FX.co ★ Bulgaria sets one-month dual currency period amid EUR adoption

Bulgaria has adopted the euro, the European Commission announced on its official website. For one month, the Bulgarian lev will circulate in parallel with the euro before being fully withdrawn from circulation. The conversion rate has been set at 1.95583 leva to 1 euro.

Bulgaria will become the 21st of the European Union’s 27 member states to join the euro area. The European Central Bank said the country meets all the necessary criteria for the euro adoption. The transition entails integration into the eurozone’s common monetary framework and changes to the country’s domestic payment systems.

The decision has provoked domestic opposition. Protests against abandoning the national currency preceded the announcement. Kostadin Kostadinov, leader of the Revival party, said, “The message is one – resignation. Resignation of this Government, so that we can save Bulgaria, so that we can save the Bulgarian lev.” Political reactions highlight continuing domestic tensions surrounding the currency reform.