The European commission and the European central bank officially said Bulgaria can adopt the euro as the official currency of Bulgaria. According to media reports Bulgaria can now adopt Euro as its official currency from next year. This is the milestone so far Bulgaria achieved since it’s a member of the European Union.
Bulgaria became a member of the European Union in 2007 and after that it continued its struggle in financial affairs to adopt Euro as currency but now after 18 years it can use Euro as currency. It became the member of Bulgaria with the hope of adopting Euro as currency.
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Euro as Bulgaria’s currency:
According to the European Union Bulgaria reached the targets and now it can adopt Euro as currency.
Bulgaria was among the top three countries of the European Union in list of performance. Bulgaria achieved a target of 2.8% inflation. The growth rate of Bulgaria in 2024 was 24%. In this year Bulgaria’s growth rate of Bulgaria is 25%. Bulgaria showed efficient progress in terms of growth and economy. The budget deficit of Bulgaria in 2024 was 3.4%.
Policies of Bulgaria for economy growth and country’s development:
Bulgaria reduced duty charges on bank loans. Bulgaria’s trade policy was successful as they reached the limit of trading with other European Union countries. This news will boost the confidence of investors who want to invest in the country. In upcoming July meetings are expected in which the finance minister of the European Union will set the rate of Euro for Bulgaria.
The government of Bulgaria celebrated this success of the country as they were trying to adopt the Euro as currency for a long time. On the other hand protests are being held in Bulgaria where people are saying this policy is a danger to their national sovereignty and integrity.
This decision will help Bulgaria to achieve another milestone of GDP growth. This policy will help the country to establish good relations with other European countries. The government is very hopeful that this decision will help them to make good relations with European union countries.
Some people of Bulgaria are concerned about the country’s sovereignty and also according to them it’s a risk to the economy as well. For more updates you can visit Teez News website.
Summary:
● Bulgaria can now officially adopt Euro as currency from next year.
● Bulgaria’s government is very hopeful for more success in the economy after this decision.
● The European Union will set Euro rates for Bulgaria in the July meeting.
● Many people of Bulgaria find this decision as a danger to their country’s integrity.
