Bulgarian Banks Successfully Completed the Euro Transition: Seamlessly and On Time

The banking sector in the country ensured a successful, smooth, and completely seamless transition to the euro – a key historical moment for the Bulgarian economy and society. This is stated in a position of the Association of Banks in Bulgaria (ABB).

Immediately after midnight, ATMs and POS terminals of banks were already performing transactions in euros. Thanks to the complete technical and operational readiness of the banks from the first minutes of the new year, customers throughout the country could freely pay with their credit and debit bank cards. Mobile applications and online banking are also already available. All conditions on the bank products used are maintained, with interest rates remaining unchanged, it is noted in the announcement.

In the last two working days alone, over BGN 1 billion was deposited in banks. All account balances were automatically converted at the officially fixed exchange rate, without fees and without the need for any action on the part of the customers. Until the end of June, banks will exchange banknotes and coins from levs to euros at the fixed exchange rate without fees. From the first working day, traders will be able to load banknotes and coins in euros in all denominations.

The smooth transition is the result of long-term, coordinated, and consistent preparation by the banking sector and all key participants in the process. On New Year's Eve, bank employees were at their workplaces to ensure the migration to the euro in real time. The banking sector invested over EUR 200 million in the adaptation of its systems and information infrastructure to guarantee the reliability and accessibility of services at the moment of transition, as noted in the ABB's position.

Joining the Eurozone marks a historic step in the development of Bulgaria – a step that strengthens the financial system, strengthens confidence in the economy, and opens up new opportunities for growth, investment, and deeper European integration, the ABB's position also states.

The banking sector will continue to be a reliable partner to citizens, businesses, and institutions, providing a stable, modern, and secure financial environment in the new reality with the opportunities that the single European currency provides, the association adds.

BTA recalls that at 00:00:20 hours the first successful withdrawal in euros was also recorded – from an ATM in Sunny Beach. Three minutes after midnight, the first successful transaction in euros through the infrastructure of "Borica", performed via SoftPOS in Sofia. At 00:04:55 a successful donation in euros was made to a virtual POS terminal.