Euro

Questions and answers in connection with the adoption of the euro

• Currency conversion
  Question 1: At what exchange rate will the conversion be performed?
  Answer: The official exchange rate at which the lev will be converted into euro, as specified in the EU Decision amending Regulation (EC) No 2866/98, is: EUR 1 = BGN 1.95583 Question 2: What rule for conversion from leva to euro will apply?
  Answer: The conversion from leva to euro is carried out by dividing the numerical value in leva by the full numerical value of the official exchange rate, expressed in six digits with all five decimal places. After currency conversion, the resulting amount is rounded to the second decimal point based on the third decimal point in accordance with the following mathematical rounding rule:

  1. When the third decimal place is less than five, the second decimal place remains unchanged.
     Example: 10 leva ÷ 1.95583 = 5.112 = 5.11 euros
  2. When the third decimal place is equal to or greater than five, the second decimal place is increased by one unit.
     Example: 7 leva ÷ 1.95583 = 3.579 = 3.58 euros

  If you would like to make a calculation, you can do it here:
  CALCULATOR
• Accounts
  Question 1: Will the number of my international bank account (IBAN) in Bulgarian lev be retained after its conversion to euro?
  Answer: Yes, the IBAN number of the account will be retained, and the balance will be recalculated in euro. Question 2: Is it necessary to submit a request to convert the payment account from lev to euro?
  Answer: No, the conversion of accounts from lev to euro will be carried out according to the rules set out in the Law on the Introduction of the Euro in the Republic of Bulgaria, without the need for clients to submit a request. Question 3: When will the accounts be converted from lev to euro?
  Answer: On the date of the introduction of the euro in the Republic of Bulgaria, credit institutions and other payment service providers will convert all lev balances in their clients' accounts into euro. Question 4: Will a commission fee be charged for the conversion of accounts?
  Answer: According to the Law on the Introduction of the Euro in the Republic of Bulgaria, the conversion of accounts will be carried out without fees or commissions for clients. Question 5: On the date of the introduction of the euro in the Republic of Bulgaria, I have payment accounts in both lev and euro. Am I required to keep both?
  Answer: According to Article 28, Paragraph 3 of the Law on the Introduction of the Euro in the Republic of Bulgaria, a person who, on the date of the euro's introduction, has payment accounts free of encumbrances, distraints, or other legal restrictions in both lev and euro with the same payment service provider may, within two months from the date of the euro's introduction, request the closure of one of the accounts and the transfer of the positive balance to the other account held by the same person, while maintaining the conditions of the account to which the funds are transferred. No fees or commissions are charged for these operations. Question 6: Will the terms of already concluded fixed-term deposit contracts change after the introduction of the euro?
  Answer: The terms of concluded fixed-term deposit contracts will remain unchanged – interest rate, term, and maturity – with the only change being the currency of the account from lev to euro. The conversion of accounts from lev to euro will be carried out according to the rules set out in the Law on the Introduction of the Euro in the Republic of Bulgaria, and without the need for clients to submit a request.
• Credits
  Question 1: Will there be a change in the interest rate on credit agreements on the date of the euro's introduction?
  Answer: On the date of the euro's introduction in the Republic of Bulgaria, the new interest rate applicable to credit agreements with a variable interest rate cannot be higher than the interest rate applied before the euro's introduction. For credit agreements with a fixed interest rate, the interest rate will remain as agreed prior to the euro's introduction. Question 2: Will there be changes in interest rates after the euro's introduction, and in which cases?
  Answer: In the event of a significant change or discontinuation of the benchmark (indices and/or indicators published by the Bulgarian National Bank or the National Statistical Institute, or a combination thereof) used as the basis for calculating the variable interest rate on credit agreements converted from lev to euro, an alternative benchmark will be applied. This alternative benchmark will replace the one that is no longer prepared or has significantly changed, in accordance with the action plan under Article 28, paragraph 2 of Regulation (EU) 2016/1011 of the European Parliament and Council of 8 June 2016 on indices used as benchmarks for financial instruments and financial contracts or for measuring the performance of investment funds, and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ, L 171/1 of 29 June 2016).
  For changes in credit agreements resulting from the application of an alternative benchmark, banks will notify their clients in accordance with:
  • Article 58, paragraphs 3 and 4 of the Credit Institutions Act,
  • Article 14 of the Consumer Credit Act,
  • Article 28 of the Real Estate Credit Act for Consumers. Question 3: When will credits be converted from lev to euro?
  Answer: On the date of the euro's introduction in the Republic of Bulgaria, credit institutions and other payment service providers will convert all outstanding balances on loans from lev to euro. Question 4: Will a commission fee be charged for the conversion of credits?
  Answer: According to the Law on the Introduction of the Euro in the Republic of Bulgaria, the conversion of credits will be carried out without fees or commissions for clients.
• Dual Display of Financial Services
  Question 1: During what period will the prices of financial services in banks be displayed simultaneously in both currencies – Bulgarian lev and euro?
  Answer: According to the amendment to the Law on the Introduction of the Euro in the Republic of Bulgaria (State Gazette No. 65 of 08.08.2025), the period of dual display of prices for goods and services in both euro and lev begins on August 8, 2025, and ends on August 8, 2026. Question 2: Which financial services will be displayed in both currencies?
  Answer: Dual display will be provided to clients for:

