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Central Bank Drafts Bill to Meet Euro Adoption Criteria

FILE PHOTO: The Euro sign by German artist Ottmar Hoerl is photographed after "Caiz development" company announced its sponsorship for the conversation of the landmark in Frankfurt, Germany, September 27, 2022. REUTERS/Kai Pfaffenbach

A working group at the Bulgarian National Bank (BNB) developed a new BNB draft bill to meet all the requirements related to the introduction of the euro and the BNB’s accession to the Eurosystem, on the orders of the Governor of the BNB Dimitar Radev. Nina Stoyanova, Deputy Governor in charge of the Banking Department of the BNB, reported on the new bill here on Tuesday during a conference on the role of organized civil society in Bulgaria’s eurozone accession process.

As there are numerous changes that affect all areas of the Bank’s activities and almost all provisions of the law, the approach chosen was to draft a new law to replace the Bulgarian National Bank Act of 1997. The draft law is in consultation with the European Central Bank, said Stoyanova.

According to the new bill, Bulgaria’s currency will be the euro. The new BNB Act is expected to enter into force on the date specified in the EU Council Decision on Bulgaria’s adoption of the euro.

Preparations for the adoption of the euro on the organizational and technical side are being developed in line with the National Euro Changeover Plan.

Source: bta