Bulgaria’s central bank: Close to 60% of leva out of circulation
As of January 16, about 58 per cent of leva in cash has gone out of circulation, while euro banknotes and coins worth more than 4.3 billion euro have gone into circulation, according to a report posted on the website of central Bulgarian National Bank (BNB).
The report was posted at the approximate mid-point between Bulgaria adopting the euro as its currency and the end of the temporary transition period in which both leva and euro are legal tender in the country.
From February 1, only the euro will be legal tender in Bulgaria, though after that date, it will still be possible to exchange leva for euro at banks.
In order to ensure access to the exchange service, the cash offices of BNB and the territorial divisions of Cash Services Company are working overtime and will exchange leva for euro on January 17, 24 and 31 2026, the report said.
Some of the commercial banks in the country also are providing special service on Saturdays in January 2026, it said.
The Association of Banks in Bulgaria posted on January 9 a list, in Bulgarian, of bank branches opening on Saturdays this January.
During the first six months of 2026, banks will exchange free of charge banknotes and coins from leva to euro in unlimited quantities at the official exchange rate. For amounts over 30 000 leva, a prior request is required, at least three working days in advance.
Depositing and exchanging leva into a client’s account in euro is done without fees being charged, BNB said.
Banks may not treat clients and non-clients differently, the central bank said.
Identification is done with an ID card, and a declaration of origin of the funds is required only when exchanging an amount equal to or exceeding 5000 euro, in accordance with anti-money laundering legislation.
Deputy Prime Minister Grozdan Karadzhov, speaking in Parliament on January 16, rejected claims by MPs from minority pro-Russian party Vuzrazhdane about “collapse and chaos” during the introduction of the euro in Bulgaria.
Karadzhnov said that the apocalyptic scenarios circulated in the public domain were not true.
He said that there were euro banknotes and coins both in the BNB and in the form of business start-up packages.
Interest in exchanging leva for euro was extremely high in the offices of Bulgarian Posts, especially among the elderly, he said.
“There were a number of claims about an apocalypse, about some terrible crises that will occur after January 1,” Karadzhov said, criticising “some Bulgarian politicians” who had instilled fears that had not come true.
(Photo: BNB)
