Bulgaria Embraces the Euro: Countdown to Currency Transition
Bulgaria will become the 21st member of the eurozone in January 2026, converting its lev to the euro. Despite initial excitement, public skepticism has grown, with fears of price hikes. This follows Bulgaria's efforts since joining the EU in 2007, marking the first eurozone expansion since Croatia in 2023.
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Bulgaria is on the cusp of a significant economic transition as it prepares to join the eurozone in January 2026. The European Union finance ministers have solidified plans for the Bulgarian lev to adopt the euro at a conversion rate of 1 euro to 1.95583 lev. This decision follows favorable reviews from the European Commission and the European Central Bank, alongside the endorsement by EU leaders in Brussels.
Despite the historic move, enthusiasm among Bulgarians has waned. A Eurobarometer poll from May reveals that half of the population harbor skepticism, concerned that the shift to the euro could trigger a rise in prices. This marks Bulgaria's perseverance towards euro adoption since its EU accession in 2007.
Bulgaria's entry into the eurozone narrows the count of EU member states outside the single currency zone to six: Sweden, Poland, Czech Republic, Hungary, Romania, and Denmark. These countries currently have no immediate plans to join, citing political and economic reservations.
(With inputs from agencies.)
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