IMF chief says Bulgaria's target to adopt euro in 2025 realistic

By Anadolu staff

SOFIA, Bulgaria (AA) – As Bulgaria continues its preparations for the adoption of the euro as its currency in 2025, IMF Managing Director Kristalina Georgieva said she considered this target "realistic."

Speaking to the Bulgarian press in the capital Sofia on Tuesday, Georgieva said: "I cannot say anything definite about the date, I think it is important that Bulgaria is in the Eurozone in 2025 and this is a realistic goal."

Stating that she knows that the country's transition to the euro is "a fundamental and strategic priority," Georgieva said: "In this way, we can increase the competitiveness of the Bulgarian economy, reduce transaction costs in the field of trade and finance, increase the attractiveness of Bulgaria for some sectors of the economy and make the flow of investment into the country more attractive."

Pointing out that Bulgaria is doing its best to transition to the Eurozone, Georgieva said: "I think there are good conditions for the country to meet these indicators by the end of the year. This means that it could be in the Eurozone at some point next year."

Georgieva said she expected economic growth in Bulgaria to be around 2.7% this year and inflation to fall below 4% by the end of the year.

According to the Bulgarian National Institute of Statistics, annual inflation in the country was 9.5% in 2023 and 3.8% in January 2024.

The transition from lev to euro was outlined in the Central Bank Law adopted by the Bulgarian Parliament in February.

*Writing by Gokhan Ergocun from Istanbul