Today, at an official ceremony in the building of the Bulgarian National Bank (BNB), the BNB and the Modern Trade Association (MTA) signed a Memorandum of Cooperation. The document was signed by the BNB Governor, Mr. Dimitar Radev, and the Executive Director of the Association, Mr. Nikolay Valkanov.

The ceremony was also attended by BNB Deputy Governors Mr. Petar Chobanov and Mr. Radoslav Milenkov, as well as representatives of the Modern Trade Association's management.

"The adoption of the euro will reduce currency risk and protect the economy from speculative pressure, boost investor confidence and deepen financial integration. The signing of this Memorandum with the Modern Trade Association, which represents the country’s large retail chains, is also of great importance for carrying out a number of activities regarding the information campaign on the euro and for overcoming people's fears related to speculative price increases. I believe that just as the BNB and the banking sector are highly prepared to join and work in the euro area, so the business sector is making the necessary preparations in this direction, and this Memorandum will be useful in this direction as well", said BNB Governor Dimitar Radev.

For his part, the Executive Director of the Modern Trade Association, Mr. Nikolay Valkanov, said: “I thank on behalf of the MTA for the high trust and honour to sign a Memorandum of cooperation with the most stable and respected institution in the country and to walk together the final steps on Bulgaria’s important European path. The large retail chains, represented by the Modern Trade Association, are fully aware of their role and the huge responsibility they bear in the coming months, especially in the period of dual circulation of BGN and EUR, and are ready for it. The retail chains have been working in this direction for a long time; they have international experience and I can assure you that they will be the place where consumers will feel most at ease and secure about their rights and interests".

Following the ceremony, the managements of the two institutions discussed future joint initiatives in the context of joining the euro area.