Overview
- The conversion rate is fixed at 1.95583 lev per euro, formalizing Bulgaria’s long-standing peg after ERM II participation since 2020.
- From January 1 lev and euro will circulate together for several weeks, the euro becomes sole legal tender on February 1, and lev cash remains exchangeable at the central bank without time limits.
- Bank accounts, deposits and contracts in lev will convert automatically at the set rate, with cash exchange available through banks and post offices for a defined period.
- EU institutions certified that Bulgaria met convergence criteria, and ECB President Christine Lagarde cautioned that price effects from rounding could be modest and temporary.
- Public opinion is split as protests over the 2026 budget and corruption led to Prime Minister Rosen Zhelyazkov’s resignation, with a proposed referendum blocked by the constitutional court and reports of disinformation campaigns amplifying fears.