Bulgaria switches from the lev to the euro, becoming the 21st eurozone member amid public concerns over inflation and political instability.
SOFIA: Bulgaria became the 21st country to adopt the euro as it entered the New Year. The Balkan nation switched from the lev currency, which had been in use since the late 19th century.
Successive governments have advocated for the move, hoping it will boost the economy of the EU’s poorest member. They also see it as a way to reinforce ties to the West and protect against Russian influence.
Many Bulgarians, however, are divided over the switch. A significant portion of the population worries it could usher in higher prices and add to existing political instability.
In a speech broadcast shortly before midnight, President Rumen Radev hailed the euro adoption as the “final step” in Bulgaria’s EU integration. He voiced regret that Bulgarians had not been consulted by referendum on the adoption.
“This refusal was one of the dramatic symptoms of the deep divide between the political class and the people,” Radev said.
Anti-corruption protests swept a conservative-led government from office in mid-December. This left the country, already anxious about inflation, on the verge of its eighth election in five years.
“People are afraid that prices will rise, while salaries will remain the same,” a woman in her 40s told AFP in Sofia. At city markets, stalls displayed prices in both levs and euros.
European Commission president Ursula von der Leyen said the move marked “an important milestone”. She stated it would bring “practical benefits” to Bulgarians by making travel and trade easier.
Central bank governor Dimitar Radev said the euro symbolised much more than “just a currency — it is a sign of belonging”. According to the latest Eurobarometer survey, 49% of Bulgarians are against the switch.
Outgoing prime minister Rossen Jeliazkov sought to reassure the public ahead of the move. He said inflation in the Black Sea nation was not linked to the euro’s adoption.
Food prices rose by 5% year-on-year in November, more than double the eurozone average. “Unfortunately, prices no longer correspond to those in levs,” pastry shop owner Turgut Ismail told AFP.
Given Bulgaria’s political instability, any problems with euro adoption could be seized on by anti-EU politicians. Some business owners complained it has been difficult to obtain euros, with reports of queues at banks and exchange offices.
The euro was first rolled out in 12 countries on January 1, 2002. Croatia was the latest to join, in 2023, before Bulgaria’s accession which brings the number of Europeans using the euro to more than 350 million.
