Bulgaria to Adopt the Euro as its Official Currency
As of January 1, 2026, Bulgaria will be abandoning its national currency, the lev, in favor of the euro. This move will make the country the 21st member of the eurozone. The conversion rate of the lev will be set at 1.95 for 1 euro, in accordance with the current exchange rate in the European Exchange Rate Mechanism (ERM II), which Bulgaria joined in July 2020.
Key Developments
- The Council of the European Union officially validated Bulgaria's entry into the eurozone on July 8, 2025.
- Until the switch to the single currency, the Bulgarian National Bank and the European Central Bank (ECB) will continue to monitor the lev's performance on the foreign exchange market to ensure a stable transition.
Preparation and Cooperation
- Since October 1, 2020, active preparations have been underway for the adoption of the euro.
- As part of the close cooperation between the ECB and the Bulgarian National Bank, the ECB has been providing direct prudential supervision of four major Bulgarian banks, as well as oversight of thirteen smaller institutions, thereby ensuring the solidity of the banking system before the adoption of the euro.
