Bulgaria is preparing to switch to the euro

30.09.2024 Bulgaria plans to switch from the lev (BGN) to the euro (EUR) in just over a year as part of its strategy to join the eurozone.

According to the new law, after the introduction of the euro in Bulgaria, all bank accounts will be automatically and free of charge converted from BGN to euro. From this date, ATM withdrawals and payments of salaries, pensions and other benefits will be made in euros.

On the other hand, switching to the euro could put Bulgaria at a disadvantage by limiting its control over monetary policy, which would make it more vulnerable to economic fluctuations in other eurozone countries. The transition can also lead to inflation, as businesses will round up prices, and the associated adjustment costs for businesses and consumers can cause economic strain.

Link to the source: https://www.minfin.bg/en/1578