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Bulgaria plans to adopt euro in 2024

Alexander Nevsky Cathedral in Sofia
© Evgeni Fabisuk / Shutterstock

The Bulgarian government has announced that by the end of 2024, the country will switch completely to the euro. The Bulgarian lev (BGN) is now used as the national monetary unit. The transition to the European currency is planned to be implemented from January 1, 2024. Thus, from August 2023 till 2025, the prices in Bulgarian stores will be stated both in BGN and euro. The citizens' mistrust causes the necessity of such a step in the state institutions, growth of social inequality, and corruption.

The transition to the euro should speed up Bulgaria's exit from the crisis and help its economy narrow the gap with more successful countries. According to Bulgarian Prime Minister Kiril Petkov, the national currency would be removed cautiously to avoid political turmoil. In particular, a full-scale program will be drawn up to inform the population about the coming changes so that people can dispose of their savings in a timely and correct manner.

Sociological studies show that currently, about half of Bulgarian citizens are against such an innovation. They believe that the introduction of the euro will lead to negative consequences. In particular, to higher prices for goods and utilities.