Bulgaria Prepares Payment Systems for Euro: Faster, Cheaper Transfers Ahead

In preparation for the introduction of the euro, Bulgaria is updating its payment services and systems to align with the new currency regime, as outlined in the National Plan. On NOVA NEWS, Economist Rumen Galabinov highlighted that this preparation involves ensuring technical readiness for converting from lev to euro. The conversion rate of 1.95583 will be adhered to, with rounding favoring the second decimal place. Changes are being made to payment services to minimize transaction costs. Currently, the Bisera payment system, used for transactions in leva, will be adapted to handle euros. Transfers in euros will utilize the SWIFT system for inter-currency transactions, aiming to prevent arbitrary cost increases by banking institutions.