Bulgaria has been approved to adopt the euro effective 1 January 2026, which would make it the 21st member state of theeurozone.[1][2]
When Bulgariajoined the EU in 2007 it committed to join theeurozone and replace its currency, theBulgarian lev, with the euro. In February 2025, the country officially requested off-cycle assessments of their convergence by theEuropean Commission andECB to determine the country's readiness.[3][4] The 2025 convergence reports published on 4 June 2025 concluded that Bulgaria met theconvergence criteria.[1] On 8 July 2025, the European Parliament endorsed Bulgaria's entry in the eurozone[5] and theCouncil of the European Union adopted the final three legislative acts required for the admission.[2]
The lev has been under acurrency board since 1997, with afixed exchange rate initially against theDeutsche Mark and subsequently its replacement, theeuro. The convergence exchange rate is fixed at 1 EUR = 1.95583 BGN.
When Bulgaria adopts the euro, it would become only the second official currency in the country's history, replacing the lev, which was established in 1880 and first introduced in 1881.
When it joined theEuropean Union in 2007, Bulgaria committed to switching its currency, thelev, to theeuro, as stated in the2005 EU accession treaty. The transition would occur once the country meets all theeuro convergence criteria. As the lev was fixed to theDeutsche Mark at par, the lev's peg effectively switched to the euro on 1 January 1999, at the rate of 1.95583 leva = 1 euro, which was the Deutsche Mark's fixed exchange rate to the euro.[6]
Before the Bulgarian euro coins had been designed, theMadara Rider had already been selected as the motif on theobverse ("national" side) of the coins. Two Bulgarian saints,Ivan Rilski andPaisius of Hilendar, will also be depicted on the Bulgarian euro coins. In this way, Bulgaria will become the first Orthodox country to have a Christian character on its Euro coins.[7] Bulgaria officially joined theEuropean Exchange Rate Mechanism (ERM II) on 10 July 2020.[8][9] Bulgarian government and central bank officials adopted a draft national plan for euro adoption on 30 June 2021,[10] after stating that same day Bulgaria's intention to adopt the euro on 1 January 2024.[11] In May 2022, the government adopted a more definitive version of its euro introduction plan, reaffirming the country's commitment to adopt the euro on the target date.[12] On 21 February 2023, Bulgaria scrapped the idea of adopting the single currency on 1 January 2024 due to an internal political crisis.[13]
TheMaastricht Treaty, which Bulgaria acceded to by way of its EU accession treaty, requires that allEuropean Union member states, exceptDenmark, join the euro once certaineconomic criteria are met.
In November 2007, Bulgarian Finance MinisterPlamen Oresharski stated that his goal was to comply with all five convergence criteria by 2009 and adopt the euro in 2012.[14] But Bulgaria did not comply with the requirement to be an ERM II member for at least two years, nor did it satisfy the price stability criterion in 2008. Bulgaria's inflation in the 12 months from April 2007 to March 2008 reached 9.4%, well above the reference value limit of 3.2%.
However, Bulgaria fulfilled the state budget criterion of only having a maximum deficit of 3% of the country's gross domestic product (GDP). The country had posted surpluses since 2003, which in 2007 represented 3.4% of its GDP (at the time, the EC forecast that it would remain at 3.2% of GDP in both 2008 and 2009). Bulgaria also complied with the public debt criteria. During the prior decade, the Bulgarian debt had declined from 50% of GDP to 18% in 2007, and was expected to reach 11% in 2009.[15] Finally, the average for the long-term interest rate during the prior year was 4.7% in March 2008, well within the reference limit of 6.5%.[16]
A 2008 analysis said that Bulgaria would not be able to join the eurozone earlier than 2015 due to high inflation and the repercussions of the2008 financial crisis.[17] Some members of Bulgarian government, notably economy minister Petar Dimitrov, speculated about unilaterally introducing the euro, which was not well received by theEuropean Commission.[18]
Bulgaria met all five criteria in the last off-cycle convergence report published by theEuropean Central Bank in June 2025.
