On January 1, 2026, Bulgaria will adopt the single European currency, the euro.
“This is a historic step for the country and a boon for individuals and businesses in the euro area. The transition will lead to greater economic stability, smoother transactions, and stronger European integration. For Bulgaria, adopting the euro will help to better support long-term economic growth and strengthen its resilience,” according to a statement on the European Central Bank’s website.
The publication notes that “the changes may raise questions and concerns.” “However, the ECB and national authorities are working closely together to ensure a smooth transition for everyone through careful planning and a focus on price stability,” the European Central Bank assures.
Bulgaria is parting with its national currency, the lev, 19 years after joining the European Union. The press in the veteran eurozone countries points out that this will be convenient for tourists and travelers. However, there are concerns in Bulgaria itself, as the ECB acknowledges.
Expectations of benefits are overshadowed by concerns about possible price increases, as seen in Croatia, which joined the eurozone three years ago. These fears are all the more serious given that Bulgaria is one of the poorest countries in the EU.
Nevertheless, the European Commission (EC) considered that this Balkan country, which is becoming the 21st member of the eurozone, has met the relevant criteria: economic stability, public debt below 60% of GDP, and low inflation.
On June 4, 2025, the EC announced its conclusion that Bulgaria was ready to switch to the euro on January 1, 2026.
“Thanks to the euro, Bulgaria’s economy will become stronger, with more trade with eurozone partners, foreign direct investment, access to finance, quality jobs, and real incomes. And Bulgaria will take its rightful place in decision-making within the eurozone,” said EC President Ursula von der Leyen on this occasion.
The EU Council, in turn, announced on July 8, 2025, the approval of the last three legal acts necessary for the introduction of the euro in Bulgaria on January 1, 2026.
“This marks the culmination of a thorough accession process for Bulgaria, which has involved rigorous analysis and intensive preparation,” said Danish Economy Minister Stephanie Lose, who was chairing the EU Council at the time.
“One of the three legal acts sets the exchange rate between the euro and the Bulgarian lev at 1.95583 levs per euro. This corresponds to the current central rate of the lev in the Exchange Rate Mechanism II,” the EU Council said in a statement.
After Bulgaria joins the eurozone, six countries will remain in the EU that do not use this currency: Hungary, Denmark, Poland, Romania, the Czech Republic, and Sweden.
The European Monetary Union, or eurozone, began operating on January 1, 1999, when the single European currency, the euro, was introduced into non-cash circulation. Since March 1, 2002, the euro has been the sole legal tender in the eurozone. Eurozone countries transfer all monetary policy powers to the ECB, including decisions on the amount of money supply and the key interest rate.
