US EditionBulgaria prepares for the euro amid excitement and scepticism
Bulgaria becomes the eurozone's 21st member amid mixed public opinion and political instability, with businesses expecting to save €500 million in exchange fees, experts say.
- On Thursday, Bulgaria will adopt the euro as the 21st member of the single currency area, with Georgi Angelov saying it will finally join euro decision-making bodies.
- Long ago, Bulgaria pegged its currency to the German mark and then to the euro, increasing reliance on the European Central Bank, while successive governments pushed eurozone membership, joining the 'waiting room' in 2020.
- SMEs may benefit directly, saving 500 million euros in exchange fees, while the tourism sector, generating eight percent of GDP this year, also stands to gain, ECB president Christine Lagarde said last month.
- Consumers warn the changeover could push prices higher amid inflation, with protests led by far-right and pro-Russia parties, and November food prices up according to the National Statistical Institute.
- Angelov warned stability is needed for at least one to two years, linking governance to benefits, and analysts warned political uncertainty could delay anti-corruption reforms, while Bulgarian Parliament this year adopted empowered oversight bodies to investigate price hikes.
96 Articles
96 Articles
Bulgarian banks, businesses and consumers were preparing this week to say goodbye to the national currency, the lev, ahead of the adoption of the euro on 1 January, a long-awaited and long-awaited stage...
Bulgaria will become the youngest and 21st member of the EU monetary union on 1 January 2026. After the country has fulfilled all convergence criteria, the euro replaces the Bulgarian lev as legal tender.
After mass protests, Bulgaria's government had to resign, and at the turn of the year the country received the euro. Almost half of the population rejected this move. Even the euro coins testify to the split of the country.
With 2026 Bulgaria becomes the 21st country to adopt the euro. Economic parameters are respected, but among protests, fears about prices and political instability the passage divides the country
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