TheBulgarian lev has been pegged to the euro since the latter was launched in 1999, at a fixed rate of €1 = BGN 1.95583, through a strictly managedcurrency board. Prior to that, the lev was pegged at par to theGerman Mark. While thecurrency board which pegs Bulgaria to the euro has been seen as beneficial to the country fulfilling criteria so quickly,[19] theECB has pressured Bulgaria to drop it as it did not know how to let a country using a currency board join the euro. TheBulgarian Prime Minister has stated the desire to keep the currency board until the euro was adopted. However, factors such as a high inflation, an unrealistic exchange rate with the euro and the country's low productivity are negatively affected by the system.[20]
Simeon Dyankov, Bulgaria's finance minister, said in September 2009 that Bulgaria planned to enter ERM II in November,[21][22][23] but this was delayed. It was then delayed further due to an increased budget deficit, outside the Maastricht criteria.[24][25] From 2011 to 2020, Bulgaria's non-membership of the ERM II was the primary factor that prevented euro membership, as Bulgaria met the other criteria for euro adoption. In July 2011, Dyankov stated that the government would not adopt the euro as long as theEuropean sovereign-debt crisis was ongoing.[26][27][28] In 2011, Bulgaria's Minister of FinanceSimeon Dyankov stated that adoption of the euro would be postponed until the end of theeurozone crisis.[26]
In January 2015, Finance MinisterVladislav Goranov (under Prime MinisterBoyko Borisov) changed approach and said that it was possible for Bulgaria to join ERM II before the end of 2018. Goranov said he would immediately begin talks with theEurogroup to establish a plan for joining ERM II.[29] In July 2015, the Bulgarian government established a coordination council to prepare the country for eurozone membership.[30] The coordination council was to draft a plan for the introduction of the euro, propose a target date, and organise the preparation and coordination of the expert working groups.[31]
This approach was supported by formerBulgarian National Bank governorKolyo Paramov, who had been in office when the state currency board was established. Paramov argued that adoption would "trigger a number of positive economic effects":
Former Bulgarian National Bank deputy governorEmil Harsev agreed with Paramov, stating that it was possible to adopt the euro in 2018 and that "Bulgaria's membership in the eurozone will bring only positive effect on the economy" because "since [the establishment of] the currency board in 1997, we have been accepting all the negative effects of accession into the eurozone without getting the positive ones (access to the European financial market)".[33]
When Borisov's government wasre-elected in 2017, he declared his intention to apply to join ERM II,[34] but Goranov elaborated that the government would only seek to join once the eurozone states were ready to approve the application, and that he expected to have clarity on the matter by the end of 2017.[35] On taking thepresidency of the EU Council in January 2018, Borisov indicated that no clarification had been given, but announced that he was going to pursue applications for both ERM II andSchengen by July 2018 regardless.[36][37][38][39] Bulgaria sent a letter to the Eurogroup in July 2018 expressing its desire to join ERM II and committing to enter into a "close cooperation" agreement with theEuropean banking union.[40][41]
In January 2019, Goranov said he hoped that Bulgaria could join the ERM II mechanism in July and introduce the euro on 1 January 2022.[42] However, the first deadline was deferred to July 2019 due to extra conditions requested by eurozone governments, namely that Bulgaria:[43]
While the CVM reforms were mentioned, and progress in judicial reform and organised crime was expected, leaving the CVM was not a precondition.[43]
As of October 2019, Goranov's target was to enter the ERM II by April 2020.[44] In January 2020,IMF Managing DirectorKristalina Georgieva said that it was possible for Bulgaria to join ERM II later in 2020 and adopt the euro in 2023.[45] Borisov stated in February 2020 that Bulgaria's application would be reviewed in July.[46] In March, the Bulgarian central bank said that this target was no longer realistic due to the ongoingCOVID-19 pandemic.[47] However, in April Borisov stated that he would push forward the application by the end of April.[48] The reason he gave for this U-turn was the 500 billion euros rescue package to deal with the economic fallout of the coronavirus pandemic, which the finance ministers of the Eurogroup had agreed upon on 10 April.[49] On 24 April,Fitch Ratings announced that they would probably upgrade Bulgaria's foreign currency issuer default ratings (IDR) between Bulgaria's accession to ERM II and euro adoption:
"… Given that the COVID-19 pandemic response is taking up significant resources with regard to political engagement at the EU-wide level, facilitating the Bulgarian lev's ERM2 accession may decline as a relative priority for European institutions. If concerns about risks ease and the process resumes, this would be supportive of the rating, as underlined by our view that all things being equal, we would upgrade Bulgaria's Long-Term Foreign-Currency IDR by two notches between admission to the ERM II and joining the euro."[50]
