The euro is replacing the leva - when will the exchange rate become clear...

The European Commission announced through its convergence report that Bulgaria meets all the conditions for joining the eurozone. The European Central Bank (ECB) also issued a positive report with the same conclusion.

The procedure is underway, but what else awaits us

The EC report states that Bulgaria meets the four nominal convergence criteria, which aim to ensure that a country is ready to adopt the euro and that its economy is sufficiently prepared for this.
According to the ECB, since 2024 our country has made significant progress in terms of economic convergence with the eurozone.

Although this decision makes it almost certain that Bulgaria's new national currency from January 1, 2026 will be the euro, it is not final.

A meeting of the so-called “Eurogroup” is coming up, which will take place between June 19-20 in Luxembourg. This is an advisory body of the finance ministers of the eurozone countries and at this meeting the reports of the EC and the ECB will be examined, and then Bulgaria's candidacy will be discussed.

Theoretically, no objections or criticisms are expected from the “Eurogroup”. Once we have a positive assessment there as well, we will wait for a statement from the leaders of the eurozone countries themselves. They will discuss the reports of the EC and the ECB at the EU summit, which will be held between June 26-27.

If there are no objections here either, on June 30

The European Commission will make a proposal for fixing the exchange rate of the lev to the euro,

and it is expected that it will not differ from the current one, fixed by the currency board.

June 30 - what is the procedure

The European Commission will make a proposal for fixing the exchange rate of the lev to the euro, and it is expected that it will not differ from the current one, fixed by the currency board. But this is expected, but what will happen… we will see.

The decision on the exchange rate at which a country joins the eurozone is made UNANIMOUSLY (ed. - we hope there will be one) by the eurozone countries (20 in total) and the candidate country.

According to the Law on the Introduction of the Euro in the Republic of Bulgaria, the official exchange rate of the lev to the euro is the irrevocably fixed exchange rate of the lev to the euro, set in a Council Regulation adopted in accordance with Article 140, paragraph 3 of the Treaty on the Functioning of the European Union.

According to a decision of the 48th National Assembly of the Republic of Bulgaria, adopted on October 27, 2022, the Republic of Bulgaria will introduce the euro as its official currency while maintaining the central rate of 1.95583 levs to 1 euro. The course was also confirmed by a decision of the 50th National Assembly of the Republic of Bulgaria, adopted on July 26, 2024.

The process of adopting the euro will become irreversible on July 8, when the parliaments of the “Eurogroup” countries will vote on the legislative decisions for Bulgaria's accession to the eurozone. Then we will know for sure that from January 1, 2026, we will start paying in euros, and the lev will remain a memory.