Post by : Badri Ariffin

Starting January 1, Bulgaria will officially embrace the euro as its currency, marking a pivotal step for both the nation and the European Union. This transition comes after Bulgaria has diligently fulfilled all the necessary criteria for euro adoption over an extensive preparation period.

The shift to the euro is anticipated to yield substantial benefits for both citizens and businesses in Bulgaria. It will streamline travel and residency within the eurozone, enhance market transparency, boost competitiveness, and facilitate international trade. Additionally, euro banknotes and coins will represent the freedoms and prospects associated with EU membership.

The European Commission has provided robust support for Bulgaria during this accession journey. With Bulgaria joining the eurozone, the EU will now have 21 member states using the euro, serving over 357 million citizens. Public sentiment is largely favorable, with recent Eurobarometer data reflecting strong support among residents for the euro's advantages to both the Union and individual countries.

As of January 1, the euro will begin replacing the Bulgarian lev at a fixed exchange rate of 1.95583 lev to €1. Both currencies will circulate together for a month, ensuring an orderly transition. Payments made in lev during this time will receive change in euros, gradually phasing out the lev.

Since August 2025, dual pricing in both lev and euro has been compulsory, a practice that will remain until August 2026. To protect consumers and prevent unfair price increases during this transition, Bulgaria will implement stringent consumer protection regulations supported by public awareness campaigns.

By January 1, 96% of ATMs in Bulgaria are set to dispense euro banknotes, with the rest expected to follow within two weeks.

According to the European Commission's 2025 Convergence Report, Bulgaria has met all necessary conditions for euro adoption, a conclusion corroborated by evaluations from the European Central Bank.

The endorsement for Bulgaria's euro adoption was granted by EU Finance Ministers in July 2025, clearing the last hurdle for this landmark economic transition.

#Global News #World News