Bulgaria Adopts Euro, Becomes 21st Eurozone Member

Historic Currency Transition Completed

On January 1, 2026, Bulgaria officially joined the Eurozone, adopting the Euro as its national currency and becoming the 21st member state to use the common European currency. This move represents a culmination of years of economic preparation and integration efforts since Bulgaria joined the European Union in 2007.

The transition saw the Bulgarian Lev (BGN) replaced by the Euro at a permanently fixed conversion rate of 1.95583 Bulgarian Lev per 1 Euro. This fixed rate reflects Bulgaria's long-standing currency board arrangement, which had pegged the Lev to the Deutsche Mark and subsequently to the Euro.

Path to Eurozone Membership

Bulgaria's journey to Eurozone membership involved several key stages and adherence to the strict Maastricht convergence criteria, which include price stability, sound public finances, stable exchange rates, and converged long-term interest rates.

• July 10, 2020: Bulgaria entered the European Exchange Rate Mechanism II (ERM II), often referred to as the 'waiting room' for the Eurozone.
• June 4, 2025: The European Commission and the European Central Bank (ECB) published their 2025 Convergence Reports, concluding that Bulgaria had met all the necessary criteria for adopting the Euro.
• July 8, 2025: The European Parliament endorsed Bulgaria's bid, followed by the Council of the European Union granting final approval for the country's accession to the Euro area.

European Commission President Ursula von der Leyen hailed the adoption as 'one of the European Union's greatest achievements,' emphasizing the 'years of hard work and commitment' by Bulgaria.

Transition Period and Economic Impact

To ensure a smooth changeover, a dual circulation period is in effect throughout January 2026, during which both the Bulgarian Lev and the Euro are legal tender for cash payments. From February 1, 2026, the Euro will become the sole legal tender. Citizens can exchange Lev banknotes and coins for Euros free of charge at commercial banks and post offices until June 30, 2026, with the Bulgarian National Bank offering indefinite, free exchange. Mandatory dual pricing in both currencies was in effect from August 8, 2025, until August 8, 2026, to aid consumer adaptation and transparency.

The adoption of the Euro is expected to bring several economic benefits to Bulgaria, including enhanced economic stability, smoother cross-border transactions, and stronger integration into the European single market. It is also anticipated to boost trade, investment, and tourism, while providing Bulgaria with a direct voice in Eurozone monetary policy decisions through a seat on the ECB's Governing Council.

Public Sentiment and New Coin Designs

Public sentiment regarding the Euro adoption has been mixed. While officials highlight the long-term benefits and deeper EU integration, some segments of the population have expressed concerns about potential price increases and the lack of a national referendum on the matter. President Rumen Radev acknowledged the milestone as the 'final step' in Bulgaria's EU integration but voiced regret over the absence of a referendum.

Bulgaria's Euro coins feature designs celebrating its national heritage: the €2 coin depicts Saint Paisius of Hilendar, the €1 coin features Saint Ivan of Rila, and the 50-cent coins showcase the ancient rock carving of the Madara Rider. These designs incorporate the country's name 'БЪЛГАРИЯ' in Cyrillic, symbolizing Bulgaria's unique identity within the shared European currency.