Simeon DianoffThe former finance minister of GERB, Bulgaria Not ready yet Eurozone And will probably be adopted EUR On January 1, 2027, he told NovaNews: EUR It's due for release next week.”we, Eurozone I will report back next week. We already know the results, but we're not ready yet. The budget is focused on it, there have been major adjustments, less funding allocated. The new government has EUR It is also an important aspect of social life. Bulgaria,” Dianoff He stated.
Dianoff He said reports are submitted periodically every two years. Eurozonewhich Bulgaria He explained that the program is scheduled to allow countries at least two months to meet all the criteria.The earliest we can expect to be April next year is when we apply for an interim convergence report to the EC, which means we will receive a report in July next year to decide whether we meet the criteria or not, and if so, the timing of the euro adoption will be decided. It could be the end of 2025, but that doesn't necessarily mean it will be the time for the euro to be introduced. EUR From January 1, 2026, but more likely January 1, 2027.” he added.
according to Dianoff, Bulgaria It would be unreasonable to ask for a report at that point, since the inflation threshold would not be met by the end of the year. He emphasized that asking for two reports in the same year is exceptional, citing the example of Slovakia. However, Bulgaria It has not met inflation standards since September 2021, almost three years ago, and has no room left. Dianoff He also pointed out that a record loan of about 11 billion leva was planned for this year, but has not yet been disbursed due to political turmoil. He explained that there is no need for new loans beyond this 11 billion, although renewals are necessary.
Dianoff Emphasized Bulgaria Far from a debt crisis, with debt levels at 24 percent of GDP, well below the 60 percent threshold, he noted. Interest rates on government debt have risen significantly and are now around 6.5-7 percent, resulting in interest payments of more than 1 billion leva per year.We should not always focus on the deficit, which has been around 2.8% to 2.9% in recent years. We need to do some serious math. There are ways to get it to around 1.5%, but it's not something that can be done in a year.” he added.
He also said that the European Central Bank has started to cut interest rates, while the Bulgarian National Bank (BNB) is increasing them to optimise mortgage loans.The BNB has belatedly raised its key interest rate, but the bank has always been slow to move and, until recently, was reluctant to join the euro zone. There is still a long way to go.” he commented.
Dianoff By January 2025, under a normal government, Bulgaria Inflation could be achieved according to the Maastricht criteria. He stressed the need for an explanatory campaign on the benefits of inflation. EURNeither the Treasury nor the BNB has implemented it effectively so far.”I was asked this question immediately this morning as I landed at the airport and was getting into a taxi. EurozoneWhen will it be and what are the benefits? The biggest benefit of accepting us is that for those who have assets, for example, you will get a 20-30% increase in the first year. I don't know why neither the Minister of Finance nor the BNB explain this. Prices of apartments and other things are all increasing. Apart from that, interest rates are generally going down.” he commented.
