At exactly midnight on the day Bulgaria adopts the euro, all deposits and current account balances of the country’s citizens will be converted to euros automatically. This is stipulated by the national plan for euro adoption, relevant laws already in force, and procedures prepared by the Bulgarian National Bank (BNB) and commercial banks.

Most importantly, this conversion will be done at no cost to us (the citizens) as bank clients.

The exchange will use the official conversion rate of 1.95583 leva for one euro, as mandated by a decision of the 50th National Assembly.

To illustrate, if you have 1,000 leva in your bank account on December 31, 2026, then at 0:01 on January 1, it will become 511.29 euros.

Many people are now considering whether to convert their money ahead of time or wait. Experts advise waiting for the official conversion at the start of the new year - since it will be free of charge. If you exchange your money at a bureau now, you’ll have to pay a margin, and if you need cash in leva before the switch, you’ll face another round of conversion fees.

What about loans?
The same conversion approach applies to loans: if you have a loan in leva, it will be converted to euros automatically at the official rate set by the National Assembly.

What will happen to interest rates?
This depends on the type of interest rate you have - fixed or floating.

For loans with a fixed interest rate, there’s nothing to worry about. The fixed rate remains exactly the same, just recalculated in euros. Remember, though, that a fixed rate typically means you accepted a slightly higher rate at the start.

For loans with a floating interest rate, a slight increase may occur. However, we’re talking about small changes in the second or third decimal place. For example, if your current interest rate is 2.47%, it could rise to 2.48% or 2.49% at most. This would translate to an increase of roughly one lev per monthly payment. That’s the assurance given by the BNB, which has also issued instructions to banks to keep such increases minimal.

It’s worth noting that this situation, where eurozone interest rates are higher than Bulgaria’s, is unusual. Historically, eurozone rates have been lower, and they’re expected to stabilize and return to that lower range soon. The recent rate hikes in the eurozone were meant to control inflation - a battle likely to wrap up in the near future. Meanwhile, Bulgarian banks have had plenty of cheap money available, contributing to the current gap.

What’s the official exchange rate?
“The Republic of Bulgaria accepts the euro while maintaining the official exchange rate of 1.95583 leva for 1 euro,” states the National Assembly’s decision of July 26, 2024. This decision has been formally published and sealed, confirming there will be no devaluation.

Rules for currency conversion
The conversion from leva to euros will be done by dividing the leva amount by the full six-digit exchange rate of 1.95583, using all five decimal places - no rounding or truncation during the actual calculation.

The final converted amount will be rounded to two decimal places, based on the third decimal place:

• If the third digit is below 5, the second decimal remains the same.

• If it’s 5 or higher, the second decimal increases by one.

Exceptions to this rounding rule apply only if Bulgarian or EU law explicitly says otherwise.

How and where can we exchange cash?
The Bulgarian National Bank will offer unlimited and permanent exchange of leva banknotes and coins to euros at the official rate, free of charge.

For the first six months after euro adoption, banks will also exchange leva for euros without limit and free of charge. However, for amounts above 30,000 leva per transaction, you’ll need to give the bank a three-working-day notice.

Bulgarian Posts Ltd. will also handle cash exchanges, free of charge, in places where there are no bank offices or branches. For amounts up to 1,000 leva per day per person, no prior request is needed. For amounts between 1,000 and 10,000 leva, you must submit a request 3–5 days in advance, and these exchanges will only be offered at selected post offices. Exchanges above 10,000 leva will not be handled by Bulgarian Posts Ltd.