Bulgaria Prepares for Euro Transition: Expert Warns of Counterfeit Risk and Change Challenges

Financial expert Max Baklayan has warned that the main risk in Bulgaria’s transition to the euro is not the exchange rate, but the increased likelihood of counterfeit currency. Speaking on NOVA NEWS, he noted that while public attention is largely focused on the limited availability of euros in exchange offices, vigilance against fraud deserves greater emphasis.

Baklayan explained that the lev is a local currency with limited international recognition, meaning its counterfeiters are comparatively less skilled. In contrast, euro counterfeiters are highly professional and equipped with more advanced technology. “From January 1, 2026, there is a significant risk that counterfeit euros will appear,” he said, urging citizens to familiarize themselves with the security features of euro banknotes to avoid being defrauded during the currency transition.

The expert also highlighted current imbalances in the market. Exchange offices are struggling to obtain euros, as commercial banks either do not sell to them or provide currency only at end-user rates, rendering their operations impractical. The Bulgarian National Bank remains the main source, but the process is slow and involves waiting, which has driven prices up and increased public demand out of concern. Baklayan reassured that, according to the Currency Law, the exchange margin cannot exceed 5% of the official fixing rate of 1.95583 leva per euro, making extreme rates such as 2 leva per euro impossible.

Citizens do not need to rush or hoard currency, Baklayan emphasized. All bank accounts will be automatically converted to euros at the official fixing on January 1, 2026. Leva will remain valid for shopping throughout January, with change returned in euros, and commercial banks and post offices will exchange levs for euros at the official rate and without fees until June 2026. The Bulgarian National Bank will continue the exchange indefinitely. “People should wait calmly, there is no reason to panic,” he advised.

Another practical issue Baklayan pointed out is the return of change in euros. Merchants will be required to give change in the new currency even when paid in levs, which could create logistical challenges in securing sufficient euro coins. He recommended that consumers use bank cards more frequently in early 2026 to simplify transactions and ensure a smoother transition from levs to euros.