As Bulgaria prepares to adopt the euro on 1 January 2026, all Bulgarian companies holding foreign currency accounts must comply with the reporting requirements set by the Bulgarian National Bank (BNB) under Ordinance No. 27.
In this article, you can find more information on:
Why the registration is mandatory
What you must register with the BNB
How quarterly reporting works
How to credit your new EUR account
The official regulations documents by the BNB
1. Why registration with the BNB is mandatory
On 15 December 2025, your BGN collection account will be disabled and replaced by an EUR account, and all outstanding BGN balances will be converted and moved to EUR at the official rate. (1 EUR = 1.95583 BGN)
Because these accounts become inactive, the only account you must register with the BNB is your EUR account.
Under BNB Ordinance No. 27, Bulgarian companies must declare any payment accounts opened with foreign financial institutions.
This includes EUR accounts opened by iBanFirst during the transition away from BGN.
This registration is required so that the BNB can maintain accurate statistics on:
Balance of payments
International investment positions
Cross-border capital flows
Corporate foreign accounts
After registering your new EUR account, you must also submit quarterly updates to the BNB confirming that the account is active.
2. What you must submit to the BNB
a) One-time declaration of your EUR account
This is done using the SPB-2 Form (you can download it from here 👉 Form SPB-2.xls). Your Account Manager will also provide it.
b) Quarterly reporting
Once the EUR account is registered, you must submit the SPB-5 Form every quarter (you can download it from here 👉 Form_SPB-5.xls). Your Account Manager will also share with you the quarterly form.
This is a standard confirmation required for all foreign bank accounts held by Bulgarian legal entities.
3. Do I already have an EUR account?
Yes.
During the transition, iBanFirst has already created a EUR account for any client who previously held only a BGN account.
Therefore: All impacted clients already have an active EUR account available for registration.
4. How to credit your EUR account
You can begin using your EUR account immediately.
To credit it:
Open your EUR account details on your iBanFirst platform
Use the IBAN provided
No payment reference is required (unlike previous BGN collection accounts)
You may fund the account using:
SEPA transfers
SWIFT transfers
Internal transfers from other iBanFirst accounts
5. Where to read the official regulation
Ordinance No. 27 — English version - regulations_registration_n_en.pdf
Ordinance No. 27 — Bulgarian version - regulations_registrationinb_bg.pdf
If you have any questions or requests, please reach out to your Account Manager.