Bulgarian National Bank

Speaking at a briefing following a meeting with Croatian Central Bank Governor Boris Vujcic, Bulgarian National Bank (BNB) Governor Dimitar Radev highlighted the significant costs associated with delaying entry into the eurozone.

During his visit to Bulgaria, Croatian Central Bank Governor Boris Vujcic reassured that Croatia's transition to the euro did not result in a significant uptick in prices.

In a significant step towards Eurozone integration, Bulgaria asserts its readiness to join the currency union without relying on exceptions, according to statements made by officials in Brussels. Petar Chobanov, Deputy Governor of the Bulgarian National Bank, emphasized Bulgaria's commitment to meeting the criteria for Eurozone membership during a conference organized by MEP Emil Radev.

The Bulgarian National Bank (BNB) has marked a significant milestone in the nation's journey towards full integration into the Eurozone by finalizing the approval of the design for Bulgarian euro coins.

This crucial step underscores Bulgaria's readiness to adopt the euro as its official currency and represents a pivotal moment in the country's preparations for Eurozone membership.

In a recent announcement, the Bulgarian National Bank has confirmed that the base interest rate for February will stand at 3.79%, maintaining the status quo from January. This decision follows a marginal reduction of 0.01% made in December 2023.

Bulgaria's economic landscape saw the gross external debt ascend to EUR 44,402.6 million by the end of November 2023, marking a 1% increase from the previous year and constituting 46.5% of the country's Gross Domestic Product (GDP).

Recent data released by the Bulgarian National Bank (BNB) reveals a significant uptick in both deposits and loans during December 2023, signifying positive economic dynamics in the country. Non-financial corporations saw a noteworthy increase in deposits, amounting to BGN 43.829 billion, marking a substantial 9% surge compared to the same period in the previous year.

Bulgaria is on a tight five-month deadline to fulfill the prerequisites necessary to join the eurozone by January 2025, revealed Deputy Minister of Finance Ivaylo Yajdjiev on January 19. The primary criteria involve lowering the inflation rate and adopting the BNB law to align Bulgaria's central bank with European standards.

The majority in Bulgaria's parliament has given the green light to the first reading of a new law governing the Bulgarian National Bank (BNB), marking a pivotal moment in the country's journey toward Eurozone accession. The legislation, if passed, will play a crucial role in facilitating Bulgaria's entry into the Eurozone.

Bulgaria is gearing up for an extensive national campaign to usher in its entry into the Eurozone on January 1, 2025. The Ministry of Finance has announced that the campaign is set to kick off at the end of January 2024, with the launch of an informative website dedicated to providing essential details about the Euro adoption.