The Council of the European Union has officially approved Bulgaria’s accession to the euro area, set for January 1, 2026. A conversion rate of 1.95583 Bulgarian lev per euro has been established, matching the current central rate in the Exchange Rate Mechanism (ERM II), which Bulgaria joined on July 10, 2020.
The European Central Bank (ECB) and Българска народна банка (Bulgarian National Bank) will continue to monitor the Bulgarian lev’s performance against the euro in the foreign exchange market until the transition date. Since October 1, 2020, under a close cooperation framework between these institutions, the ECB has taken responsibility for directly supervising four significant financial institutions and overseeing 13 less significant ones in Bulgaria.
Information from this article can be found here.
