The Bulgarian National Bank (BNB) predicts a significant decrease in the number of leva banknotes in circulation in the coming months, as Bulgaria prepares to adopt the euro. The anticipated date for joining the eurozone is January 1, 2026.

If the European Commission and European Central Bank give a positive assessment of Bulgaria's progress in June or July, many individuals and businesses will begin depositing their leva savings in banks. This is largely due to practical considerations, as people prefer to avoid the hassle of exchanging their currency once the euro is introduced.

From the first day of 2026, any leva deposits in banks will be automatically converted into euros, without any formalities or fees, and at the legally fixed exchange rate of 1.95583.

The BNB cites the experience of Croatia, which saw a 42.4% decrease in the amount of kuna banknotes in circulation six months before adopting the euro on January 1, 2023. Similar trends were observed in Estonia, Latvia, and Lithuania, where the amount of local currency in circulation dropped by 40% to 50% within six months to a year prior to joining the eurozone.

Regarding the money in bank accounts post-conversion, the BNB notes that the dynamics of euro banknotes and coins in circulation will depend largely on the demand for cash transactions and on whether individuals and businesses prefer to hold cash or maintain funds in bank deposits. This information is outlined on the central bank's "Questions and Answers about the Euro" section on its website.