Consumers will be protected

The Consumer Protection Commission (CPC) actively participates in preparing Bulgaria for the introduction of the euro. The main objectives, measures and activities aimed at consumer protection are laid down in the National Plan for the introduction of the euro.

Among them are measures for the correct recalculation of prices, their double marking and monitoring. The exact and correct calculation of prices from BGN to EUR is a key means of preventing the risk of undue price hikes. CPC will ensure strict compliance with the rules for currency conversion. In order to facilitate the adaptation to the new currency and to prevent abuses, the Draft Law on the introduction of the euro regulates the obligation of double indication of prices in BGN and EUR in stores, which will come into force 30 calendar days after the EU Council's decision on the fixed exchange rate between the lev and the euro and will remain in force 12 months after the adoption of the European currency. The experience of the Member States that recently adopted the euro shows that this obligation has produced very good results.

CPC will pay special attention to merchants and service providers who have to display prices in both currencies. This measure will be mandatory for all commercial establishments, but also for all commercial messages containing information on the prices of goods and services. The Commission will also monitor the dual labeling in the offices and on the websites of the organizations under BNB supervision regarding the tariffs for fees and commissions, as well as the balance and installments due on consumer and mortgage loans. KZP will take measures to eliminate the risks of economic shocks and illicit market practices.