Our entry into the eurozone will "hit" the largest Bulgarian bank. And what we need to know is to be ready for a "hit". As is known, the largest Bulgarian bank is "BURKANBANK". It is also known as "DUCHECKBANK", "VAZGLAVNITSABANK", etc. And in this line of reasoning, let the fraudsters think. Why... Because people who keep money at home will have to change it - to convert it from levs to euros. Because everything will be in euros.
Why
When we enter the eurozone, people should know that exchanging cash will be possible without a fee in banks in all offices of “Bulgarian Posts“ EAD within a period of 6 months from the date of the introduction of the euro, and then a fee may be introduced. Currently, we have a Law on the Introduction of the Euro, but we do not have a Regulation that would regulate how this will actually happen. And this is important, because this document will record what amount can be exchanged at a bank or post office, but without proving the origin of the funds. Currently, you can deposit up to 10,000 leva at a bank counter without explanation. You can open an account, exchange them for another currency at the daily exchange rate, etc. Over 10,000 leva - you fill out a declaration of origin of the funds. And this is very important. And it will be even more important when the time comes for us to enter the eurozone.
Banks
Once it comes time to turn money into cash, banks will very quickly find out which of their clients have more impressive amounts at home. Analyses show that cash represents about 26% of the state of households and companies in the country. That is, if a household has about 10,000 leva of its own funds, an average of 2,600 leva of it is in cash. On the eve of the introduction of the euro in our country, banks will invite their clients with large amounts of cash in leva to deposit them into their bank accounts so that their money can be automatically and free of charge converted into the European currency. The bank will open an account in euros and will make the exchange based on the exchange rate announced by the BNB.
If 100,000 leva is deposited, the bank will know that someone has deposited 100,000 leva into the account. Once the bank “X“ knows, the BNB will know too. When the BNB knows, the NRA will know too. And when the NRA finds out, it will ask where it came from… In this sense, the NRA needs a whole army of control bodies to check, and that is why the control bodies are extremely important. So the big fuss that the banks are preparing for is how to withdraw cash at the cash desk up to a given limit and without asking questions - where it came from? So a person who has, for example, 100,000 leva in cash will have to call relatives and acquaintances to withdraw money at the cash desk, so that they don't have to ask them – where it came from. And the banks are preparing for this moment with cash and enough counters. Here we clarify that many of the banks have closed a large part of their branch network and in settlements of up to 5,000-7,000 people, they will rely on the “Bulgarian Post Office“. The goal is to avoid queues at the offices of credit institutions when people want to exchange the remaining levs with them into euros. According to the Euro Law, this will be free of charge for the first 6 months, and after that it is more likely that there will be fees. However, the banks want to have limits on the amount of money for exchange at the cash desk. People who have levs in cash will also be able to deposit them through ATM devices with a deposit function“.
Will the allo-scammers go bankrupt
Hardly a day goes by when they don't report on the news that a grandmother gave 10,000 to telephone scammers. So the grandmother keeps 10,000 leva in cash at home. If we adopt the euro, the grandmother will have to go to the bank to exchange these 10,000 leva and get 5,000 euros. (ed. - rough calculation, for ease) Whether she will take them home, whether she will leave them in the bank... A matter of choice. But it will certainly happen that the money in “BURKANBANK“ will decrease sharply. And the alotariques will no longer have anything to collect. We can also consider this as a plus of the introduction of the euro. A lot, a lot of money will come out of “BURKANBANK“.
The fact is that the currency change will lighten up a lot of money that is kept at home. Banks are getting ready, exchange counters will open. But we can define this as an action that is currently undergoing development. There is another big problem - coins. There are currently 10,000 tons of coins in circulation. They jingle in your pocket, but they also need to be changed. Here the role of the BNB is very large - purely logistically. But let's hope that this is also foreseen. The BNB knows approximately how much money is in “BURKANBANK“. So the work for the NRA will be great, and “organizing“ relatives, friends, and acquaintances, ready to change at the cash desk without questions, will also be a big challenge.