On 30 April 2020, Bulgaria officially submitted documents to the European Central Bank to apply to join ERM II, the first step to introducing the euro.[51] On 12 May, European Commission Executive Vice PresidentValdis Dombrovskis stated that Bulgaria could join ERM II together withCroatia in July,[52] which both countries did on 10 July.[8][53]
By the ECB decision adopted on 24 June 2020, Bulgaria and its national bank became a member of theEuropean banking union under a close cooperation agreement which entered into force on 1 October 2020.[54][55]
Bulgaria is set to adopt the euro as its official currency on 1 January 2026, following several delays. In February 2023, Finance MinisterRositsa Velkova announced that Bulgaria's target date for entry into the eurozone would be delayed from 1 January 2024 to 1 January 2025, primarily due to the projected inflation not meeting the inflation criterion in time.[56][57] In April 2023, enough signatures had been collected to put the entry to a referendum.[58] However, in June 2023 the referendum was rejected by Bulgaria's parliament with 98 votes against, 46 abstentions and 68 votes in favour.[59][60] On 26 July 2023, the newly formedBulgarian government adopted a programme which stated that the switch to the euro in January 2025 is one of the main government priorities.[61] In November 2023, the Bulgarian euro coin design was revealed and approved by theBulgarian National Bank.[62]
In order to ensure full compliance with the legal criteria for euro adoption, the Bulgarian Parliament approved the necessary legislation on theBulgarian National Bank (BNB) on 1 February 2024.[63][64] However, according to the assessment of the President of BNB,Dimitar Radev, the recently adopted constitutional revision (making it possible for the President or Vice President of BNB to be appointed as a temporary caretaker Prime Minister in case of failed attempts to form regular governments), and the recently adopted revision to the law on the BNB (making it possible for such a caretaker Prime Minister to resume his work and role at BNB after having completed his tenure as temporary caretaker Prime Minister), were both unlikely to meet ECB's convergence criteria for legal compliance. The ECB was not consulted on this specific change to the Bulgarian law, but were expected to reveal its assessment on this potential issue in its upcoming convergence report scheduled for publication in June 2024.[65]
On 20 January 2024, Bulgarian Prime MinisterNikolai Denkov said in an interview that Bulgaria might be forced to delay its adoption of the euro to 1 July 2025 if the inflation criterion is not met in time, although the current target date of 1 January 2025 remained unchanged.[66][67] Finance MinisterAssen Vassilev believed Bulgaria was on track for euro adoption at some point in time in 2025, as the last inflation criteria was projected to be met between June and September 2024,[68] and the revised Bulgarian euro adoption law was expected to be approved by theECB shortly.[69]
Theeuro adoption law was launched as a draft law for public consultation from 25 March to 24 April,[70] and subsequently will be subject to approval by the Bulgarian Parliament; the European Commission — although not yet ECB — had already approved the published version as of 26 March.[71] The ECB proposed several amendments to the proposed euro adoption law on 2 May 2024.[72] The Bulgarian Ministry of Finance later clarified that the proposed euro adoption law will never be assessed by ECB as part of their euro adoption compliance test of the national legislation in their convergence reports (due to this law only being a national matter), but stressed that it was important from a national perspective that the National Assembly vote and approve the law by the end of summer 2024.[73] An information website (www.evroto.bg) was launched on 25 March, dedicated to communicate the progress towards introduction of the euro in Bulgaria and practicalities of the euro changeover,[74] and the European Commission signed a Partnership Agreement for co-financing information campaigns towards Bulgarian citizens and businesses on all euro changeover aspects on 12 April.[75]
After a plannedgovernment rotation and negotiations for a renewed government mandate for the next nine months failed,[76][77][78] and subsequent attempts to form a new government among the elected parties were likewise unsuccessful,Bulgarian PresidentRumen Radev announced he would appoint a new caretaker Prime Minister and caretaker government tasked with organising anearly election in June 2024.[79] Analysts had warned that snap elections could risk delaying efforts for Bulgaria to adopt the euro in 2025.[80][81] However, outgoing Finance Minister Assen Vassilev stated that preparations were so far advanced that at the current stage a caretaker government could ensure eurozone entry in 2025.[82] Incoming caretaker Prime MinisterDimitar Glavchev stated that the incoming caretaker government would continue to focus on achieving membership of the eurozone and "Schengen on land" among its priorities.[83]
