With Bulgaria's accession to the Eurozone, the Bulgarian National Bank (BNB) becomes part of the Eurosystem, and the Governor of the BNB receives a seat on the Governing Council of the ECB, the Frankfurt institution announced today.
Christine Lagarde, President of the ECB, welcomed Bulgaria and Dimitar Radev. The euro is a symbol of European unity.
The BNB becomes a full member of the Single Supervisory Mechanism, with supervision over significant and less significant institutions in Bulgaria. The ECB is responsible for the licensing of banks and the assessment of acquirers of qualifying holdings.
The BNB has paid the remainder of its contribution to the capital of the ECB and has transferred its contribution to the ECB's foreign exchange reserves. Bulgarian counterparties will participate in open market operations after January 1, 2026.
The Bulgarian market joins the TARGET services of the Eurosystem. Settlement in euro in T2S and TIPS is possible from 2023 and 2024.
The ECB marked the adoption of the euro with an installation in Frankfurt.