Bulgaria formally switched from the lev to the euro on January 1, 2026. The lev has been the country's currency for a long time.
This change is a major deal for the country of around 6.4 million people, which is now the 21st country in the eurozone of the European Union. For years, the governments in Sofia fought hard for this reform because they thought it would bring Bulgaria closer to the richer regions of Western Europe.
“I warmly welcome Bulgaria to the euro family.
But not everyone is happy. Experts think that the long-term benefits might be tremendous for trade, travel, and the economy as a whole, though.
The Smooth Switch and Celebrations on New Year's Day
The switch went off without a hitch on New Year's Day. People in Sofia braved the cold to see projections of the new Bulgarian-designed euro coins on the building of the central bank. After that, there were fireworks.
The fixed rate of 1 euro to 1.95583 lev made it easy for bank accounts to convert over. In January, stores took both currencies, but they only gave change in euros to assist get rid of the old notes and coins as rapidly as possible.
Don't worry too much if you have some levs left over. Banks, select post offices, and the Bulgarian National Bank will let you trade them for euros without charging you a fee until the end of June 2026.
After that, banks and post offices might charge a little, but the central bank will always do it for free.
Prices in retailers have to show both currencies until later in 2026, which gives everyone time to get acclimated to the new values.
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Easier Travel and Daily Life for Ordinary People
One of the best things for average people is how much easier it is to travel. If you want to go to the beach, think about going to Greece. You won't have to stop at the border to exchange money or come home with useless pennies.
It's also easier to shop online in Europe because you can compare costs without having to change currencies, which can be a hassle.
Wages, pensions, and bills all change automatically, so life shouldn't be too different straight away.
Public Skepticism and Fears of Price Increases
That being said, many Bulgarians don't totally agree. Recent polls suggest that opinions are quite split: about half of people support the changeover, while the other half are against it or don't know what to think.
The big worry? Prices are going up. People remember instances from other nations when basics like coffee or haircuts seemed to cost more once the euro came in, usually because stores rounded up.
People also feel that the lev, which means "lion" and has been existing in numerous incarnations for over a hundred years, stands for something that is proudly Bulgarian. Some people feel like giving up a sign of freedom when they lose it.
Experts say that these worries are normal when a country enters the euro, but the rise in inflation is usually minimal and only lasts for a short time.
Christine Lagarde, the head of the European Central Bank, said that earlier changes only raised prices by 0.2 to 0.4 percentage points and then went away quickly.
Broader Economic Concerns and Business Benefits
That being said, many Bulgarians don't totally agree. Recent polls suggest that opinions are quite split: about half of people support the changeover, while the other half are against it or don't know what to think.
The big worry? Prices are going up. People remember instances from other nations when basics like coffee or haircuts seemed to cost more once the euro came in, usually because stores rounded up.
People also feel that the lev, which means "lion" and has been existing in numerous incarnations for over a hundred years, stands for something that is proudly Bulgarian. Some people feel like giving up a sign of freedom when they lose it.
Experts say that these worries are normal when a country enters the euro, but the rise in inflation is usually minimal and only lasts for a short time.
Christine Lagarde, the head of the European Central Bank, said that earlier changes only raised prices by 0.2 to 0.4 percentage points and then went away quickly.
Looking Ahead: Integration and Future Outlook
Of course, there is a trade-off. Bulgaria gives up control of interest rates to the ECB when it joins, and it can't lower the value of its currency to help exports in poor times. But the lev had been firmly tied to the euro for decades, so that independence was basically gone anyway.
When Bulgaria joined the EU in 2007, it vowed to adopt the euro. Most new members do the same thing, but some, like Denmark, have specific exemptions, while others, like Poland or Hungary, are taking their time.
Now that Bulgaria is in, more than 350 million people use the euro. This is the most recent step, after Croatia joined in 2023.
This isn't only about new money; it's also about Bulgaria becoming more of a part of Europe. There will be changes, of course, but many people hope that this will offer stability, growth, and a better future in a world full of unknowns.
The real test begins when people obtain their first euros as change or take them out of ATMs. They need to turn their doubts into everyday confidence.
Benjamin Hayes
Business Journalist
Benjamin Hayes is a seasoned business journalist with a special focus on corporate finance, global markets, and entrepreneurial trends. He has covered major startups, tech investments, and economic shifts in multiple sectors.
