Overview
- The lev will be replaced at midnight on Jan. 1 at a fixed rate of 1.95 lev per euro, with dual pricing already in place across shops.
- Euro entry was cleared in June after ECB and EU assessments found Bulgaria met criteria on inflation, budget deficit, debt and exchange-rate stability.
- The changeover follows anti-corruption protests that brought down the ruling coalition, with Prime Minister Rossen Jeliazkov resigning and a likely eighth election in five years ahead.
- Banks urged residents to carry cash due to possible short New Year disruptions to cards and ATMs, queues formed for euro withdrawals in Sofia, and some retailers report missing euro starter cash packs.
- Surveys show 49% oppose the common currency as food prices rose 5% year over year in November, while the ECB expects only modest, short-lived price effects and highlights benefits such as lower financing costs and SME savings on foreign-exchange fees.