Bulgarian businesses and banks prepare for historic switch from Leva to Euro
Bulgarian banks, retailers, and consumers are bracing for the retirement of the national currency, the leva. To facilitate the reconfiguration of digital systems, card payments, online purchases, and ATM withdrawals will be temporarily suspended during New Year’s Eve.
At first mention, the exchange rate remains fixed at approximately €1 (1.95 BGN). Following the transition, bank account balances will be automatically converted to EUR at no cost to the citizens.
Mixed public sentiment
The transition arrives during a period of internal political instability and reported pro-Russian disinformation campaigns aimed at fueling skepticism. While many frequent travelers welcome the move, some local citizens express fears of decreased purchasing power.
"I travel so much that I am used to the euro; we will simply pay with a different currency," one resident noted. Conversely, others remain hesitant, citing concerns that the country might face "inflationary pressure" during the dual-circulation period in January.
Coastal tourism ready for Day One
In the Black Sea city of Varna, the hospitality sector is already prepared. Hoteliers and vendors have confirmed they will provide change in euro coins and banknotes starting New Year's Night.
"The cash registers are ready, and I do not expect any issues at my hotel," said Atanas Karageorgiev, a local business owner. He emphasized that while additional orders for services may occur during the celebrations, the infrastructure is fully prepared for the volume.
Bulgaria’s entry follows Croatia's 2023 accession, bringing the total number of Europeans using the single currency to over 350 million.
Translation by Iurie Tataru