On 26 June 2024, the ECB released their report confirming that the country had failed to comply with the inflation criteria and was therefore unable to join the eurozone on the 1 January 2025 target date.[84] According toBNB's press website evroto.bg, it was projected that the inflation criteria would be met by the end of 2024, and that if it was, the country would request an off-cycle compliance re-assessment to get approval to adopt the euro as soon as possible.[85] In June 2024, Bulgaria's acting finance minister said Bulgaria would need to reduce inflation in order to meet ECB requirements to adopt the euro in January 2026.[86][87]
As of July 2024, the process was in an advanced phase. Once the required level of convergence had been achieved, an off-cycle evaluation would be requested.[88] On 26 July 2024, the members of the Bulgarian National Assembly adopted a decision obliging the Bulgarian government to speed up the process of introducing the common European currency. On August 7, the law on the introduction of the euro was adopted, which represented the most important legislative act necessary for the smooth running of the currency changeover process. 167 MPs voted in support of the law, in particular MPs from the pro-European majority in the form ofPP-DB,GERB andDPS, while 48 MPs fromRevival (Vazrazhdane), independents and twoSocialists voted against. Only the group ofThere is Such a People and one independent abstained. This law determines the terms and ways in which the currency will be changed. It was the final important legal act on the way to Bulgaria's euro adoption before fulfilling the last Maastricht criteria — that of price stability and, accordingly, the subsequent decision of theCouncil of the EU to introduce the euro in Bulgaria. After the council made another decision on the issue, some regulations and other subnormative acts were to be adopted to regulate in greater detail what was written in the package of laws that Bulgaria adopted on the path to the eurozone.[89][90] On 20 August 2024, President Rumen Radev signed a decree[91] promulgating in the Bulgarian State Gazette the law on the euro, with which it officially entered into force.[92]
According to data from Eurostat in mid-January 2025, Bulgaria's inflation was 2.6% — only 0.1% from meeting the inflation criteria.[93] On 17 January 2025, it was reported that the government was expected to submit a request for an off-cycle convergence report to the European Commission and theECB within two weeks.[94] However, in a 23 January 2025 speech, Finance MinisterTemenuzhka Petkova announced the country would not submit such a request until the inflation rate criteria had been met, with 0.1% still missing.[95]
On 22 February 2025, thousands of Bulgarian far-rightRevival party supporters tried to break into the headquarters of the European Union mission in Sofia during a protest against the country's plans to adopt the euro in 2026.[96]
On 24 February 2025, after the government deemed that the country had now met the inflation criteria, the Council of Ministers adopted a decision to formally request an off-cycle convergence report from theEuropean Commission andEuropean Central Bank.[97][3][4] The Bulgarian National Bank and Ministry of Finance sent the letter formally requesting the report the following day.[3]
On 9 May 2025, in a surprising move seen by some as a populist rhetoric, the Bulgarian PresidentRumen Radev announced that he would submit a proposal to parliament to hold a referendum on the euro,[98] which was subsequently turned down by the speaker of parliament. The Bulgarian supreme court had previously deemed such a referendum unconstitutional as it contradicts both national and EU law.[99]
On 4 June 2025, the European Commission and European Central Bank published their off-cycle convergence reports, according to which Bulgaria fulfilled the 5 convergence criteria.[100] The European Commission proposed a Council Decision and Regulation to enact Bulgaria accession to the eurozone effective 1 January 2026.[1]
On 19 June 2025, the finance ministers of theEurogroup member states unanimously recommended that Bulgaria be approved to adopt the euro.[101]
On 20 June 2025, theEconomic and Financial Affairs Council unanimously supported Bulgaria’s accession to the eurozone.[102]
On 24 June 2025, theCommittee on Economic and Monetary Affairs and Subcommittee on Tax Matters in the European Parliament’s approved a draft report recommending approval of Bulgaria joining the eurozone effective 1 January 2026. The vote was 46 in favor, with 3 against and 5 abstentions.[103]
On 26 June 2025, during a meeting of theEuropean Council EU leaders welcomed the fulfilment of all the convergence criteria set out in the Treaty. They endorsed the Commission’s proposal that Bulgaria adopt the euro on 1 January 2026 and invited the Council to swiftly adopt the relevant Commission proposals.
On 8 July 2025, the European Parliament endorsed Bulgaria’s bid to adopt the euro and join the eurozone effective 1 January 2026. Members of the European Parliament, by 531 votes in favour, 69 against and 79 abstentions, adopted a report confirming Bulgaria fulfilled the criteria for adopting the euro.[104] Later that day, the Council granted final approval by unanimously adopting the final three legal acts. One of the three legal acts sets the conversion rate between the euro and the Bulgarian lev at 1.95583 lev per 1 euro. This completes the process for Bulgaria to become the 21st member of the euro area.[2] The documents were signed byStephanie Lose on behalf of theDanish Presidency of the Council of the EU in the presence ofTemenuzhka Petkova,Valdis Dombrovskis,Paschal Donohoe, andLuis de Guindos.
