Historic Day for Bulgaria as Euro Becomes Official Currency

It is a historic day for Bulgaria. On the first day of the New Year, the country adopted the euro as its official means of payment and became the 21st member of the euro area.

The first euro cash withdrawal from an ATM in Bulgaria was made just 20 seconds after midnight in the Sunny Beach resort. Three minutes into the New Year, the first transaction via a POS terminal was recorded in Sofia.

Almost two minutes later, the first donation in euros was made through a virtual POS terminal.

What are the key points to remember? For the first month of the year – a total of 30 days – payments can be made in both currencies. From 1 February, the 145-year history of the Bulgarian lev will come to an end.

Until 31 January, change must be given in euros. If a trader does not have euros available, change may be given in levs instead. However, mixing the two currencies in the same transaction is not permitted.

The fixed exchange rate at which levs will be converted into euros is 1.95583.

Banks, the Bulgarian National Bank and Bulgarian Posts will exchange levs into euros free of charge during the first six months. After that period, exchanges will remain free of charge and without time limit only at the Bulgarian National Bank.

Prices will be displayed in both currencies until 8 August.