The Bulgarian government has confirmed the country’s plans to adopt the euro as the official currency on January 1, 2024 without a transition period – all institutions and businesses in the country will be obliged to accept payments in euros from the moment of introduction.
The conversion is carried out using the current fixed exchange rate between euro and lev – BGN 1.9558 per euro. After the introduction of the euro within a month, the lev and the euro will both be legal currencies.
The strategic document for the introduction of the euro is the draft National Plan for the introduction of the euro in Bulgaria. The project will be published for public discussion.
The document defines the rules for recalculating prices and other values, explains the procedures for exchanging cash and converting BGN deposits and loans with fixed and variable interest rates.
The date for the planned introduction of the euro, which was brought into being by the transitional government, continues the plans of the third government of Boyko Borisov.
A year earlier, the date January 1, 2024 had been named as possible for Bulgaria by Vice-President of the European Commission Valdis Dombrovskis, who is one of the country’s most consistent supporters on the way to the single European currency.