Euro

As of 1 January 2026, Bulgaria is a member of the euro area and the euro is the country’s official currency. Bulgaria is the 21st Member State to join the euro area.

Bulgaria’s accession to the euro area was formally completed on 8 July 2025, when the Economic and Financial Affairs Council of the European Union (ECOFIN) adopted the legislative acts required for the introduction of the euro in Bulgaria as of 1 January 2026.

The euro was introduced at the official conversion rate of:

EUR 1 = BGN 1.95583

As of 1 January 2026, the euro is the official currency of Bulgaria. One euro is divided into 100 cents. The euro symbol is “€” and its international currency code is EUR.

Two series of euro banknotes are in circulation.

The first series comprises denominations of EUR 5, EUR 10, EUR 20, EUR 50, EUR 100, EUR 200 and EUR 500.

The second series, known as the Europa series, comprises EUR 5, EUR 10, EUR 20, EUR 50, EUR 100 and EUR 200 banknotes. The EUR 500 banknote has not been issued since 27 April 2019 but remains legal tender.

Banknotes from the first series are gradually being replaced by Europa series banknotes, which incorporate enhanced security features and offer greater durability. All euro banknotes are legal tender throughout the euro area.

The name of the currency appears on euro banknotes in the Latin (EURO), Greek (EYPΩ) and Cyrillic (ЕВРО) alphabets.

Euro coins are issued in eight denominations: 1, 2, 5, 10, 20 and 50 cents, and EUR 1 and EUR 2. Each coin has a common European side and a national side and can be used for payments throughout the euro area.

The national side of Bulgarian euro coins features:

• The Madara Rider – on the 1, 2, 5, 10, 20 and 50 cent coins;
• St Ivan of Rila – on the EUR 1 coin;
• Paisius of Hilendar – on the EUR 2 coin.

The coins bear the inscription „БЪЛГАРИЯ“ (BULGARIA), the respective denomination in Cyrillic and the year of the introduction of the euro. The edge inscription on the EUR 2 coin reads „БОЖЕ ПАЗИ БЪЛГАРИЯ“ (“GOD PROTECT BULGARIA”).

1. Currency Conversion

What is the official conversion rate?

The official conversion rate is:

EUR 1 = BGN 1.95583

Amounts denominated in Bulgarian lev were converted into euro by dividing the amount in lev by the full numerical value of the official conversion rate. The resulting amounts were rounded to two decimal places in accordance with the applicable rounding rules.

Examples:

• BGN 10 ÷ 1.95583 = EUR 5.112 = EUR 5.11
• BGN 7 ÷ 1.95583 = EUR 3.579 = EUR 3.58

2. Accounts

What happened to BGN-denominated accounts after the introduction of the euro?

All BGN balances held in payment accounts were automatically converted into euro at the official conversion rate.

Existing IBANs remained unchanged and customers were not required to submit any request or instruction for the conversion.

Did the terms of fixed-term deposits change?

No. The terms of existing fixed-term deposit agreements, including the interest rate, term and maturity date, remained unchanged. Only the currency of the account was converted from Bulgarian lev into euro.

3. Loans

What happened to BGN-denominated loans after the introduction of the euro?

All outstanding BGN-denominated loan balances were converted into euro at the official conversion rate, with no fees or charges to customers.

Did interest rates change following the introduction of the euro?

For loans with a fixed interest rate, the agreed interest rate remained unchanged.

For loans with a variable interest rate, the interest rate applicable on the date of introduction of the euro did not exceed the rate applicable immediately before that date.

When may a variable interest rate change?

If a benchmark used to calculate a variable interest rate under a loan agreement is materially changed or discontinued, an alternative benchmark may be applied in accordance with the applicable legislation and contingency plans.

The Bank will notify customers of any resulting changes in accordance with the applicable legal requirements.

4. Display of Monetary Amounts

In which currency are monetary amounts displayed?

As of 10 August 2026, monetary amounts are displayed exclusively in euro in Municipal Bank’s online and mobile banking services, as well as in the Bank’s Tariffs and customer-related documents.

5. Exchange of Bulgarian Lev Banknotes and Coins into Euro

How long will banks exchange Bulgarian lev banknotes and coins into euro?

Banks will exchange Bulgarian lev banknotes and coins into euro for up to 12 months following the official date of introduction of the euro.

After this period, banks may discontinue the service.

When is the exchange free of charge?

During the first six months following the introduction of the euro, banks exchange Bulgarian lev banknotes and coins into euro free of charge, without any quantity limits, at the official conversion rate.

For amounts exceeding BGN 30,000 per transaction, customers are required to submit a request at least three business days in advance.

Does Municipal Bank charge a fee for the exchange?

No. Municipal Bank AD continues to exchange Bulgarian lev banknotes and coins into euro free of charge.

Where can Bulgarian lev be exchanged after banks are no longer required to provide the service?

The Bulgarian National Bankexchanges Bulgarian lev banknotes and coins into euro free of charge, without any quantity or time limits, at the official conversion rate.

6. Financial Instruments

How were financial instruments converted into euro?

Financial instruments were converted into euro at the official conversion rate of EUR 1 = BGN 1.95583, in accordance with the applicable conversion and rounding rules.