The quantity of euro banknotes that will likely be wanted for financial circulation in Bulgaria after the nation enters the Eurozone quantities to 520 tons, which is the same as 25 autotrucks, and the quantity of euro cash reaches 3,600 tons or 181 autotrucks. This was said on 20.11.2024 by the Chief Treasurer of the Bulgarian Nationwide Financial institution (BNB), Stefan Tsvetkov, throughout the Euro Week initiative and the Tenth Annual Financial and Financial Scientific Convention, which was held on the College of Nationwide and World Financial system (UNWE) in Sofia.
Based on Tsvetkov, who introduced BNB calculations, the Bulgarian banknotes that will likely be withdrawn from financial circulation on the expense of the brand new euro banknotes quantity to 642 tons or 32 autotrucks, which if organized one behind the opposite would attain the size of 5 soccer fields. To withdraw Bulgarian cash from circulation, 378 autotrucks could be wanted, which might kind a column 6.8 kilometers lengthy.
“The issuing financial institution has the duty to subject banknotes, retailer them, course of them, but in addition to withdraw them from circulation and destroy them. There is no such thing as a different establishment within the nation that has the suitable to each subject and destroy banknotes,” stated Tsvetkov, indicating the quantity of labor going through the BNB in the context of coming into the eurozone.
Tsvetkov identified that the variety of Bulgarian banknotes in circulation quantities to 604 million with a complete worth of 29.7 billion leva, and Bulgarian circulation cash attain 3.3 billion with a complete worth of 615 million leva.
The Chief Treasurer of the BNB introduced the imaginative and prescient of the Bulgarian euro cash, on whose nationwide aspect the Madara Horseman is depicted (cash from 1 to 50 euro cents), St. Ivan Rilski (the 1 euro coin) and Paisii Hilendarski (the two euro coin).
“We used our custom of levs to depict them on the euro cash,” stated Tsvetkov, including that the cash categorical our thousand-year historical past, which has no analogues amongst different European nations.
Based on Tsvetkov, the euro banknotes and cash will likely be saved in branches in Sofia, Pleven, Varna, Plovdiv and Burgas.
He famous that the BNB will be capable to proceed issuing commemorative cash, which will likely be carried out by way of the nationwide aspect of the two euro coin. On this manner, Bulgarian commemorative cash commemorating key occasions in Bulgarian historical past will likely be issued throughout the whole eurozone. The BNB may also be capable to subject so-called collector cash, which, nevertheless, not like commemorative cash, will be capable to be used for cost solely inside Bulgaria.
Tsvetkov recalled that after the adoption of the euro, there will likely be a interval of 1 month during which levs and euros will likely be utilized in parallel in our nation, after which inside 6 months levs will be capable to be exchanged with out charges in banks and Bulgarian put up places of work. “Bulgaria has a transparent path to accession,” stated Tsvetkov, indicating that in his opinion Bulgaria ought to be a part of the eurozone, because the benefits are far more than the unfavorable sides.
The design proposals for the Bulgarian nationwide aspect of the euro cash of all denominations: 1 euro cent; 2, 5, 10, 20 and 50 euro cents; 1 euro and a couple of euros have been accepted in November 2023 following a gathering of the Co-ordination Council for the Preparation of the Republic of Bulgaria for Membership within the Eurozone.
The euro cash have a standard aspect and a nationwide aspect. The frequent sides of the cash have been designed by Luc Luiks of the Royal Mint of Belgium. They characteristic the pictures of the European Union or Europe, symbolising the unity of the EC.
In accordance with the regulatory necessities, every nationwide aspect of the euro cash consists of obligatory and non-compulsory options.
The obligatory parts included within the design of the nationwide aspect of Bulgarian euro cash are:
The depiction of a circle of 12 stars, as within the flag of the European Union;
The inscription in Cyrillic of the phrase “BULGARIA” because the designation of the issuing nation;
For Bulgarian 2 euro cash – an inscription, written sequentially alongside the again, on one half of which is written “GOD SAVE BULGARIA”, and on the opposite half – the identical inscription is written on the reverse.
Chosen non-compulsory parts included within the design of the nationwide aspect of Bulgarian euro cash, comparable to:
Writing in Cyrillic on the obverse of the phrase “euro” on the 1 and a couple of euro cash, “cent” on the 1 euro cent coin and “cents” on the two, 5, 10, 20 and 50 euro cent cash
Writing of the 12 months of the introduction of the euro in Bulgaria “2025”.
The primary parts of the design of the nationwide aspect of the Bulgarian euro cash are the design of the present Bulgarian circulation cash:
– The Hungarian Horseman – on the 1, 2, 5, 10, 20 and 50 euro cent cash;
– St. Ivan Rilski – on the 1 euro coin;
– Paisius Hilendarski – on the two euro coin.
The rationale for that is that the symbols on the present Bulgarian cash are well-established and well-received by the residents of Bulgaria. This method will make sure the transferability of the present to the brand new euro cash in Bulgaria and their straightforward recognition, whereas on the identical time confirming and increasing the Bulgarian identification by way of the well-known symbols on the Bulgarian cash.
The proposed designs have been developed by “Monneten dvor” EAD.
The proposed designs are actually to be submitted for approval by the European Fee, the Council of the European Union and the eurozone member states.
Following their approval, these designs will likely be used for the manufacturing of euro cash with the Bulgarian nationwide aspect.
In implementation of the Memorandum of Understanding between the Republic of Bulgaria, the Member States of the euro space, and the European Fee for the beginning of the manufacturing of euro cash and for the preparatory duties previous to the beginning of manufacturing, initially 8 denominations of euro cash with the Bulgarian nationwide aspect will likely be produced in amount as much as 1 million items for every denomination for testing the standard of the produced cash and certification by the Bulgarian Mint.
The precise manufacturing of the required portions of euro cash from the Bulgarian nationwide aspect will likely be carried out following the Determination of the Council of the European Union on the adoption of the euro by the Republic of Bulgaria.
Illustrative Picture by Stefan Petrov: https://www.pexels.com/picture/close-up-of-coins-on-the-stones-14042374/