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Bulgaria’s efforts to adopt the euro

the euro

Efforts to adopt the euro

Bulgaria is in the process of adapting the Euro as its official currency since the launch of the National Programme for Adapting the Euro in the Republic of Bulgaria. The initial plan to adopt from 1 January 2024 has been scrapped, as the country could not meet the required inflation rate and some additional laws had to be passed. The next Bulgarian goal was to adopt the Euro by 1 January 2025 but most recently due to problems with the price stability, despite the decrease in inflation there are new plans to move the date of adoption to July 2025.The Bulgarian Lev has been on the currency board ever since 1997 and its exchange rate has been fixed to the German Mark and later the Euro at the rate of 1.95583 Levs for 1 Euro. With the accession of Bulgaria to the EU in 2007 the country committed to switching the Bulgarian Lev to the Euro once Bulgaria met the convergence criteria. Conversion is the change of the monetary unit in which an amount or value is denominated from Leva into Euro and it mainly refers to prices, loans, deposits and financial instruments. The Madara Rider, one of the country’s most prominent ancient symbols carved on a high cliff above the village of Madara in North Eastern Bulgaria – a knight riding a horse and defeating a lion – was selected as the motif on the obverse (the national) side of the Bulgarian Euro coins.

Benefits

There would be many benefits, both to ordinary Bulgarians and businesses mostly referred to: price stability, easily comparing the prices of food and goods in the other Area member states to the benefit of the consumers, improving the economic stability and growth and better integration with the big European financial markets. the Еuro

The Euro Area

The Area is a currency union of those Member States of the European Union (EU) that have adopted the Euro as their national currency. All EU Member States are obliged to join the euro area once they meet the convergence criteria for adoption. Until then they participate in the Economic and Monetary Union of the EU as a Member State with a derogation. Of the current EU Member States, the only exception is Denmark which has a right of opt-out which has been negotiated at the very beginning of the 1990-s. Currently, the official currency of 20 out of 27 EU Member States. Together these states constitute the area: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Ireland, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

Latest news

the euro
Bulgaria’s efforts to adopt the euro
Efforts to adopt the euro Bulgaria is in the process of adapting the Euro as its official currency since the launch of the National Programme for Adapting the Euro in the Republic of Bulgaria. The initial plan to adopt from 1 January 2024 has been scrapped, as the country could not meet the required inflation […] See more
Schengen area
Bulgaria and Romania have partially joined the Schengen area
Bulgaria together with Romania joined the Schengen Area by air and water Bulgaria together with Romania joined the Schengen Area by air and water from midnight on 31March 2024. Air and sea border checks have been drop for those who travel from Bulgaria into one of the 23 EU-member states that are included in the […] See more
Benefits of setting up a business in Bulgaria
Benefits of setting up a business in Bulgaria
There are many great reasons for setting up a business in Bulgaria. One of them is that Bulgaria has one of the lowest corporate tax rates in the European Union, at just 10%. This makes it an attractive option for businesses looking to reduce their tax burden. Also, Bulgaria has a highly-educated and skilled workforce, […] See more