Bulgaria has become the 21st member of the eurozone, adopting the euro and replacing the lev, a move that places the European Union’s poorest member state ahead of larger economies such as Poland, the Czech Republic, and Hungary in joining the single currency.
For younger, urban, and business-focused Bulgarians, the change is seen as a continuation of the country’s integration into European institutions. Bulgaria has already joined NATO, the European Union, and the Schengen travel area. For older and more rural communities, the shift has generated concern about prices, sovereignty, and economic stability.
Historical Role Of The Lev
The Bulgarian lev, meaning “lion,” has been the national currency since 1881. Since 1997, it has been pegged to European currencies, first the Deutschmark and later the euro, limiting Bulgaria’s independent monetary policy for nearly three decades.
Bulgaria’s population of around 6.5 million is split almost evenly over euro adoption, according to opinion polls. The lev-to-euro conversion rate is fixed at 1.95583 lev to one euro.
Political Instability During Transition
The currency change has taken place amid ongoing political instability. Prime Minister Rosen Zhelyazkov lost a confidence vote on 11 December following protests against the 2026 budget. Bulgaria has held seven parliamentary elections in the past four years, with another election expected early next year.
President Rumen Radev proposed a referendum on adopting the euro, but the outgoing government rejected the idea.
Mixed Reactions From Businesses And Residents
Todor, a 50-year-old small business owner in the town of Gabrovo, said he opposed the euro and believed it had been imposed without sufficient public support. He told BBC that his plastics business had suffered during a year of high inflation and falling sales, which he linked partly to uncertainty over the new currency.
In contrast, Ognian Enev, a 60-year-old tea shop owner in Sofia, said the change would have little effect on his daily operations. He noted that prices for large purchases such as homes and cars have long been listed in euros and that remittances from the 1.2 million Bulgarians living abroad have been sent home in euros for years.
Practical Changes For Consumers
During January, payments can be made in both lev and euros, though change is required to be given in euros. From 1 February, payments in lev will no longer be allowed. Since August 2025, all retailers have been required to display prices in both currencies.
Authorities have set up monitoring bodies to address public concern that prices will be rounded up during the transition. Some prices have been adjusted downward, including public transport fares in Sofia, which are set to fall slightly.
Symbolism On Euro Coins
To address concerns about national identity, Bulgaria selected locally significant figures and symbols for the national side of its euro coins. Saint Ivan of Rila appears on the €1 coin, while Paisius of Hilendar, an 18th-century monk linked to the Bulgarian national revival, is featured on the €2 coin. Smaller euro cent coins depict the Madara Rider, based on an 8th-century rock relief associated with early Bulgarian statehood.
Comparisons With Other Eurozone Members
Public debate has also focused on how euro adoption may affect Bulgaria’s long-term economic performance. Observers often cite two contrasting outcomes. One follows the path of Estonia, Latvia, and Lithuania, which combined euro adoption with administrative reform and anti-corruption measures. Another reflects Italy’s experience, where prolonged economic stagnation followed entry into the eurozone.
Enev said he was concerned Bulgaria might resemble the latter case rather than the former.
Featured image credits: Needpix
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