The Azerbaijan State News Agency


Bulgaria must finalize its European integration by joining Eurozone "the soonest possible", Central Bank governor says

Bulgaria must finalize its European integration by joining Eurozone

Baku, May 14, AZERTAC

Bulgaria must finalize the process of its European integration by joining the Eurozone the soonest possible, Bulgarian National Bank Governor Dimitar Radev said at the opening of a conference titled "Bulgaria in the Eurozone, When?", taking place in Sofia. He argued that "a delay of Bulgaria's full integration into the core of the EU, which is the Eurozone, will have a cost and it is increasing over time", reports Bulgarian News Agency (BTA).

He was adamant that the damage from the delay will be worth billions.

At present Bulgaria meets all nominal criteria for accession to the Eurozone except for inflation. The negative difference for the price stability criterion is decreasing, including in the last month, but is expected to remain above the requirements by the date of the upcoming review (which will be based on the data as of the end of May), the BNB Governor explained.

He said that, institutionally, BNB and the Bulgarian banking sector are to a certain extent part of the Eurozone by virtue of the established regime in 2020 of close cooperation between the BNB and the European Central Bank. "BNB is the only central bank operating in such a regime. This ensures legal and full participation in the process of forming and implementing decisions on the supervision and resolution of euro area banks, plus those in Bulgaria. The results of the banking sector over the last more than three years are a testimony to the success of this participation," Radev said.

He also pointed out that the Bulgarian lev is one of two currencies, other than the euro, which are part of the European currency mechanism, and that is a key precondition for accession to the Eurozone.

The central bank governor went on to catalogue the steps that this country has already taken to the euro changeover: adoption of a new Bulgarian National Bank Act which has the support of the ECB and the EC, and which practically finalized the legal convergence; a euro changeover bill has been drafted and is ready to be submitted to Parliament; the logistical and technical preparation, which is largely within the competence of the BNB, has reached an advanced stage, and the payment, information, accounting and statistical systems are ready for work in the Eurozone after a "final fine-tuning".

The process of preparing the minting of the Bulgarian euro coins has been completed after coordination with the Commission and each of the member states. "We are moving to a test minting of 8 million coins - 1 million for each denomination," Radev said. "The blanks, both for the test series and for the regular production, have been agreed and their delivery has started. The necessary areas for currency exchange have been secured, including in Sofia, Plovdiv and Varna, as well as the necessary equipment for the process. By the end of this month, the decision for Burgas is expected to be finalized and by the end of the summer a newly built cash centre in Pleven will be operational," Radev said.

"The Mint is fully prepared in terms of equipment and expertise for the minting of the Bulgarian euro coins. It is yet to receive the necessary license for the minting of euro coins, which will be done after the forthcoming certification of the trial series, the BNB Governor informed. The joint venture of the Bulgarian Mint already has a license and prints euro banknotes for the needs of the euro area central banks. The BNB's fleet of armored and security vehicles is being thoroughly renewed, and new transport schemes and security systems have been approved. Radev pointed out that the total amount of banknotes and coins in the exchange process alone amounts to about 12,300 tones.

Over the last year, there has been a lot of hard work to create the capacity to conduct an active monetary policy. The preparation of commercial banks is being closely monitored and is also progressing according to plan, the central bank governor said.

"BNB and the banking sector will be fully ready within this year for the introduction of the euro in the country," the BNB governor said. He clarified, though, that this is not enough in purely technical and logistical terms. "There are a number of information and accounting systems that are under the control of the executive and municipalities that need to be adapted to work in the euro area. These have been identified but there is still considerable work to be done to make them fully ready. In addition, there are four sets of conditions within the competence of the executive that need to be met before euro area accession, including in relation to the non-bank financial sector, insolvency, state-owned enterprises and anti-money laundering measures. The BNB Governor appreciated the intention of the caretaker government to continue work on these issues.

