Omissions – Bulgaria postpones introduction of the euro – Economy

Bulgaria’s entry into the euro zone is expected to be postponed by a year to 2025. “Bulgaria is lagging behind in passing the relevant legislation,” said Acting Finance Minister Rossitsa Welkova. Due to failures in its preparation, Bulgaria will not submit a convergence report at the end of February. The Balkan country has been a member of the EU since 2007. The new target date for the introduction of the euro in the south-eastern EU country is now January 1, 2025, said the minister. However, an earlier date cannot be ruled out. The laws required for the introduction of the euro could not be passed in time because the parliament in Sofia was dissolved in view of a general election on April 2nd. Two international rating agencies have already questioned Bulgaria’s entry into the euro zone, originally planned for early 2024, partly because of the high inflation rate. According to official figures, annual inflation in Bulgaria for 2022 was 15.3 percent. Finance Minister Velkova now fears that the unclear timeframe for the introduction of the euro will worsen Bulgaria’s creditworthiness.

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