Bulgaria set to adopt euro as citizens express excitement, skepticism

Bulgaria is preparing to bid farewell to its national currency, the lev, ahead of its formal adoption of the euro on January 1 — a long-awaited milestone met with excitement, skepticism, and in some quarters, anger.

The Balkan country, located on the European Union’s southeastern frontier, will become the 21st member of the eurozone after meeting the formal entry criteria this year, including benchmarks for inflation, budget deficit, long-term borrowing costs, and exchange-rate stability. The move comes two years after Croatia joined in January 2023 and will expand the number of Europeans using the currency to more than 350 million, Reuters reports.

Joining the eurozone not only involves using euro notes and coins but also grants Bulgaria a seat at the European Central Bank’s rate-setting Governing Council.

Since joining the EU in 2007, successive Bulgarian governments have sought to make the transition, but public opinion remains divided, according to polls. Businesses are largely supportive, while some citizens fear rising prices or mistrust a domestic political establishment facing a crisis that recently saw the government resign amid protests over proposed tax increases.

In a country with historic cultural and political ties to Russia, many remain wary of deeper integration with Europe.

“I am against it, first because the lev is our national currency," said Sofia pensioner Emil Ivanov, interviewed while shopping. "Secondly, Europe is heading towards demise, which even the American president (Donald Trump) mentioned in the new national security strategy. I may not be alive when this (the EU's demise) happens, but that is where everything is going."

Political analysts have suggested that the government’s campaign promoting the euro has been weak and that older citizens, particularly in rural areas, may struggle to adapt. They added that ongoing political instability could further complicate the transition.

Nevertheless, in the streets and stores of Sofia, preparations are underway. Prices of goods, from fruit to bottles of wine, are displayed in both levs and euros. Government-funded billboards display the euro-lev exchange rate with the message: “Common past. Common future. Common currency.” Television adverts have also highlighted the impending change.

Some citizens have welcomed the switch. “Not only older people but also all young people can easily travel using euros instead of having to exchange currency,” said pensioner Veselina Apostovlova, shopping in Sofia.

Businesses that operate across borders have expressed strong support. Natalia Gadjeva, owner of the Dragomir Estate Winery in the Thracian Valley, told Reuters: “For me, the most important thing is that all operations involving currency conversion and reissuing invoices in euros and then in levs will be eliminated.”

By Vafa Guliyeva