  1. The opening and closing balances of payment accounts in statements provided on paper or other durable medium for all lev accounts opened before the date of the euro's introduction.
  2. The value of the payment transaction in lev for all lev accounts opened before the date of the euro's introduction, and the amount of applicable fees and commissions.
  3. The value of the payment transaction and the remaining account balance during cash withdrawal transactions at ATM terminals.
  4. The outstanding balance of loans and the amount of due instalments on loans granted under the Consumer Credit Act and the Real Estate Credit Act for Consumers in lev, provided at a credit or financial institution office or via internet or mobile banking, upon client request.
  5. Payments made toward principal, interest, and other amounts related to loans granted in lev, upon client request.
  6. Accrued interest on deposit accounts in lev opened before the date of the euro's introduction, upon client request.
• Exchange of Banknotes and Coins
  Question 1: What is the time frame during which banknotes and coins will be exchanged by banks?
  Answer: Banks are obligated to exchange banknotes and coins for up to 12 months after the official date of the euro's introduction. After this period, banks may discontinue the service of exchanging lev banknotes and coins into euro cash. Question 2: In what quantity will banknotes and coins be exchanged free of charge by banks?
  Answer: For the first 6 months from the date of the euro's introduction, banks are obligated to exchange an unlimited quantity of lev banknotes and coins into euro free of charge, at the official exchange rate. For amounts over BGN 30,000 in a single transaction, credit institutions will exchange lev banknotes and coins into euro free of charge upon a prior request made 3 working days in advance. Question 3: After the initial 6-month period, can banks charge a fee for the exchange of banknotes and coins?
  Answer: Yes, after the initial 6-month period, banks may apply a fee for the service of exchanging banknotes and coins. Question 4: After the 12-month period during which banks may discontinue the exchange of lev banknotes and coins, where can I exchange unconverted banknotes and coins?
  Answer: In accordance with Articles 15 and 16 of Regulation (EC) No 974/98, the Bulgarian National Bank will exchange lev banknotes and coins into euro free of charge, in unlimited quantities, and without time limitation, at the official exchange rate.
• Conversion of Financial Instruments
  The conversion of financial instruments will be carried out at the official exchange rate of 1.955583 BGN per 1 EUR, as specified in the EU Decision amending Regulation (EC) No 2866/98. Examples of financial instrument conversion:

  1. Conversion of the nominal value of shares
     Example: A joint-stock company has issued a share capital of BGN 5,500,000, divided into 55,000 shares with a nominal value of BGN 100 each. After conversion, the share capital will be EUR 2,812,150, divided into 55,000 shares with a nominal value of EUR 51.13 each.
  2. Conversion of the nominal value of debt securities (excluding government securities)
     Example: A company has issued a bond series worth BGN 10,000,000, divided into 10,000 bonds with a nominal value of BGN 1,000 each. After conversion, the bond series will be EUR 5,112,918.81, divided into 10,000 bonds with a nominal value of EUR 511.291881 each.
  3. Conversion of the nominal value of government securities
     Example: A government securities issue with a total nominal value of BGN 800,000,000 will be converted to a total nominal value of EUR 409,033,504.96
  4. Conversion of fund units
     Example: A fund has a net asset value (NAV) of BGN 7,015,079.15, with 43,959.4035 units in circulation and a NAV per unit of BGN 159.5809. After conversion, the fund's NAV will be EUR 3,586,753.02, the number of units will remain 43,959.4035, and the NAV per unit will be EUR 81.5924