Iliiana Iotova at the ceremony for the 2025 “Bank of the Year” awards on Tuesday evening, June 23. The event also marks the 35th anniversary of the initiative.

The organiser and official founder of the Bank of the Year awards is the Bank of the Year Association, which develops the ranking methodology based on the best international practices and with the support of some of the most experienced experts in the sector. The awards were presented for the first time in 1992.

“In this hall are some of the most important people in Bulgaria. People on whom the stability of the state depends. Behind these awards lies a great deal of hard work,” President Iotova emphasised.

She also commented on the topic of the digital euro after the European Parliament took an important step today towards its introduction, as the European Union seeks to reduce its dependence on U.S.-controlled payment systems.

“The major challenge is the so-called digital euro. I ask one thing of you – keep your critical perspective. I do not think it is particularly advisable. We are relying on you to keep this system stable and just as trustworthy as it has been,” Iotova said.

Petya Dimitrova, Chair of the Association of Banks in Bulgaria, highlighted the sector's role in the country's adoption of the euro.

"Banks in Bulgaria carried out an enormous amount of work to ensure a smooth transition to the euro. I hope everyone, including politicians, appreciates what banks mean. Banks in Bulgaria are well-capitalised and liquid. The banking system is the backbone of every economy," Dimitrova stated.

Photos: BTA