Bulgaria has today become the 21st member of the eurozone, which includes European Union countries that use the euro as their currency and which had to meet strict conditions set by the European Central Bank to do so.
Fixed exchange rate
The previous Bulgarian national currency, the lev, has been pegged to the euro for years, and previously, in the 1990s, its exchange rate was fixed one to one to the former German mark. It is believed that Bulgaria is well prepared for the transition to the euro.
The fixed exchange rate has been for years at 1.9558 leva for one euro.
Problems with coins, leva until February 1
Bulgarian citizens have had certain problems with purchasing initial packs of euro coins, due to the way commercial banks sold them, as pointed out by the Bulgarian Ombudsman in early December. One such set of 42 euro coins costs 20 leva.
After the introduction of the euro, the lev will also be in circulation as a means of payment in Bulgaria until February 1, when it will go down in history.
The Hungarian Horseman, John of Rila and Paisius of Chilandar
The national euro coins will be the same as all EU coins on one side, with a value mark, while the reverse of the Bulgarian cents will feature the Hungarian Horseman, the one-euro coin John of Rila, who is considered the patron saint of Bulgarians, and the two-euro coin the monk and historian Paisius of Chilandar.
Some ATMs in Sofia have already started dispensing both euro banknotes and coins since midnight.
New elections on the horizon
The introduction of the European currency has greatly divided the Bulgarian population and sparked fierce protests, mainly from supporters of nationalist, Eurosceptic and pro-Russian parties.
According to Transparency International, Bulgaria is the second most corrupt country in the EU. In the midst of protests over corruption, as well as protests against the introduction of the euro, the government of Prime Minister Rosen Željaskov, who is now acting, resigned in mid-December.
The country is facing new parliamentary elections, most likely in March, and these will be the eighth elections in the past five years.
Sweden, Denmark, Poland, the Czech Republic, Hungary and Romania remain
In the European Union, only Sweden, Denmark, Poland, the Czech Republic, Hungary and Romania currently use their national currencies. The last EU member state to introduce the euro, on January 1, 2023, was Croatia.
There are also several countries that are not in the EU or the eurozone, but use the euro as a means of payment with tacit permission – Montenegro, Kosovo, San Marino, Andorra, Monaco and the Vatican.
