The Balkan country becomes the euro zone’s 21st member, replacing the lev with the euro and gaining a seat on the ECB’s Governing Council
Bulgaria on Thursday marked its entry into the euro zone with celebrations in the capital, including a display of euro coins on the facade of the central bank in Sofia and a fireworks show, as the country reached a long-awaited milestone.
At midnight, the euro officially became Bulgaria’s currency, replacing the lev, which was withdrawn from circulation.
Bulgaria’s accession expands the euro zone to more than 350 million users across Europe. Croatia was the most recent country to adopt the single currency, joining the bloc in January 2023.
“Our money will be in a different currency – if I have 10,000 leva, now I will have 5,100 euros. It’s all the same. And I think it will be better,” Reuters quoted Stefan Bisterkov, a driving instructor, as saying.
Beyond the currency change, becoming the euro zone’s 21st member gives Bulgaria a seat on the European Central Bank’s rate-setting Governing Council.
Successive Bulgarian governments have pursued euro adoption since the Balkan country of 6.7 million joined the European Union in 2007.
Public opinion remains divided, according to polls, although the business community has largely backed the move.
“My expectations from (adopting) the euro are positive, I don’t think there will be anything to worry about, quite the opposite. We will only benefit from this, and it will only be more useful for us,” Antonia Tsvetkova, a jeweller, told Reuters.
“Anyone who goes on a trip will not have problems exchanging currency, now everything will be normal.”
Others remain concerned that adopting the euro could drive up prices, or express mistrust toward a domestic political establishment facing turmoil.
Bulgaria’s government stepped down last month following widespread protests against proposed tax increases.
With inputs from agencies
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