Bulgarian Parliament Approves Euro Adoption Law
With 114 votes in favor (62 from GERB-SDS, 26 from PP-DB, 16 from DPS, and 10 independent deputies), 37 against (32 from “Vazrazhdane”, 3 from “BSP for Bulgaria” and two independents), and 11 abstentions (all from “There Is Such a People”), the 50th National Assembly passed on first reading the Law on the adoption of the euro. Shortly after, the deputies also voted to reduce the period between the first and second readings to three days. Kostadin Kostadinov from “Vazrazhdane” criticized the acceleration of the procedure, pointing out that such haste does not ensure proper regulatory compliance.
Constitutional Court Rejects Legislative Change
The Constitutional Court has rejected the legislative change that was voted on. This decision comes after a thorough examination of the law. In his statement, Kostadinov specifically targeted the texts related to judicial reform that were invalidated today.
The new law, which was approved in the first reading, will introduce transitional periods to allow citizens to adapt to the new currency. The period of dual pricing – in both Bulgarian Lev and Euro – will begin one month after the date of the European Council’s decision to adopt the Euro in the Republic of Bulgaria, and will remain in effect for a period of time.
Transitioning to the Euro in Bulgaria
It has been a year since the introduction of the euro in Bulgaria. Starting from one month after the euro and the lev were introduced as legal tender, both currencies will be accepted for payments. However, after this one-month period, the lev will no longer be considered legal tender.
Citizens will be able to exchange their levs for euros free of charge, in unlimited amounts and without any time restrictions, at the Bulgarian National Bank. Additionally, levs can be exchanged for euros at commercial banks, where citizens can do so for free, but only during the first 6 months after the introduction.
Exchange of Bulgarian Lev to Euro
Starting from the date of the introduction of the Euro in Bulgaria, “Bulgarian Posts” EAD will exchange banknotes and coins from Lev to Euro for free in places where there are no bank offices or branches. All accounts – payment, deposit, savings – will be automatically and free of charge converted to Euro on the date of the Euro introduction in Bulgaria. From that date, account holders will only be able to withdraw in Euro, whether through an ATM/POS device or at a bank office.
Adapting Information Systems for the Euro
When discussing the adaptation of information systems to work with the euro, it is important to also consider adapting records, accounting documents, and other paperwork to accommodate the new currency. Former Finance Minister, Asen Vasilev, emphasized to lawmakers from the “Revival” party who are staunchly against the introduction of the euro, that failing to switch over will result in significant financial losses for Bulgarian businesses and citizens.
Bulgaria’s Path to Joining the Eurozone
Former Finance Minister Vasilev expressed confidence that Bulgaria will become a member of the Eurozone by July 1, 2025. Despite opposition from lawmakers, he remains optimistic about the country’s prospects. The debate surrounding the adoption of the euro continues to provoke discussions and debates among politicians and citizens alike.
Committing to Donating a Whole Month’s Salary as a Member of Parliament
It is truly commendable when public figures decide to give back to their communities by donating a portion of their earnings. In a recent act of generosity, a member of parliament has pledged to donate their entire monthly salary to a charitable cause.
This gesture serves as a shining example of selflessness and dedication to making a positive impact on society. By choosing to sacrifice their own financial gain for the greater good, this individual is setting a powerful precedent for others to follow.
It is heartwarming to see leaders who are willing to lead by example and show that they prioritize the well-being of others above their own personal gain. This act of kindness is sure to inspire others to consider how they can contribute to the betterment of society in their own unique ways.