On 8 August 2025, all sales prices were listed in both lev and euro using the same font and colour. Exemptions were made for books, school textbooks and supplies, who will be listed under both currencies from 1 January 2026. Due to technical restrictions taxi displays and gas stations would only list prices in lev. However, gas stations prices in both currencies should be visible in a prominent location inside the gas station. In addition, purchase receipts list the paid amount in both lev and euro.[105][106]
| Assessment month | Country | HICP inflation rate[107][nb 1] | Excessive deficit procedure[108] | Exchange rate | Long-terminterest rate[109][nb 2] | Compatibility of legislation | ||
|---|---|---|---|---|---|---|---|---|
| Budget deficit toGDP[110] | Debt-to-GDP ratio[111] | ERM II member[112] | Change in rate[113][114][nb 3] | |||||
| 2012ECB Report[nb 4] | Reference values | Max. 3.1%[nb 5] (as of 31 Mar 2012) | None open (as of 31 Mar 2012) | Min. 2 years (as of 31 Mar 2012) | Max. ±15%[nb 6] (for 2011) | Max. 5.80%[nb 7] (as of 31 Mar 2012) | Yes[115][116] (as of 31 Mar 2012) | |
| Max. 3.0% (Fiscal year 2011)[117] | Max. 60% (Fiscal year 2011)[117] | |||||||
 Bulgaria | 2.7% | Open (Closed in June 2012) | No | 0.0% | 5.30% | No | ||
| 2.1% | 16.3% | |||||||
| 2013ECB Report[nb 8] | Reference values | Max. 2.7%[nb 9] (as of 30 Apr 2013) | None open (as of 30 Apr 2013) | Min. 2 years (as of 30 Apr 2013) | Max. ±15%[nb 6] (for 2012) | Max. 5.5%[nb 9] (as of 30 Apr 2013) | Yes[118][119] (as of 30 Apr 2013) | |
| Max. 3.0% (Fiscal year 2012)[120] | Max. 60% (Fiscal year 2012)[120] | |||||||
| Bulgaria | 2.4% | None | No | 0.0% | 3.89% | Unknown | ||
| 0.8% | 18.5% | |||||||
| 2014ECB Report[nb 10] | Reference values | Max. 1.7%[nb 11] (as of 30 Apr 2014) | None open (as of 30 Apr 2014) | Min. 2 years (as of 30 Apr 2014) | Max. ±15%[nb 6] (for 2013) | Max. 6.2%[nb 12] (as of 30 Apr 2014) | Yes[121][122] (as of 30 Apr 2014) | |
| Max. 3.0% (Fiscal year 2013)[123] | Max. 60% (Fiscal year 2013)[123] | |||||||
| Bulgaria | -0.8% | None | No | 0.0% | 3.52% | No | ||
| 1.5% | 18.9% | |||||||
| 2016ECB Report[nb 13] | Reference values | Max. 0.7%[nb 14] (as of 30 Apr 2016) | None open (as of 18 May 2016) | Min. 2 years (as of 18 May 2016) | Max. ±15%[nb 6] (for 2015) | Max. 4.0%[nb 15] (as of 30 Apr 2016) | Yes[124][125] (as of 18 May 2016) | |
| Max. 3.0% (Fiscal year 2015)[126] | Max. 60% (Fiscal year 2015)[126] | |||||||
| Bulgaria | -1.0% | None | No | 0.0% | 2.5% | No | ||
| 2.1% | 26.7% | |||||||
| 2018ECB Report[nb 16] | Reference values | Max. 1.9%[nb 17] (as of 31 Mar 2018) | None open (as of 3 May 2018) | Min. 2 years (as of 3 May 2018) | Max. ±15%[nb 6] (for 2017) | Max. 3.2%[nb 18] (as of 31 Mar 2018) | Yes[127][128] (as of 20 March 2018) | |
| Max. 3.0% (Fiscal year 2017)[129] | Max. 60% (Fiscal year 2017)[129] | |||||||
| Bulgaria | 1.4% | None | No | 0.0% | 1.4% | No | ||
| -0.9% (surplus) | 25.4% | |||||||
| 2020ECB Report[nb 19] | Reference values | Max. 1.8%[nb 20] (as of 31 Mar 2020) | None open (as of 7 May 2020) | Min. 2 years (as of 7 May 2020) | Max. ±15%[nb 6] (for 2019) | Max. 2.9%[nb 21] (as of 31 Mar 2020) | Yes[130][131] (as of 24 March 2020) | |
| Max. 3.0% (Fiscal year 2019)[132] | Max. 60% (Fiscal year 2019)[132] | |||||||
| Bulgaria | 2.6% | None | No | 0.0% | 0.3% | No | ||
| -2.1% (surplus) | 20.4% | |||||||
| 2022ECB Report[nb 22] | Reference values | Max. 4.9%[nb 23] (as of April 2022) | None open (as of 25 May 2022) | Min. 2 years (as of 25 May 2022) | Max. ±15%[nb 6] (for 2021) | Max. 2.6%[nb 23] (as of April 2022) | Yes[133][134] (as of 25 March 2022) | |
| Max. 3.0% (Fiscal year 2021)[133] | Max. 60% (Fiscal year 2021)[133] | |||||||
| Bulgaria | 5.9% | None | 1 year, 10 months | 0.0% | 0.5% | No | ||
| 4.1% (exempt) | 25.1% | |||||||
| 2024ECB Report[nb 24] | Reference values | Max. 3.3%[nb 25] (as of May 2024) | None open (as of 19 June 2024) | Min. 2 years (as of 19 June 2024) | Max. ±15%[nb 6] (for 2023) | Max. 4.8%[nb 25] (as of May 2024) | Yes[135][136] (as of 27 March 2024) | |
| Max. 3.0% (Fiscal year 2023)[135] | Max. 60% (Fiscal year 2023)[135] | |||||||
| Bulgaria | 5.1% | None | 3 years, 11 months | 0.0% | 4.0% | Yes | ||
| 1.9% | 23.1% | |||||||
