The regulators are monitoring speculative practices in the introduction of the euro in Bulgaria.

The Chairman of the Consumer Protection Commission (CPC), Maria Filipova, stated that the regulatory authorities, including the National Revenue Agency (NRA) and the Commission for Protection of Competition (CPC), are starting joint inspections for unjustified price increases by merchants who use the introduction of the euro for speculation.

According to Filipova, at the moment there is an increase in prices, which is the subject of research by the Ministry of Agriculture and Food. She explained that the regulators are included in this team and will monitor for speculative business practices regarding the adoption of the euro in Bulgaria.

The Chairman of the CPC stressed that at the moment the economic behavior of merchants is being monitored, taking into account the inflation rate before the request for a convergence report and the pace of expenses and norms thereafter. Any deviation from these indicators will result in the application of sanction norms.

Filipova explained that together with the NRA and CPC, they will reach inspections of manufacturers and suppliers to establish whether the price increases are justified. She pointed out that if a merchant claims that their price has gone up due to deliveries, the regulators will check the supplier to see what the price increase is based on.

According to Filipova, at the moment there are no serious violations, but rather manipulative ones. She noted that mass signals are being submitted to the CPC for certain high prices, but upon on-site inspection, the photos turn out to be manipulated.

The Chairman of the CPC assured that the regulators will be uncompromising towards any unfair business practice and will monitor the proper re-valuation and rounding, which is provided for in the law. Filipova announced that information campaigns are upcoming in over 300 settlements to explain the process of introducing the euro to the people and businesses.

According to Filipova, the biggest fear of Bulgarians is that they will lose their money, but this will not happen, as inflation and the adoption of the euro are two independent processes. She stressed that the uploaded samples on the CPC website are intended to assist merchants, including those who do not have labels but stickers.