Bulgaria Nears Euro Milestone: Over 90% of Leva Withdrawn as €5.3 Billion Circulate

The transition from the Bulgarian lev to the euro is advancing rapidly, with Deputy Governor of the Bulgarian National Bank (BNB) Iliya Lingorski reporting that over 67% of leva have already been withdrawn from circulation. Lingorski expects that by the end of this week, more than 90% of the national currency will be replaced by the euro. Currently, around €5.3 billion are in circulation, actively supporting Bulgaria’s economy.

Lingorski highlighted the broader significance of Bulgaria joining the eurozone during the Sofia Economic Forum session “Bulgaria in the Eurozone: Strengthening Economic Stability.” He noted that with over 900 million stotinki issued, the new coins are expected to attract attention from collectors. The BNB Governing Council is also set to make upcoming decisions on interest rates and the country’s exit from the currency board regime.

Deputy Finance Minister Metodi Metodiev underlined the symbolic and cultural importance of the euro coins, noting that Saint Ivan of Rilski appears on the reverse side, representing Bulgaria’s Christian heritage and national identity on a European stage. He emphasized that Bulgaria’s macroeconomic stability has been maintained over the past 15–20 years through predictable fiscal policy, stable budgets, and a currency board system, all of which prepared the country for this transition. Metodiev also praised commercial banks, the BNB, the government, and lawmakers for ensuring a smooth euro adoption and urged future administrations to continue prudent economic policies, noting that the euro itself is a tool that can facilitate growth if used wisely.

Drawing on Croatia’s experience, Dr. Sandra Švalek, Deputy Governor of the Croatian National Bank, shared insights into the challenges of euro adoption. She emphasized that while it may appear straightforward from the outside, introducing the euro requires strong institutional commitment and careful preparation. Croatia’s transition, she said, led to greater economic stability, fewer risks, improved credit ratings, and lower borrowing costs, including mortgage rates below 3%, even outperforming Germany. Švalek stressed that euro adoption allows countries to actively participate in shaping monetary policy rather than merely observing it.

Liliana Pavlova, former Vice President of the European Investment Bank, highlighted the strategic timing of Bulgaria’s eurozone entry, emphasizing that while Europe offers opportunities, successful integration depends on careful management. She identified three key risks: managing public expectations, ensuring that financing supports productivity rather than mere consumption, and maintaining institutional and political stability.

This year’s Sofia Economic Forum focused on the dynamic development of Bulgaria’s economy, infrastructure, and energy sectors, highlighting the country’s strengthened economic and strategic position in Southeastern Europe. Speakers included former President Rosen Plevneliev, Deputy Prime Minister and Minister of Transport Grozdan Karadjov, Minister of Energy Zhecho Stankov, former Finance Minister Assen Vassilev, and other prominent national and regional figures.

The forum, organized by the Delphi Economic Forum, a non-profit member-led organization, aims to promote innovative and sustainable economic growth in Europe and the Eastern Mediterranean region. Bulgaria’s smooth transition to the euro marks a milestone in the country’s economic integration with Europe, reflecting both institutional maturity and long-term strategic planning.