| 2025ECB Report[nb 26] | Reference values | Max. 2.8%[nb 27] (as of April 2025) | None open (as of 19 May 2025) | Min. 2 years (as of 19 May 2025) | Max. ±15%[nb 6] (for 2024) | Max. 5.1%[nb 27] (as of April 2025) | Yes[137][138] (as of 15 April 2025) | |
| Max. 3.0% (Fiscal year 2024)[137] | Max. 60% (Fiscal year 2024)[137] | |||||||
| Bulgaria | 2.7% | None | 4 years, 10 months | 0.0% | 3.9% | Yes | ||
| 3.0% | 24.1% | |||||||
Since the lev has been pegged to the euro at a fixed rate, it has been argued that Bulgaria is already ade facto member of theeurozone as it cannot pursue an independent monetary policy and is bound by the interest rate policy of the European Central Bank, without having a say in monetary strategy. Therefore, Bulgaria does not lose any financial tools by adopting the euro. Adopting the euro and thereby becoming ade jure member of the eurozone would enhance Bulgaria's position by giving it a seat at the European Central Bank’s decision-making table.[49]
Other advantages of adopting the euro include the improved supervision of Bulgaria's systemically important banks and the decreased cost of borrowing. Adopting the euro could aid Bulgaria in fostering greater economic stability and integration with the eurozone, reducing exchange rate transaction costs for businesses and consumers. Finally, joining the euro area can enhance price transparency, making it easier for consumers to compare prices and for businesses to compete more effectively within the single market.
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BulgarianCyrillic script and its non-straightforward transliteration of the wordeuro initially caused issues when theEuropean Central Bank andEuropean Commission insisted that Bulgaria adopt the nameЕУРО (i.e., euro), rather than the originalЕВРО (i.e., evro)Bulgarian pronunciation:[ˈɛvro] (from Bulgarian Европа[ɛvˈrɔpɐ], meaningEurope), arguing that the currency's name should be standardised across the EU as much as possible. Bulgaria maintained that its language's alphabet and phonetic orthography warranted the exception.[142] At the2007 EU Summit in Lisbon, the issue was decided in Bulgaria's favour, making евро the official Cyrillic spelling from 13 December 2007.[143][144]
This ruling affected the design ofeuro banknotes. The second series of notes (beginning with the €5 note issued from 2013) includes the term "ЕВРО" and the abbreviation "ЕЦБ" (short for Европейска централна банка, the Bulgarian name of the European Central Bank).[145] The first series only had the standard Latin alphabet "EURO" and Greek "ΕΥΡΩ".
The plural of евро in Bulgarian varies in spoken language – евро, евра[ɛvˈra], еврота[ˈɛvrotɐ] – but the most widespread form is евро – without inflection in plural form. The word for euro, though, has a normal form with the postpositivedefinite article – еврото ([ˈɛvroto], the euro).
The word for eurocent isевроцент[ˈɛvrot͡sɛnt] and actually this or just цент[ˈt͡sɛnt] will be used in the future when the European currency is adopted in Bulgaria. This is also the official word mentioned and accordingly used in the Bulgarian national law and the Bulgarian legislation prepared on the path of Bulgaria in the eurozone and its participation in theEurosystem. In contrast to euro (in Bulgarian. ЕВРО), the word for "cent (in Bulgarian. ЦЕНТ - Стотинка/Стотинки)" has a full inflection both in the definite and the plural form:евроцент (basic form),евроцентът (full definite article – postpositive),евроцентове (plural), 2евроцента (numerative form – after numerals). However, the wordstotinki (стотинки), singularstotinka (стотинка), the name of the subunit of the Bulgarian monetary unit, will continue to be used informally as it has become synonymous with the word coins in the colloquial Bulgarian language; same as "cent (in Bulgarian. Цент - стотинка/стотинки)" (from Latin centum), itsetymology is from a word meaning hundred - "sto" (сто).Stotinki (Стотинки) or more precisely стотинка and стотинки is used widely in the Bulgarian diaspora in Europe to refer to subunits of currencies other than theBulgarian lev. Although Bulgaria will officially use the word евроцент or цент in its national laws, the words стотинка and стотинки will continue to be present on Bulgarian coins, or more precisely, they will be minted on the national side of Bulgarian euro coins. More precisely, the 1 euro cent coin will read "стотинка" and the other 2, 5, 10, 20 and 50 euro cent coins will read "стотинки".
