Bulgaria Adopts Euro After 20 Years in the EU

Bulgaria adopted the euro on January 1st, nearly 20 years after joining the European Union in 2007. It became the 21st country to join the Eurozone.

At midnight on Thursday, Bulgaria abandoned the lev, its national currency, which it had used since the late 19th century. The transition to the euro aims to strengthen economic ties with the EU, but there are concerns about a potential increase in prices.

Bulgarian President Rumen Radev expressed regret that a referendum was not held on the adoption of the euro. Meanwhile, European Commission President Ursula von der Leyen stated that the euro would bring benefits to Bulgarian citizens and businesses.

The euro-lev exchange rate has remained stable at 1 to 1.9558 since 2006. Payments in leva will be accepted throughout January.

Prior to Bulgaria, Croatia was the last country to adopt the euro in January 2023. More than 357 million Europeans now use the euro.