The deputy minister: The business will cope well with the introduction of the euro

Doncho Barbalov, Deputy Minister of Economy and Industry, expressed optimism about the business approach to the introduction of the euro in Bulgaria. According to him, although isolated cases of attempts at abuse cannot be excluded, the majority of traders are prepared, responsible and already working on adapting to the new rules.

Barbalov pointed out that the regulators will be mainly focused on those businesses that could take advantage of the transition period with speculative actions. He expressed confidence that the vast majority of traders will cooperate with the institutions.

The government and regulators are already working in parallel on various areas, with one of the main focuses being the memorandum between the business and the state, which will cover training and awareness of employees in commercial outlets. Barbalov explained that "lack of knowledge can also lead to mistakes", so efforts will also be directed at increasing the awareness of all participants in the economic process.

The price monitoring system is also in the process of improvement. Together with the major retail chains, an automated system for providing price information will be created, which will allow timely analysis of price levels and will enable regulators to react in case of unjustified deviations.

Barbalov explained that the control will be focused mainly on the large traders, as the process can be more easily automated with them, and the risk of human errors will be reduced. This will free up resources for control in smaller settlements, where the risk is higher.

According to the Deputy Minister, the overall process of introducing the euro is "overexposed" and no major problems are expected. The experience from other countries, including Croatia, has been analyzed, and good practices will be applied. Particular attention will be paid to the proper calculation of the exchange rate.

The transition will officially start on July 8, when the country is expected to receive the final decision on the introduction of the single currency. From this moment on, a one-month preparatory period begins, during which the business must adapt to the requirement for dual pricing - in leva and euros. Barbalov assured that "the time is sufficient", emphasizing that a large part of the chains have already started the adaptation.

The Deputy Minister was categorical that the risk of speculation before the introduction of the euro is minimal. The reason - the Commission for Consumer Protection has already made a check of price levels earlier this year. A system for regular monitoring will be established, which will guarantee transparency and will make it difficult to attempt abuse.

"It would be a bit pessimistic to expect that someone will abuse the conscious trust of society," Barbalov said, and added that in case of irregularities, the state is ready to react with "all its might".