Bulgarian euro coins will replace thelev. On the occasion of the signing of theEU accession treaty on 25 April 2005, theBulgarian National Bank issued a commemorative coin with a face value of 1.95583 leva, giving it a nominal value of exactly 1 euro.[146][147]
TheMadara Rider was one of the favourites to become the symbol of Bulgaria to be used on the"national" (obverse) side of the country's euro coins. Other eminent contenders to be the 'symbol of Bulgaria' were ancient traditional nestinars (Bulgarian fire dancers),Cyrillic script,[148] theRila Monastery[149] and theTsarevets medieval fortress nearVeliko Turnovo.[149]
On 17 June 2008, debates on the design of future Bulgarian euro coins were held all over the country, continuing until 29 June when a vote was held on the symbol to be used on all coins. Bulgarians voted in post offices, fuel stations and schools.[150][151] That same day, the winner was announced: a plurality of voters, 25.44%, had chosen the Madara Rider to be depicted on future euro coins.[152][153][154][155]
On 24 July 2023, the governor of the BNB,Dimitar Radev, announced that the BNB Governing Council had decided that the Bulgarian national side of euro coins would be identical to that of the Bulgarian lev coins in circulation.[156]
Euro coins with a Bulgarian national side will feature the name of the fractional unit of the former Bulgarian currency leva (СТОТИНКА/СТОТИНКИ). TheBulgarian alphabet is already present on theeuro banknotes, and with the introduction of the euro in Bulgaria and the putting into circulation of Bulgarian euro coins, the Cyrillic alphabet will now also be present on the euro coins. Together withGreek coins, Bulgarian euro coins will be the only euro coins that will not only use theLatin alphabet in their design.[157]
The design of the euro coins was officially chosen by the Bulgarian National Bank in November 2023,[158] and approved by theCouncil of the EU in February 2024.[63] On 9 April 2025, the BNB Governing Council approved the revised graphic designs for the Bulgarian national side of the euro coins, with the only change being the year of issue from "2025" to "2026".[159] Minting of the coins in necessary quantities began shortly after the Council of the EU approved Bulgaria to adopt the euro, so that they can be circulated starting from the date of euro introduction in Bulgaria.
The official website for the introduction of the euro in Bulgaria (www.evroto.bg) gives the following description of the Bulgarian euro coins:[160][157]
| Denomination | Main Motif | Image/Description | Mandatory Elements | Optional Elements | Edge Lettering (2 euro coin only) | Image |
|---|---|---|---|---|---|---|
| 1 euro cent | Madara Rider | Relief image of the Madara Rider, an 8th-century rock relief, a UNESCO World Heritage site. The rider is facing right, spearing a lion, a dog runs in front of him, and an eagle is depicted behind him. | - Circle of 12 stars on the outer ring, symbol of the European Union. - Inscription "БЪЛГАРИЯ" (in Cyrillic), indicating the issuing country, located at the bottom of the inner circle, below the image of the Madara Rider. - The year of issuance "2026", inscribed to the left of the Madara Rider. | - The word "стотинка" (stotinka - in Cyrillic), inscribed to the right of the Madara Rider, under the spear. | None | [161] |
| 2 euro cents | Madara Rider | Relief image of the Madara Rider, identical to that on the 1 euro cent coin. | - Circle of 12 stars on the outer ring. - Inscription "БЪЛГАРИЯ" (in Cyrillic) at the bottom below the image. - The year of issuance "2026" to the left of the image. | - The word "стотинки" (stotinki - in Cyrillic), inscribed to the right of the Madara Rider, under the spear. | None | [162] |
| 5 euro cents | Madara Rider | Relief image of the Madara Rider, identical to that on the 1 and 2 euro cent coins. | - Circle of 12 stars on the outer ring. - Inscription "БЪЛГАРИЯ" (in Cyrillic) at the bottom below the image. - The year of issuance "2026" to the left of the image. | - The word "стотинки" (stotinki - in Cyrillic), inscribed to the right of the Madara Rider, under the spear. | None | [162] |
| 10 euro cents | Madara Rider | Relief image of the Madara Rider, identical to that on the smaller cent coins. | - Circle of 12 stars on the outer ring. - Inscription "БЪЛГАРИЯ" (in Cyrillic) at the bottom below the image. - The year of issuance "2026" to the left of the image. | - The word "стотинки" (stotinki - in Cyrillic), inscribed to the right of the Madara Rider, under the spear. | None | [163] |
