TVR info with report from Bulgaria on the eve of the introduction of the euro

There is less than a month and a half left until Bulgaria adopts the euro, but the transition period remains full of challenges, according to a special TVRinfo report by Cătălin Deacu and Alexandru Dincă. In some smaller towns, elderly residents have become targets of criminals who promise to exchange their levs for euros at a rate better than the official one.

In the capital Sofia and other major cities, prices have been displayed both in levs and euros since August 8. This dual-display system will remain in place for one year to help citizens adapt to the single European currency and more easily spot potential price increases.

Public opinion is divided. Only about half of Bulgarians support the transition to the euro, according to a recent survey. The rest do not want to give up the national currency and fear that prices will rise.

Authorities are encouraging citizens to deposit their levs in bank accounts before the end of the year. This way, the conversion will take place automatically and free of charge at the fixed exchange rate of approximately 1.95 leva for 1 euro.

For people in rural areas, the situation is more complicated. They must travel to the nearest town or wait until January 1 to exchange levs at post offices.

In some villages near Romania, such as Dve Mogili—where the TVR team filmed—pensioners received calls and messages from scammers offering to exchange levs at an artificially inflated rate. Those who trusted them lost all their money.

Entrepreneurs have already done their calculations and expect significant savings, as they will no longer have to convert levs into euros.

Georgi Kurtev, owner of several factories: “The biggest advantage is that I will save 40,000 euros a year because I will no longer need two bank accounts or pay extra fees for exchanging levs and euros.”

Victor Gugushev, Chairman of the Bulgarian-Romanian Chamber of Commerce: “The euro is one of the strongest currencies in the world and will help businesses grow further. There will probably be demands for salary increases, but we will see.”

Bulgaria’s path to the eurozone has been long. In 1997–1998, the country pegged its lev to the German mark. In 1999, when Germany joined the eurozone, the lev was automatically tied to the euro at the fixed rate of 1.95 leva per 1 euro. In 2024, Parliament adopted the law for the introduction of the European currency.

Liliana Pavlova, former Vice President of the European Investment Bank: “Bulgaria’s road to the eurozone was long and demanding, but also transformative. We had to meet the Maastricht criteria, especially during the global crisis. At the same time, we had to continue structural reforms, all amid political instability and consecutive elections over the past five years.”

The lev will continue to circulate alongside the euro for the month of January, under certain conditions.

Adrian Nikolov, economic analyst: “Bulgaria has not been very attractive to investors in recent years, especially because of political instability. This move sends a clear message to foreign investors that they can expect long-term stability here and that their investments will be safe.”