As the introduction of the euro in Bulgaria from January 1, 2026 approaches, more and more people are asking themselves how the change will affect their bank accounts, savings and loans. The Law on the Introduction of the Euro provides for clear rules aimed at a smooth and secure transition for all clients, informs Dariknews.bg.
What happens to bank accounts in leva
On January 1, 2026, all current, deposit, savings and other accounts in Bulgarian banks will be converted from leva to euro in a single, automatic and free of charge. The currency conversion will be carried out at the official fixed exchange rate.
From the first day of the introduction of the euro, account holders will be able to withdraw funds only in euros, regardless of whether this is done through an ATM, a POS device or at a cash desk in a bank, payment institution or electronic money company.
How will loans and leases be converted into levs?
From January 1, 2026, all loans initially granted in levs, as well as loans with a currency clause in euros, will be considered loans in euros. They will be converted at the official fixed exchange rate, expressed to the fifth decimal place, and rounded according to the rules provided for in the law.
An important clarification is that the currency conversion cannot be used as an occasion to renegotiate the terms of already concluded contracts. Banks are not allowed to change clauses in a way that puts the client in a less favorable financial position than before the introduction of the euro. The same rules apply to non-bank financial institutions that provide loans or leasing.
No new loan contracts are required
The introduction of the euro does not require the signing of new contracts or annexes to existing loan agreements. Regardless of whether the loan was in levs or with a currency clause in euros, the contracts remain in force under the same conditions, with only the currency changing.
Will interest rates on loans and deposits change?
If a fixed interest rate has been agreed on the loan or deposit, the bank is obliged to maintain it after the introduction of the euro. The transition from a fixed interest rate in levs to a fixed interest rate in euro cannot lead to less favorable conditions for the client or the bank.
In the case of a variable interest rate, it will be converted using a methodology that ensures that the interest payment in euro is equivalent to the amount due in levs on the date of conversion.
What happens to housing loans in euro
For clients with mortgage or other loans in euro, the rules are the same. After the introduction of the euro, the bank is not entitled to demand renegotiation of the terms solely on the basis of the change in currency.
The law explicitly prohibits the introduction of the euro from being used as an argument for changes in contracts that would worsen the financial situation of clients. This rule applies to both banks and non-bank creditors.