The Maastricht Treaty, which Bulgaria acceded to by way of its EU accession treaty, requires that all European Union member states join the euro once certain economic criteria are met. On 21 February 2023, Bulgaria scrapped the idea of adopting the single currency on 1 January 2024 due to internal political crisis. In May 2022, the government adopted a more definitive version of its euro introduction plan, reaffirming the country's commitment to adopt the euro on the target date. Bulgarian government and central bank officials adopted a draft national plan for euro adoption on 30 June 2021, after stating that same day Bulgaria's intention to adopt the euro on 1 January 2024. Bulgaria officially joined the European Exchange Rate Mechanism (ERM II) on 10 July 2020. īulgarian euro coins have not yet been designed, but the Madara Rider has already been selected as the motif on the obverse ("national" side) of the coins. As the lev was fixed to the Deutsche Mark at par, the lev's peg effectively switched to the euro on 1 January 1999, at the rate of 1.95583 leva = 1 euro, which was the Deutsche Mark's fixed exchange rate to the euro.
The transition will occur once the country meets all the euro convergence criteria it currently meets three of the five. When it joined the European Union in 2007, Bulgaria committed to switching its currency, the lev, to the euro, as stated in the 2005 EU accession treaty. The official exchange rate is 1.95583 lev for 1 euro. Bulgaria's target date for introduction of the euro is 1 January 2025, which would make the euro only the second national currency of the country since the lev was introduced over 140 years ago. The Bulgarian lev has been on the currency board since 1997 through a fixed exchange rate of the lev against the Deutsche Mark and the euro. Bulgaria plans to adopt the euro and become the 21st member state of the eurozone.
0 kommentar(er)
