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Fitch Ratings: Sofia could be ready to adopt the euro in early 2025

Fitch has affirmed Bulgaria's long-term foreign currency issuer default rating at BBB with a positive outlook

published on 10/19/24 1:43 PM

Photo: EPA/BGNES

International rating agency Fitch Ratings has affirmed Bulgaria's long-term foreign and local currency credit rating at BBB with a positive outlook, the Finance Ministry said. The positive outlook reflects the country's prospects for eurozone membership, which would further improve its external position indicators.

"Bulgaria met all the euro-adoption nominal convergence criteria apart from price stability according to the 2024 Convergence Report, which was released in mid-2024. Since then inflation in Bulgaria has continued to decline, narrowing the gap between average inflation in the country and that of the three best performing EU member states," the agency pointed out.

In Fitch's view, Bulgaria could meet the price stability criterion in early 2025, depending on inflation developments across the EU.

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