The Transition to the Euro: Latest Data on Exchange, Counterfeit Banknotes, and Prices

The process of transition to the euro in Bulgaria continues, with the final phase of technical implementation to come, announced the chairman of the Coordination Center to the Euro Mechanism, Vladimir Ivanov. Current data on the exchange of leva, cases of counterfeit euro banknotes, and the prices of goods are being reported.

Exchange of leva:

• Currently, 89% of the leva have been withdrawn, with approximately 3.4 billion leva still in circulation.
• The BNB will exchange leva indefinitely, and commercial banks and Bulgarian Post - without fees until the middle of the year.
• From March 9 to 13, 6334 operations worth 6.529 million leva were carried out at Bulgarian Post.
• From the beginning of the year to March 13, leva worth 252 million leva were exchanged.

Counterfeit euro banknotes:

• 6 new cases of attempts to circulate counterfeit euro banknotes were registered in the period March 6-12.
• 2 pre-trial proceedings and 4 inspections have been initiated.
• 21 banknotes were seized (4 of 50 euros, 16 of 10 euros, 1 of 5 euros).
• Since the beginning of the year, a total of 177 attempts to circulate counterfeit euro banknotes have been registered.

Price control:

• The CPC has conducted 6128 inspections since the beginning of the dual price labeling, with 694 acts drawn up, 107 penalty decrees issued, and 194 agreements concluded.
• For the period March 5-11, 202 inspections were carried out, 18 violations were detected, 33 acts were drawn up and 9 penalty decrees were issued.
• The focus is on services (restaurants, fitness centers, etc.), stores selling food and industrial goods.
• 337 complaints against online merchants have been processed, 11 acts have been drawn up.

Product prices:

• Data for 5058 goods on the “How much does it cost“ portal were checked, and unjustified price increases were found for 495 (fruits, vegetables, medicines, etc.).
• The overall price trend is maintained, without significant increases beyond seasonal fluctuations.
• 1052 complaints and signals have been received by the CPC (mainly for high water and electricity bills).

Other inspections:

• The NRA has conducted 440 inspections, 67 violations were detected, 49 acts were drawn up, 42 penalty decrees were issued, worth 111,000 euros.
• Inspections of gas stations have begun (54).
• The BFSA has carried out 268 inspections of food establishments, non-conformities have been detected (9 kg. of snacks have been seized).
• Samples of bread, milk, and butter have been taken for analysis (results next week).

Inflation:

• Monthly inflation for February is 0.4%, annual inflation is 3.3% (NSI).
• Preliminary data for March will be published on March 30, final data on April 14.