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The prices of goods can be announced in lev and euros a few months before our entry into the euro area, and in the first weeks after the introduction of the single currency we will pay simultaneously with levies and euro banknotes. This shows the practice in countries that have already adopted the euro and the changes in a decree of the Council of Ministers for the establishment of a Coordination Council to prepare Bulgaria for membership in the eurozone, which have been published for public discussion, type “Trud”.
The working date for our entry into the euro zone is January 1, 2024.., emerges from the published document. Until then, Bulgarian euro coins must also be manufactured. On its obverse must be the value, and on its back, symbols chosen by Bulgaria, for example, the rider Madara. The price announcement period in BGN and EUR can start several months before our entry into the euro area and continue long after the transitional period of simultaneous payment with both currencies. The goal is for people to know the prices better. Once the transitional period of availability of the two currencies used for payment is over, people will be able to exchange their levs for euros at a bank. but you will not be able to buy with them in stores.
The countries that introduced the euro went through a different period in which people paid with two currencies at the same time. In Estonia, Slovakia, Slovenia and Latvia, the period of using two currencies simultaneously was two weeks, and in Malta and Cyprus, one month.
After our entry into the eurozone there will be a transition period, in which the levies and the euro will be both official means of payment. This means that in stores we will be able to buy with levies and cents, as well as with euro notes and euro cents. And the prices will be written in both currencies. During the transition period, merchants will have to return the remainder mainly in euros. And ATMs will only issue single currency bills.
The objective of the transitional period is to withdraw the levies available in circulation and replace them with euros. Also, people will see the prices of goods in levs and euros. In this way, they can find out if traders have raised prices in euros. It is planned to be done Campaign “Fair introduction of the euro” and control the recalculation of lev prices to euros, in order to overcome the perverse practice of traders of rounding them.
