The Bulgarian National Bank (BNB) has posted, to its website, the answers to important questions connected with the adoption of the euro and the country’s entry into the Eurozone.

The official BGN to Euro exchange rate is fixed, with the Lev pegged to the euro. It will remain the same when the euro is adopted: EUR 1 =1.95583 BGN, BNB explains. As of the date of the adoption of the euro in Bulgaria, the currency in use in the country will be the euro.

The period in which the prices of goods and services will be displayed in both euro and Leva begins one month after the date on which the decision on the adoption of the euro comes into effect, and ends 12 months after the date on which the euro was introduced in Bulgaria.

As of the date on which the euro is adopted, withdrawing cash from an ATM will be in euro only.

The BNB will exchange banknotes and coins from Leva to euro using the official exchange rate free of charge, in unlimited quantity, and without a time limit.

Converting Leva to euro will take place with the numerical value in Leva divided by the full numerical value of the official exchange rate, expressed in 6 digits with all five places after the decimal point. The sum obtained shall be rounded to two decimal places.

The minimum capital for setting up a limited liability company after the adoption of the euro shall be 1 euro.

The minimum capital for a joint stock company shall be 25,000 euro.