Bulgaria's transition to the euro is a historic moment that requires timely and precise preparation from businesses, accountants and IT specialists. The Euro Introduction Act (ZVERB) and the accompanying methodological guidelines set out clear rules and deadlines. Here is the most important information you need to know:
Core conversion rules
- Conversion rate: 1 euro = 1.95583 leva (no rounding during division)
- Rounding: After conversion - to two decimal places using standard mathematical principles
Dual price display
- Mandatory: For all final prices - labels, menus, websites, advertisements
- Period: From one month after the EU Council decision until 12 months after the euro introduction
- Requirements: Visibility, legibility and equal font size for prices in leva and euro
Cash registers and fiscal receipts
- Up to 12 months after introduction: Receipts show the amount in both leva and euro + exchange rate
- After the introduction date: All payments are recorded in euro only
Accounting and documents
- Invoices: Not subject to dual display
- Documents before the euro: Retained in leva, without recalculation
- Documents after the euro: All new entries are in euro
- Transition date: Balances are recalculated analytically
- Salaries: Unpaid remuneration is rounded up to the nearest full euro cent
- Exchange differences: Recorded as current income or expenses
Capital update
- OOD (LLC): Converted automatically, with an adjustment option of up to 5%
- AD (JSC): A new share value and capital amount is calculated
Annual financial statements
- After introduction: Annual financial statements are submitted in euro
- Comparative information: Recalculated
- Disclosure: Mandatory explanation of the change in reporting currency
The first month - dual circulation
- Payments: Possible in both leva and euro
- Change: Returned in euro (except where unavailable)
- Coins: A trader may refuse more than 50 leva coins
Preparing information systems
- Identify affected systems (ERP, CRM, accounting, cash register)
- Contact your software providers
- Back up data in leva before the transition
- Conduct testing and verification after adaptation
Final tips
- Prepare your accounting, price labels and IT systems in good time
- Monitor deadlines and compliance - the penalties are not to be underestimated
The introduction of the euro is not merely a currency change - it is a strategic transition. The better prepared you are, the smoother the adaptation will be.