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Bulgaria business to benefit from pro-term EUR introduction

Date: 05.12.2008

A pro-term introduction of the EUR in Bulgaria would be an advantage for the local economy in the conditions of a global financial crisis, according to Bulgarian business experts, who commented on the idea of the Confederation of Employers and Industrials in Bulgaria (CEIBG) to unilaterally introduce the EU currency for all transactions in the country.

On Wednesday, the idea received the support of the Bulgarian Economy and Energy Minister Petar Dimitrov.

"The move would lead to some positive results such as reducing the possibility of some imprudent politician to change the currency peg by either discontinuing it or by changing the fixed exchange rate of the BGN and the EUR. The second positive result would be the reduction of transaction fees Bulgarian businesses currently pay for bank transfers or currency. For example, now, when a Bulgarian company wants to pay another Bulgarian company in EUR or a Bulgarian wants to transfer EUR from his personal bank account to another bank account, the transaction has to be done abroad, resulting in huge fees," said the Bulgarian economist Vladimir Karolev in an interview for the Darik radio on Thursday.

Georgi Stoev, from "Industry Watch" also spoke before the Darik radio saying that if the EUR would be introduced in Bulgaria, the interest rate of loans would immediately go down, adding that he expected other positive results due to the fact that Bulgaria would have a stable currency making people doing business in the country more at erase.

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