| 20 euro cents | Madara Rider | Relief image of the Madara Rider, identical to that on the smaller cent coins. | - Circle of 12 stars on the outer ring. - Inscription "БЪЛГАРИЯ" (in Cyrillic) at the bottom below the image. - The year of issuance "2026" to the left of the image. | - The word "стотинки" (stotinki - in Cyrillic), inscribed to the right of the Madara Rider, under the spear. | None | [164] |
| 50 euro cents | Madara Rider | Relief image of the Madara Rider, identical to that on the smaller cent coins. | - Circle of 12 stars on the outer ring. - Inscription "БЪЛГАРИЯ" (in Cyrillic) at the bottom below the image. - The year of issuance "2026" to the left of the image. | - The word "стотинки" (stotinki - in Cyrillic), inscribed to the right of the Madara Rider, under the spear. | None | [163] |
| 1 euro | St. Ivan Rilski | Image of St. Ivan Rilski (St. John of Rila Wonderworker) (c. 876 – 946 AD), the most revered Bulgarian saint, a hermit, founder of the Rila Monastery, and heavenly patron of the Bulgarian people. He is depicted full-length, holding a cross and a scroll. | - Circle of 12 stars on the outer ring. - Inscription "БЪЛГАРИЯ" (in Cyrillic), located to the right of the saint's image. - The year of issuance "2026", inscribed to the left of the saint's image, vertically. | - The word "евро" (euro - in Cyrillic), inscribed below the inscription "БЪЛГАРИЯ". | None | [165] |
| 2 euro | Paisiy Hilendarski | Image of Paisiy Hilendarski (Saint Paisius of Hilendar) (1722 – 1773 AD), a Bulgarian National Revival enlightener, clergyman, and saint, author of "Istoriya Slavyanobolgarskaya" (Slavonic-Bulgarian History), a key figure for the Bulgarian National Revival. He is depicted next to a cross, holding a book. | - Circle of 12 stars on the outer ring. - Inscription "БЪЛГАРИЯ" (in Cyrillic), located at the top of the inner circle, above Paisiy's image. - The year of issuance "2026", inscribed to the left of the image. | - The word "евро" (euro - in Cyrillic), inscribed to the right of the image, under the hand holding the book. | Inscription "БОЖЕ ПАЗИ БЪЛГАРИЯ" (GOD PROTECT BULGARIA - in Cyrillic), inscribed sequentially in both directions (once normally and once inverted). | [166] |
Since 2007, public support for adopting the euro in Bulgaria has fluctuated notably, reflecting varying economic sentiments and political climates. Support has remained divided in recent years, with recent surveys showing near-even splits between the “Yes” and “No” camps. Overall, since joining the EU, support for the adoption of euro in Bulgaria has averaged around 48%, while approximately 44% have been against.
The following are the annual Eurobarometer polls on the question of whether Bulgarians are more in favour oragainst the idea of introducing the euro in their country.
| Date (survey taken) | Date (survey published) | Yes | No | Undecided / Don't know | Conducted by |
|---|---|---|---|---|---|
| March 2025 | June 2025 | 45% | 53% | 2% | Eurobarometer[167] |
| May 2024 | June 2024 | 49% | 49% | 2% | Eurobarometer[168] |
| April 2023 | June 2023 | 49% | 50% | 1% | Eurobarometer[169] |
| April 2022 | June 2022 | 44% | 54% | 2% | Eurobarometer[170] |
| May 2021 | July 2021 | 54% | 44% | 2% | Eurobarometer[171] |
| June 2020 | July 2020 | 48% | 50% | 2% | Eurobarometer[172] |
| April 2019 | June 2019 | 47% | 48% | 5% | Eurobarometer[173] |
| April 2018 | May 2018 | 51% | 46% | 3% | Eurobarometer[174] |
| April 2017 | May 2017 | 50% | 45% | 5% | Eurobarometer[175] |
| April 2016 | May 2016 | 47% | 48% | 5% | Eurobarometer[176] |
| April 2015 | May 2015 | 55% | 39% | 6% | Eurobarometer[177] |
| April 2014 | June 2014 | 51% | 45% | 4% | Eurobarometer[178] |
| April 2013 | June 2013 | 52% | 43% | 5% | Eurobarometer[179] |
| April 2012 | July 2012 | 53% | 43% | 4% | Eurobarometer[180] |
| November 2011 | July 2012 | 56% | 40% | 4% | Eurobarometer[181] |
| May 2011 | August 2011 | 45% | 42% | 13% | Eurobarometer[182] |
| September 2010 | December 2010 | 48% | 39% | 13% | Eurobarometer[183] |
| May 2010 | July 2010 | 51% | 37% | 12% | Eurobarometer[184] |
| September 2009 | November 2009 | 49% | 31% | 20% | Eurobarometer[185] |
| May 2009 | December 2009 | 44% | 36% | 20% | Eurobarometer[186] |
| May 2008 | July 2008 | 51% | 31% | 18% | Eurobarometer[187] |
| September 2007 | November 2007 | 46% | 33% | 21% | Eurobarometer[188] |
| March 2007 | May 2007 | 45% | 33% | 22% | Eurobarometer[189] |
The government is expected to submit a request for an extraordinary convergence report to the European Commission and the ECB within two weeks.
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