A month after Bulgaria received the green light to join the Eurozone, all retailers are now required to display prices in both leva and euros. This was explained by Deputy Minister of Economy and Industry Nikolay Pavlov in an interview for the Bulgarian National Radio programme “Before All”.
“The Ministry of Economy and Industry is one of the key institutions involved in the preparatory process for our country’s accession to the Eurozone. We are part of the Coordination Council for Preparation,” Pavlov stated.
He emphasised that the currency conversion must adhere to the official fixed exchange rate – 1.95583 leva per one euro – and that prices must be clearly displayed, without giving prominence to one currency over the other on the label of any product or service.
“The dual display of prices must continue for 12 months following the date of the euro’s introduction in the country,” Pavlov added. According to him, prices in leva and euros should appear side by side, in the same font size and typeface, making it clear to consumers which price corresponds to which currency.
“I advise them not to rush, because we are still awaiting this decision,” Pavlov commented, referring to retailers who have already begun displaying prices in euros. In his words, while this might be helpful for early orientation, there is currently no legal requirement to do so.
The state will ensure compliance with the legal provisions using all available instruments, the Deputy Minister assured. “The obligations of traders are clearly defined in the Law on the Introduction of the Euro,” Pavlov added.
“The introduction of the euro itself cannot lead to inflation. Institutions will conduct targeted inspections to prevent unfair trading practices,” he stated firmly.
The Deputy Minister of Economy explained that the euro introduction process has already been observed in other countries. In some places, there was a negligible price increase of between 0.2 and 0.4 percent, sometimes associated with dishonest commercial practices.
It is precisely such practices that the state will be monitoring through its institutions, which are also prepared to receive reports from citizens. Inspections will be carried out, sometimes jointly between different institutions.
“Without intending in any way to alarm businesses or honest traders, it is important to ensure that the monitoring is focused, in order to prevent unfair practices and avoid such price increases,” the Deputy Minister of Economy clarified.