Bulgaria Enters Final Week of the Lev as Euro Payments Take Over

Bulgaria is entering the last week in which the lev currency can still be used as legal tender. From Sunday, February 1, payments across the country will be made exclusively in euros. Until the end of January, both currencies remain valid for transactions, after which the lev will be fully withdrawn from circulation as a means of payment.

The switch to the euro does not end the requirement for dual price labeling. Under the Euro Adoption Act, dual display of prices will remain mandatory for up to one year after the introduction of the single currency. The difference is that prices must now be shown primarily in euros, with the lev amount indicated second.

Until the end of June, citizens will be able to exchange levs for euros free of charge at commercial bank branches and at Bulgarian Post offices. The Bulgarian National Bank will continue to offer this service permanently at its cash desks, without time limits or fees.

Exchange offices, however, are no longer permitted to convert levs into euros. This restriction follows amendments to the regulations governing their activity, published in the State Gazette last week. According to representatives of the sector, the ban was not discussed in advance and became known to them only after the changes were officially promulgated on January 13.

The Ministry of Finance explains that the amendments reflect the fact that as of January 1, 2026, the euro is the official currency of Bulgaria. During January, while the lev is still in circulation, exchange bureaus may exchange levs into other foreign currencies, such as US dollars or Turkish lira, but not into euros. After February 1, they will no longer be allowed to accept levs at all, as the currency will cease to be legal tender.

The finance ministry further notes that the Euro Adoption Act obliges banks and post offices to exchange levs into euros at the fixed conversion rate and free of charge for a six-month period. This obligation does not apply to exchange offices. They may continue operating with other currencies that include the euro, but not with the lev. The official exchange rates published by the BNB do not apply to exchange bureaus, whose rates may deviate by up to 5 percent from the central bank’s fixings.

According to the Bulgarian National Bank, 10.1 billion levs have already been withdrawn from circulation, representing 67 percent of all lev banknotes. At the fixed conversion rate, this equals approximately 5.16 billion euros. Due to the increased demand for currency exchange, BNB cash desks will operate with extended working hours this Saturday and next.

The pace of withdrawal is in line with forecasts. The BNB expects that by mid-2026, around or more than 90 percent of the value of lev banknotes in circulation at the start of 2025 will have been converted into euros. For Bulgarian coins, the expected exchange rate is lower, at around or above 60 percent.

The central bank also confirmed that the supply of euro banknotes and coins to credit institutions is proceeding according to the approved schedules. So far, more than 5.3 billion euros in banknotes and coins have been put into circulation, ensuring the smooth functioning of the payment system and meeting the needs of businesses and households.