Cyprus Times

Bulgaria Adopts the Euro After Nearly Two Decades in the EU

Published January 1, 2026, 08:08
Bulgaria Adopts the Euro After Nearly Two Decades in the EU

Bulgaria adopted the euro on January 1, 2024, becoming the 21st country in the Eurozone. The decision, which came almost 20 years after Bulgaria's accession to the European Union, marks the completion of the country's integration into the EU, according to President Rumen Radev. The transition from the Bulgarian lev to the euro took place at midnight, with celebratory events in Sofia, including the projection of Bulgarian euro coins onto the building of the National Bank. Despite the official satisfaction, the adoption of the euro was not universally accepted in Bulgaria. President Radev expressed regret over the lack of a referendum, highlighting the deep divide between the political class and the people. The refusal to hold a referendum has sparked reactions, given that public opinion was divided on the issue. The euro-lev exchange rate has remained stable at 1 to 1.9558 since 2006, however, there are concerns about potential inflation. According to the National Statistical Institute, food prices rose by 5% in November on an annual basis. Bulgarian officials are trying to reassure citizens, arguing that joining the Eurozone will strengthen the country's economy. Bulgaria is one of the poorest countries in the EU, and the adoption of the euro is seen as a step towards economic strengthening and closer ties with the West, protecting it from Russian influence. The head of the Bulgarian National Bank, Dimitar Radev, described the euro as a 'sign of inclusion' and proof that Bulgaria belongs to a space of common rules and responsibility.