Transfer comes almost twenty years after the Balkan nation entered the EU as hope for stability clashes with worry of rising costs.
Printed On 1 Jan 2026
Bulgaria has formally adopted the euro, turning into the 21st country to affix the only forex almost twenty years after getting into the European Union, a transfer that has led to each celebration and anxiousness.
At midnight on Wednesday (22:00 GMT), the Balkan nation deserted the lev, its nationwide forex for the reason that late nineteenth century.
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Photographs of Bulgarian euro cash lit up the central financial institution’s headquarters in Sofia as crowds gathered in freezing temperatures to mark the brand new 12 months.
“I warmly welcome Bulgaria to the euro household,” mentioned Christine Lagarde, the president of the European Central Financial institution.
Some residents welcomed the change with optimism. “Nice! It really works!” mentioned Dimitar, 43, talking to The Related Press after withdrawing 100 euros from a money machine shortly after midnight.
Successive Bulgarian governments have backed euro adoption, arguing it will strengthen the nation’s fragile financial system, anchor it extra firmly inside Western establishments and protect it from what officers describe as Russian influence. Bulgaria, with a inhabitants of about 6.4 million, stays the poorest member of the EU.
Divided public
But public opinion has lengthy remained split. Many Bulgarians worry the euro will drive up costs whereas wages stagnate, worsening dwelling requirements in a rustic already combating political instability.
In a televised handle earlier than midnight, President Rumen Radev described the euro because the “last step” in Bulgaria’s integration into the EU.
Nevertheless, he criticised the absence of a public referendum on the choice.
“This refusal was one of many dramatic signs of the deep divide between the political class and the individuals, confirmed by mass demonstrations throughout the nation,” Radev mentioned.
Bulgaria lately plunged into additional uncertainty after anticorruption protests toppled a conservative-led authorities in December, pushing the nation in direction of its eighth election in 5 years.
“Individuals are afraid that costs will rise, whereas salaries will stay the identical,” a lady in her 40s advised the AFP information company in Sofia.
At metropolis markets, distributors listed costs in each levs and euros. Not everybody was frightened.
“The entire of Europe has managed with the euro, we’ll handle too,” retiree Vlad mentioned.