Radev also said, "Bulgaria needs a clearly established and sustainable pro-European political construct. Bulgaria needs to achieve several goals. The first one is the restoration of political contacts on the issue at the highest level. The second is to return to the path of fiscal consolidation. The third is the adoption of the law on the introduction of the euro as soon as possible. The fourth is to speed up work on the remaining conditions and technical preparations, which are mostly the responsibility of the government, because the BNB and the banking sector will be ready before the end of this year. If this scenario materializes as soon as possible after the upcoming elections, our chances of joining the Eurozone in 2025 remain strong and fully realistic," the BNB governor added.

Share news on social media

Follow us on social network

Azerbaijan’s Minister of Science and Education holds meetings during Education World Forum

Turkish delegation visits Alley of Honors, Alley of Martyrs and "Turkish Martyrdom" monument

Professor Edmund Herziq: Nizami Ganjavi unified catalogue will be published in three languages

International Booker Prize 2024: German win for Kairos

Leyla Aliyeva holds meetings at United Nation’s office in Switzerland

Azerbaijan`s Prime Minister to visit Iran

® Shahin Bagirov meets with Caspian Energy Club members

Oil prices fall in global markets

Azerbaijani oil price down in global markets

Release of the Press Service of the President

“International Policy Digest” publication highlights lasting peace opportunities in South Caucasus

Monkeys are dropping dead from trees in Mexico as a brutal heat wave is linked to "mass deaths"

2nd Azerbaijan-Uzbekistan Interregional Forum features signing of bilateral documents

Azerbaijani wrestler crowned European champion in Baku

“Nizami Ganjavi Manuscripts Union Catalogue and Database” project presented to scientific community

Northern Cyprus’ PM meets Azerbaijani, Turkish Ombudspersons

Azerbaijani FM, Acting Foreign Minister of Iran hold phone talk

Turkish Airlines resumes Afghanistan flights after 3-year hiatus

Biden denounces ICC for ‘outrageous’ implication of equivalence between Israel and Hamas

Azerbaijan poised to host 2025 Minifootball World Championship

Scarlett Johansson takes on OpenAI over chatbot voice

Northern Cyprus' President receives Azerbaijani and Turkish Ombudspersons

First Vice-President Mehriban Aliyeva congratulated judoka Hidayat Heydarov on winning world championship title

Landmine blast kills one in Azerbaijan’s Tartar district

Azerbaijan hosts inauguration of first Professional Chovgan League

Azerbaijani, Turkish ombudspersons visit Parliament of Northern Cyprus

Afghanistan floods affect over 30,000 since year-start: UN

UN: Azerbaijan’s hosting of COP29 is an important achievement for the country

Azerbaijan’s Economy Minister: We invite our Uzbek colleagues to participate in COP29

Azerbaijan Railways delegation embarks on visit to China

Azerbaijani U13 table tennis players to vie for European medals in Romania

Cuba declares one day of public mourning over Raisi martyrdom

Russia ready to help Iran investigate Raisi’s helicopter crash, Shoigu assures

Azerbaijan’s Minister of Science and Education holds bilateral meetings as part of Education World Forum

Azerbaijan, Tajikistan discuss cooperation opportunities

SCO foreign ministers observe moment of silence over death of Iranian President

AzerGold releases gold coin collection featuring Icherisheher monuments

Central Bank: $80m worth of demand fully covered at FX auction

Schools in Pakistan's Punjab to remain closed for 7 days amid heat wave

® Bakcell CEO met students of the Heydar Aliyev Modern Educational Complex

President Ilham Aliyev visited Embassy of Iran in Azerbaijan, offered his condolences over the death of the Iranian President and other individuals in helicopter crash

President Ilham Aliyev received Minister of Investment, Industry and Trade of Uzbekistan

8 killed in road accident in central Peru

Czech Republic records nearly 15,000 cases of pertussis, 6 die

® Advantegous offers continue for those transferring their loan obligations to Kapital Bank

