Bulgaria to adopt Euro from January 1, 2024

Bulgaria plans to adopt the Euro currency from January 1, 2024. The country will start payments in Euros without a transitional period once it joins the Eurozone, confirmed Central Bank and government officials on Wednesday.

Bulgaria along with Croatia was admitted to the ERM-2 mechanism – a mandatory stage for joining the Euro – in July last year.

Bulgarians will still be able to pay in the national lev currency a month after the adoption of the Euro, according to the draft national plan approved Wednesday.

Bulgaria’s lev currency is already pegged to the single currency and it plans to adopt the Euro at its current fixed rate.

In a joint statement, the central bank and the finance ministry said “The introduction of the euro is planned without a transitional period, and the date of adoption of the euro will coincide with its introduction as an official unit of payment.”

Bulgaria meets the basic criteria to join the Eurozone and is expected to comply after the adoption of the currency. The convergence with richer Eurozone economies may cause inflationary pressures in Bulgaria.