The Law on the Introduction of the Euro in the Republic of Bulgaria was adopted on August 7, 2024. It regulates the transition from the Bulgarian lev to the euro and provides for a period of dual price indication, as well as other changes in the economic life of the country.
The main points in the law are:
- Double designation period:
It begins on August 8, 2025 and lasts for one year. During this period, prices must be announced simultaneously in levs and euros, and they are intended to be written clearly, legibly and in the same font.
- Currency conversion:
The conversion from levs to euros is carried out using the fixed exchange rate set by the European Union and the rounding rules set out in Regulation (EC) No. 1103/97 are applied.
- Obligations for traders:
Merchants have an obligation to announce prices in both currencies, provide conversion information to customers, and comply with rounding rules.
- Control and sanctions:
The Consumer Protection Commission (CPC), the National Revenue Agency (NRA), and the Financial Supervision Commission (FSC) have the authority to request information and conduct inspections, and regulators can impose sanctions for violations. Initially, however, regulators will not impose sanctions for some of the potential violations, such as unjustified price increases, to give businesses time to adapt.
- Exceptions to dual labeling:
Some exceptions to dual price display are introduced, such as the selling price of fuels, the price on labels issued by electronic scales, and the price displayed on vending machines and self-service systems.
- Price publishing:
The CPC will publish daily selling prices on a publicly accessible internet portal, based on information received from traders. It is important to note that the law has been prepared in accordance with the requirements of the European Union and is aimed at the smooth and seamless introduction of the euro in Bulgaria.