Bulgaria Sets Price Controls in Eurozone Countdown

Bulgaria's legislature has enacted new regulations to implement a year-long price control initiative beginning August 8, as the nation gears up for its euro currency adoption set for January. This crucial step in Bulgaria's transition comes after receiving formal endorsement from EU finance ministers, who recently approved the Bulgarian lev to euro conversion rate.

The law provides a grace period until October 8, allowing businesses to adapt to dual pricing in lev and euros. It aims to counteract potential sharp increases in the cost of basic goods and services by enforcing penalties ranging from €2,556 to €511,290 for those manipulating prices.

Despite the EU support, public opinion in Bulgaria remains divided, with 50% expressing skepticism about the euro transition due to fears of price inflation. Bulgaria's euro adoption journey marks it as the 21st eurozone member, following Croatia's recent entry in 2023. Once complete, only six EU nations will remain outside the eurozone.

(With inputs from agencies.)