The first session of the Bulgarian Stock Exchange (BSE) with trading in euros was officially marked with a ceremony in the BSE building in Sofia. Following Bulgaria's accession to the Eurozone, the Bulgarian capital market now operates entirely in the single European currency for all exchange-traded instruments.
According to Vasil Golemanski, chairman of the Financial Supervision Commission, today has historical significance not only for the capital market and the economy, but also for the state as a whole.
“Bulgaria's adoption of the Eurozone is not just a change of one currency for another. This is a complete integration of the Bulgarian economy into the European one. This is the last step in the complete integration of our country into the place where we should be in Europe and I believe that there should be no turning back,” said Golemanski.
He pointed out that Bulgaria's non-bank financial sector under supervision is fully prepared for the adoption of the euro and at this moment there is no indication of disruptions in the process of transition from the lev to the euro.
Golemanski stated that 2025 has ended with good news for the capital market, referring to the government's announced intentions to create conditions for the initial issuance of government securities through the BSE and the published bill providing for the introduction of the multi-fund system in the management of funds in pension insurance funds.
According to him, the issuance of government bonds on the stock exchange will provide individual investors with access to such a financial instrument and, thanks to the BSE's infrastructure, the prerequisite for a good secondary market for government bonds is in place, which in turn will provide additional acceleration for the capital market and can be an incentive for citizens to improve their financial literacy.
According to Golemanski, the introduction of the multi-fund system, concerning the second and third pillar of the pension system in our country, will support the capital market in the country, as it allows pension companies to invest the managed funds in various financial instruments.
He stressed that the turnover for 2025 of the BSE has passed the threshold of 1 billion levs and wished to exceed 1 billion euros in the current 2026.
Asen Yagodin, chairman of the Board of Directors of the BSE, pointed out that the adoption of the euro is something that our country has been waiting for 28 years under the conditions of a currency board. According to him, the board has contributed to the stability of public finances and has allowed the country to accumulate reserves and maintain low levels of debt.
According to Yagodin, joining the Eurozone is a natural end to Bulgaria's path after joining the European Union and the Schengen area, as the euro can lead to the overall prosperity of society and, in particular, the capital market.
“With the entry into the Eurozone and the corresponding revaluation of all our exchange-traded instruments in euros, it is also expected that this will help those investors who we lost in 2009-2010, foreign investors, as well as Bulgarians to return properly to our market,” said Yagodin, adding that a turnover of 1 billion euros is perhaps an achievable goal this year.
Manyu Moravenov, Executive Director of the BSE, expressed confidence that years of growth are ahead for the Bulgarian capital market.
“The Bulgarian Stock Exchange from today and our capital market is not just a national platform and a national market, but already a European platform, where good ideas meet capital, and good companies grow. I am convinced that a new investment cycle is starting for the Bulgarian capital market, a cycle of growth of trust and of many more opportunities for integration. As Mr. Golemanski has already mentioned, with this we are completing the cycle of integration of the Bulgarian capital market, of the Bulgarian economy, into the European economy, and with all the efforts we are making to integrate our market into the space in Europe, I am absolutely convinced that a really good period is ahead for the Bulgarian capital market,” said Moravenov.
He notes that trading on the BSE in euros has already started and the first deals in the new currency are already in place, and the main SOFIX index reports a growth of 2 percent from the beginning of the day.
According to him, due to the holiday regime, the effect of new investors in Bulgaria as a result of membership in the Eurozone first manifested itself in the tourism sector, where an increase in tourists is already noted, not only from traditional destinations, but also from different continents.
“I personally am convinced that with the transition of trading in euros, the new investors, who we expect to return to the Bulgarian Stock Exchange, and even bigger ones to appear, will already be in place, and not only from the region, but also from the whole world. This will give additional opportunities to Bulgarian companies looking for growth,” said Moravenov.
The Executive Director of the BSE stated that this year the first simultaneous procedure for an initial public offering (IPO) on the BSE and the Frankfurt Stock Exchange through the Eurobridge segment is also expected.
Moravenov stressed that the realization of the project for the issuance of government bonds through the stock exchange will give Bulgarian citizens access to investment opportunities on the Bulgarian capital market.
“This will be an opportunity to increase their financial literacy, but it will also be an opportunity to increase their investment culture and, of course, their income, investing in low-risk instruments with good returns,” he said, expressing confidence that the successful implementation of this project will lead to a significant increase in retail investors on the BSE.
“The Bulgarian Stock Exchange is just the platform, it is the infrastructure that allows Bulgarian investors, participants in the Bulgarian capital market, to realize their ideas and this cannot happen without the active participation of all investors in our market,” said Moravenov, adding that the cycle of high growth achieved by public companies in our country in recent years will continue for at least the next 2 years.