"We Have Never Been Closer to the Euro Area Than We Are Now,”, Says Finance Minister Petkova

Bulgaria is at its closest point yet to adopting the euro, Finance Minister Temenuzhka Petkova said on April 15 during a business breakfast organised by the American Chamber of Commerce and the "British Bulgarian Chamber of Commerce.

Temenuzhka Petkova - Minister of Finance:

"We have never been closer to the eurozone than we are now. Because there is a period of time, there are attempts to speculatively increase prices and other similar actions, we have taken the necessary measures to prevent such processes in Bulgaria. Still, many important decisions and milestones lie ahead."

Dimitar Radev - Governor of BNB:

"In terms of logistics and technical preparation - “From a logistical and technical perspective, both the Bulgarian National Bank and the banking sector are fully prepared for the exchange process and for operating within the eurozone. One short-term effect we anticipate is better access to and lower financing costs for both the public and private sectors. This will be driven primarily by two factors: the expected increase in Bulgaria’s credit rating and the reduction of banks' minimum reserve requirements."