It is important to have euro legislation by the end of the summer

We are actively preparing and ready to adopt the euro from the beginning of next year. All our efforts are directed towards this. It was essential to launch a number of important projects that concern the banking infrastructure itself - the jump to the euro requires a lot of investment.

Whether it will happen on 1 January 2025 or mid-2025, we are ready. It is very important that the Law on the introduction of the euro be examined, discussed and passed by the parliament by the end of the summer. This will give additional security to the citizens. However, there are a number of information and accounting systems, as well as municipal systems, that must be adapted to work with the new currency. This is where it will really show how ready we are and whether we will manage. There are no problems on the part of the banks.

There's nothing to worry about. The Bulgarian lev is one of the two non-euro currencies that are part of the European currency mechanism, and the change will not be a shock. However, the political turbulence could cause upheavals instead. I believe that we underestimate the awareness of our customers about the transition to the new currency and we, as a society, overexpose fears that are not adequate. In reality, there are no objective factors that can cause panic from the adoption of the single currency and create a feeling of uncertainty. What is likely to happen after we enter the Eurozone is that there will be a “wait and see" period. The formula for calculating interest will change. It is envisaged that the new interest rate under credit agreements with a variable interest rate cannot be higher than the interest rate before the date of introduction of the euro. In the case of a loan agreement with a fixed interest rate at the date of entry in the Eurozone, the interest rate will remain as it was contracted before the date of entry.