Defense Ministry: Another tasks fulfilled at EFES - 2024 multinational exercise

Google invests 1 billion euros in Finnish data centre to drive AI growth

UN: Secretary-General is closely following normalization process between Armenia and Azerbaijan  - EXCLUSIVE

U.S. regulator ends prelim review of Tesla's Model X over seat belt issues

® Azerconnect Group actively engaged in Business Forum held within COP29

Azerbaijani oil price surges in global markets

Oil prices fall in global markets

Iranian presidential election to be held on June 28 after deadly helicopter crash

Türkiye to observe day of national mourning for Iran's Raisi

Another Azerbaijani wrestler advances to final of European championships

Azerbaijani, Georgian foreign ministries hold political consultations

Hidayat Heydarov crowned world champion VIDEO

Release of the Press Service of the President

Eruption of Indonesia's Mt Ibu forces seven villages to evacuate

President Ilham Aliyev appoints Shahin Bayramov as rector of Karabakh University

1st Black astronaut candidate waits 60 years to break record as oldest space traveler at 90

bp developing inclusive teaching skills for primary schools in Azerbaijan

Baku hosts inauguration of U23 European Championships 2024

Azerbaijan’s Minister of Science and Education attends Education World Forum in London

Azerbaijani judokas win 6 medals in Malaga

Speaker of Azerbaijan’s Milli Majlis offers condolences to Speaker of Islamic Consultative Assembly of Iran

® Baku Steel Company CJSC signs MoU on mutual cooperation with government agency of Tajikistan

Julian Assange's wife urges United States: Cease deplorable attack on journalism!

Azerbaijan’s Central Bank issues new metal coins into circulation

Azerbaijan, Latvia discuss COP29 preparations

Azerbaijani, Turkish Ombudspersons to visit Lefkosa city

18 dead as pick-up vehicle overturns in Chhattisgarh's Kabirdham

Julian Assange wins High Court victory in case against extradition to US

Comet fragment lights up sky over Spain and Portugal 'like a movie'

“Model OIC – 2024” program focuses on COP29

Smoking kills 6,700 people in Laos annually

Azerbaijan joins international cultural festival in China

Azerbaijan Army holds graduation ceremony of Reserve Officer Training Course VIDEO

Azerbaijani judoka advances to final of 2024 World Championships in UAE

Azerbaijani karate fighters bring home eight medals from Slovenia

China sanctions Boeing, two U.S. defense contractors for Taiwan arms sales

Azerbaijani gymnasts triumph in Maia FIG ACRO World Cup

Foreign Ministry: Azerbaijan supports “One China” policy and does not recognize independence of Taiwan

‘Latvia commends Azerbaijan’s peace efforts in the region’

President Ilham Aliyev received delegation led by Speaker of Latvian Saeima VIDEO

Azerbaijan’s artillery units end live-fire tactical exercise, Defense Ministry

Three Azerbaijani wrestlers reach semifinal of European Championship in Baku

Azerbaijan`s Prime Minister extends condolences to Iran`s First Vice President

Tajikistan increased volume of cargo transportation through Middle Corridor by 86 percent in 2024, says minister

Azercosmos, Esri Global ink Memorandum of Understanding

® Kapital Bank's cash loan lottery: winners of first draw revealed and exciting prizes await

Xi expresses condolences over Iranian President Raisi's death

ANAMA: 16 unexploded ordnances neutralized over past week

Putin offers condolences to Iran over Raisi’s death in helicopter crash

Iran’s VP to take over as interim president: Guardian Council

Everyone awaits decision on Assange – Photo reportage in front of the High Court in London VIDEO

Turkish president extends condolences to Iranian people over death of Raisi

Azerbaijani Defense Minister expresses condolences to Iranian side

Pakistan declares day of mourning to honor Iran president

Another 4 Azerbaijani judokas to vie for medals at UAE World Championships