On January 1, 2026, Bulgaria officially adopted the euro, becoming the 21st Member State of the Eurozone amid public concerns over potential inflation, price instability and political uncertainty.
Nineteen years after joining the European Union and just one year after its full accession to the Schengen area, the bloc’s poorest member state abandoned its national currency, the lev, at a fixed conversion rate of 1.95583 Bulgarian lev per euro.
The move is intended to strengthen the country’s economy and deepen its integration within the EU.
In June 2025, the European Central Bank (ECB) and the European Commission gave Bulgaria formal approval to adopt the common currency, concluding that the country had met the eurozone’s strict convergence criteria.
From January 1, 2026, the euro will gradually replace the lev, with both currencies circulating in parallel for one month before the lev ceases to be accepted as legal tender.
The changeover period will conclude on August 8, 2026, marking the end of the mandatory dual display of prices.
After that date, Bulgarian lev banknotes and coins will continue to be exchangeable for euros indefinitely at the Bulgarian National Bank, and for a limited time at commercial banks and post offices nationwide
Congratulations from Europe
European Commission President Ursula von der Leyen was among the first to welcome Bulgaria to the eurozone, describing the move as “one of the European Union’s greatest achievements.”
In a press release, von der Leyen said the milestone reflected “years of hard work and commitment, overcoming challenges,” adding that the euro would bring tangible benefits to Bulgarian citizens by making payments and travel easier.
She also noted that the adoption of the common currency would create new opportunities for Bulgarian businesses and further strengthen the country’s voice within the EU.
“This step is good for Bulgaria and strengthens Europe. It makes our economy more resilient and competitive on a global scale,” she said.
The President of the ECB, Christine Lagarde, also praised Bulgaria for its efforts and affirmed that this historic moment “will strengthen trade, travel and financial stability across Europe
The euro divides the nation
Despite positive official projections, many Bulgarians – particularly those in low-income households, rural areas and the older generation – remain sceptical about adopting the euro, fearing soaring prices, widespread poverty and a loss of national identity.
“People are afraid that prices will rise while salaries remain the same,” a woman in her 40s told AFP.
“I don’t want the euro, and I don’t like the way it has been imposed on us,” a small business owner from Gabrovo said in comments to the BBC.
According to the latest surveys, around 49 per cent of the population opposes the switch, while others remain cautiously optimistic that the single currency will boost economic growth, attract investment and help close the gap with wealthier Western European states.
“The whole of Europe has managed with the euro, we’ll manage too,” another citizen told AFP.
In a televised speech just before midnight, the President, Rumen Radev, hailed the decision to join the eurozone as the “final step” in Bulgaria’s integration into the EU but also expressed regret that no referendum was allowed on the matter.
“This decision was one of the dramatic symptoms of the deep rift between the political class and the people, a rift confirmed by the mass protests across the country,” he said.
Widespread demonstrations in mid-December, which saw more than 100,000 people gather in Sofia alone, targeted the conservative-led government over the 2026 budget and alleged systemic corruption, ultimately pushing the country toward its eighth election in the past five years
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