Bulgaria scraps January 2024 target for adopting euro

Sofia, The Gulf Observer: Bulgaria is scrapping its target to adopt the euro in January 2024 as it fails to meet some criteria, but should seek to join the common currency by 2025 or possibly earlier, Finance Minister Rossitsa Velkova said on Friday.

Bulgaria, the European Union’s poorest member state, wants to join the euro to boost investment and credit security, but a prolonged political crisis has disrupted its efforts.

In January, Croatia become the euro zone’s 20th member, Reuters reported.

Bulgaria, meanwhile, is set for its fifth election in two years in April.

Velkova said Bulgaria did not meet the entry criteria on inflation and had not made some necessary legal changes, but that the interim government was ready to file draft laws again once a new parliament convenes after elections on April 2.