Although converting leva into euros may appear straightforward - just divide by the fixed rate of 1.95583 - reality brings far more complexity. The transition comes with a massive logistical operation. According to preliminary Bulgarian National Bank estimates, around 640 tons of banknotes and 7,700 tons of coins will be pulled from circulation, most of which is expected to happen in the early months of 2026.

The Association of Banks in Bulgaria (ABB) is urging people to ease the process by depositing any significant amounts of cash into bank accounts before January 1, 2026. According to ABB Secretary General James Yolovski, who spoke to the Bulgarian National Radio, these sums will be converted automatically and at no cost to the account holder. Some banks are already accepting such deposits without fees.

From the start of next year, physical exchange of levs into euros will be possible at commercial banks, at the BNB, or via post offices in areas without bank branches. Yolovski pointed out that banks, excluding the BNB, can only begin charging fees for the exchange after a six-month fee-free window expires.

The conversion will be based on the long-standing fixed rate adopted in 1999. If an individual holds both leva and euro accounts, they will be able to consolidate them into a single euro account after the switch.

In terms of loans, nothing changes for borrowers. Fixed interest rates will remain as stated in the original contracts. For loans with floating interest, the introduction of the euro cannot result in an increased rate. Bank fees tied to loan agreements will also be converted at the same rate, with all other contract terms preserved.

The same conversion rules will apply to income like pensions and salaries. Yolovski gave an example: a pension of 1,000 leva will become 511.29 euros, while a salary of 2,000 leva will equal 1,022.58 euros.

As for prices, they must be converted using the official exchange rate and may not be rounded up. To ensure consumers are familiar with both values, dual pricing will begin in August, months before the currency changeover officially takes place.

Source: BNR interview