Support for the Elderly in Exchanging Leva for Euros

In preparation for the upcoming introduction of the euro as the national currency, representatives of the Consumer Protection Commission (CPC) and the National Revenue Agency (NRA) held a meeting with residents of the Dospat municipality. A key aspect of the process was discussed at the event – support for the elderly population in the exchange of leva.

Mithko Petagov, chief inspector at the CPC, appealed to the mayors of the populated areas to assist the elderly in the process of exchanging money. He emphasized that people of the third age, including those living alone, are particularly vulnerable and can become targets of fraud. In this regard, a warning was issued to citizens to be particularly careful and not to trust strangers offering to exchange leva for euros.

Those gathered in Dospat had the opportunity to get acquainted with the main stages and deadlines related to the introduction of the euro from January 1, 2026. It was explained at the meeting that the law provides for a fixed exchange rate of 1.95583 leva for one euro, which guarantees that there will be no deterioration in the financial situation of consumers. In addition, it was emphasized that there will be automatic currency conversion without fees, as well as strict rounding rules. Contracts remain unchanged.

As an example of possible abuses, the chief inspector at the CPC shared a case of a complaint from an elderly person against a mobile operator with an office in a shopping center. The employee of the operator asked for the contract to be resigned due to the introduction of the euro.

The discussion also touched on the potential impact of the introduction of the euro on the income of the population. Petagov cited the positive experience of countries such as Lithuania, Latvia, Estonia, and Croatia, where an increase in income was recorded after the introduction of the euro. At the same time, he emphasized that in the context of our country, an unfavorable factor is present – the "scissors" between the different layers of society is too open, and there is also unfair spending of funds, especially in the public sector. Petagov has repeatedly raised the issue of fair remuneration for labor.

From August 8, 2025, to August 8, 2026, all prices of goods and services will be announced in leva and euros. Prices will be rounded to the second decimal place. In January 2026, during the period of dual circulation of prices, traders will not be obliged to accept more than 50 coins in leva per purchase.

The Bulgarian National Bank (BNB) will offer starter euro packages worth 20 and 200 leva. All accounts in banking institutions will be automatically converted. The BNB will exchange leva indefinitely. Commercial banks will exchange without a fee for 6 months – until July 1, 2026. Bulgarian Posts will offer the service for exchanging sums from 1000 to 10,000 leva, with a prior application of 3 to 5 days.

In January 2026, when paying in cash, the change should only be returned by the trader in euros. If the consumer wishes, the trader can provide written information on the value of the change in leva. An exception is only allowed in the absence of cash in euros, when change can be returned in leva. Change is returned in only one currency.

In Dospat, on the territory of the municipality, citizens are acquainted with the ways to report signals. They can report irregularities on the CPC website, through the CPC mobile application or on the special phone for signals.

The director of the Smolyan office of the NRA, Tanyo Karamanolov, stated that the revenue agency is assisting in the smooth introduction of the euro. The systems are ready, so that from January 1, consumers will not feel any tremors. "Everything happens automatically. References, which concern the two periods – for 2025 will come out in leva, for 2026 in euros. Technically everything is done and we expect the introduction of the euro", said Karamanolov. The NRA will strictly monitor cash receipts, where prices must be in leva and euros, with the exchange rate written. Checks are being carried out for unjustified price increases. The deadline for prescriptions is until the end of the current week, and from Monday the imposition of sanctions begins.

The sanctions under the Euro Law are significant. The minimum fine for distant labels is from 600 to 7000 leva. For unfair commercial practice, the fine can reach up to 50,000 leva, and for large traders, the sanction is a percentage of the turnover.