Bulgaria adopted the euro on 1 January 2026, making it the 21st member state, and the 4th Balkan country, to be part of the eurozone. When Bulgaria joined the European Union in 2007 it committed to join the eurozone and replace its currency, the lev, with the euro. In February 2025, the country officially requested off-cycle assessments of their convergence by the European Commission and ECB to determine the country's readiness. The 2025 convergence reports published on 4 June 2025 concluded that Bulgaria met the convergence criteria. On 8 July 2025, the European Parliament endorsed Bulgaria's entry in the eurozone and the Council of the European Union (EU) adopted the final three legislative acts required for the admission.
The lev was first established by the Bulgarian National Bank in 1880. Under a currency board introduced in 1997, the lev was first pegged to the Deutsche Mark (1,000 BGL = 1 DEM). With the lev's 1999 redenomination and the arrival of the euro, the exchange rate was updated to its long-standing fixed peg of 1.95583 BGN = 1 EUR. Between 10 July 2020 and 31 December 2025, the lev remained within the European Exchange Rate Mechanism (ERM II), exiting the mechanism to transition into the euro on 1 January 2026. On that day, the euro became the official currency of Bulgaria, with a dual-use period with the lev envisaged until the end of January 2026.
Tables
Convergence criteria· Convergence criteria › Status
Multi-metric bars
World heat map
Budget deficit to GDP
Budget deficit to GDP
Assessment month
Budget deficit to GDP
Country
Debt-to-GDP ratio
HICP inflation rate
ERM II member
Excessive deficit procedure
Change in rate
2012 ECB Report
2012 ECB Report
Assessment month
2012 ECB Report
Country
Reference values
HICP inflation rate
Max. 3.1%(as of 31 Mar 2012)
Excessive deficit procedure
None open (as of 31 Mar 2012)
Excessive deficit procedure
Min. 2 years(as of 31 Mar 2012)
Exchange rate
Max. ±15%(for 2011)
Exchange rate
Max. 5.80%(as of 31 Mar 2012)
Long-term interest rate
Yes(as of 31 Mar 2012)
Max. 3.0%(Fiscal year 2011)
Max. 3.0%(Fiscal year 2011)
Assessment month
Max. 3.0%(Fiscal year 2011)
Country
Max. 60%(Fiscal year 2011)
Bulgaria
Bulgaria
Assessment month
Bulgaria
Country
2.7%
HICP inflation rate
Open (Closed in June 2012)
Excessive deficit procedure
No
Excessive deficit procedure
0.0%
Exchange rate
5.30%
Exchange rate
No
2.1%
2.1%
Assessment month
2.1%
Country
16.3%
2013 ECB Report
2013 ECB Report
Assessment month
2013 ECB Report
Country
Reference values
HICP inflation rate
Max. 2.7%(as of 30 Apr 2013)
Excessive deficit procedure
None open (as of 30 Apr 2013)
Excessive deficit procedure
Min. 2 years(as of 30 Apr 2013)
Exchange rate
Max. ±15%(for 2012)
Exchange rate
Max. 5.5%(as of 30 Apr 2013)
Long-term interest rate
Yes(as of 30 Apr 2013)
Max. 3.0%(Fiscal year 2012)
Max. 3.0%(Fiscal year 2012)
Assessment month
Max. 3.0%(Fiscal year 2012)
Country
Max. 60%(Fiscal year 2012)
Bulgaria
Bulgaria
Assessment month
Bulgaria
Country
2.4%
HICP inflation rate
None
Excessive deficit procedure
No
Excessive deficit procedure
0.0%
Exchange rate
3.89%
Exchange rate
Unknown
0.8%
0.8%
Assessment month
0.8%
Country
18.5%
2014 ECB Report
2014 ECB Report
Assessment month
2014 ECB Report
Country
Reference values
HICP inflation rate
Max. 1.7%(as of 30 Apr 2014)
Excessive deficit procedure
None open (as of 30 Apr 2014)
Excessive deficit procedure
Min. 2 years(as of 30 Apr 2014)
Exchange rate
Max. ±15%(for 2013)
Exchange rate
Max. 6.2%(as of 30 Apr 2014)
Long-term interest rate
Yes(as of 30 Apr 2014)
Max. 3.0%(Fiscal year 2013)
Max. 3.0%(Fiscal year 2013)
Assessment month
Max. 3.0%(Fiscal year 2013)
Country
Max. 60%(Fiscal year 2013)
Bulgaria
Bulgaria
Assessment month
Bulgaria
Country
-0.8%
HICP inflation rate
None
Excessive deficit procedure
No
Excessive deficit procedure
0.0%
Exchange rate
3.52%
Exchange rate
No
1.5%
1.5%
Assessment month
1.5%
Country
18.9%
2016 ECB Report
2016 ECB Report
Assessment month
2016 ECB Report
Country
Reference values
HICP inflation rate
Max. 0.7%(as of 30 Apr 2016)
Excessive deficit procedure
None open (as of 18 May 2016)
Excessive deficit procedure
Min. 2 years(as of 18 May 2016)
Exchange rate
Max. ±15%(for 2015)
Exchange rate
Max. 4.0%(as of 30 Apr 2016)
Long-term interest rate
Yes(as of 18 May 2016)
Max. 3.0%(Fiscal year 2015)
Max. 3.0%(Fiscal year 2015)
Assessment month
Max. 3.0%(Fiscal year 2015)
Country
Max. 60%(Fiscal year 2015)
Bulgaria
Bulgaria
Assessment month
Bulgaria
Country
-1.0%
HICP inflation rate
None
Excessive deficit procedure
No
Excessive deficit procedure
0.0%
Exchange rate
2.5%
Exchange rate
No
2.1%
2.1%
Assessment month
2.1%
Country
26.7%
2018 ECB Report
2018 ECB Report
Assessment month
2018 ECB Report
Country
Reference values
HICP inflation rate
Max. 1.9%(as of 31 Mar 2018)
Excessive deficit procedure
None open (as of 3 May 2018)
Excessive deficit procedure
Min. 2 years(as of 3 May 2018)
Exchange rate
Max. ±15%(for 2017)
Exchange rate
Max. 3.2%(as of 31 Mar 2018)
Long-term interest rate
Yes(as of 20 March 2018)
Max. 3.0%(Fiscal year 2017)
Max. 3.0%(Fiscal year 2017)
Assessment month
Max. 3.0%(Fiscal year 2017)
Country
Max. 60%(Fiscal year 2017)
Bulgaria
Bulgaria
Assessment month
Bulgaria
Country
1.4%
HICP inflation rate
None
Excessive deficit procedure
No
Excessive deficit procedure
0.0%
Exchange rate
1.4%
Exchange rate
No
-0.9% (surplus)
-0.9% (surplus)
Assessment month
-0.9% (surplus)
Country
25.4%
2020 ECB Report
2020 ECB Report
Assessment month
2020 ECB Report
Country
Reference values
HICP inflation rate
Max. 1.8%(as of 31 Mar 2020)
Excessive deficit procedure
None open (as of 7 May 2020)
Excessive deficit procedure
Min. 2 years(as of 7 May 2020)
Exchange rate
Max. ±15%(for 2019)
Exchange rate
Max. 2.9%(as of 31 Mar 2020)
Long-term interest rate
Yes(as of 24 March 2020)
Max. 3.0%(Fiscal year 2019)
Max. 3.0%(Fiscal year 2019)
Assessment month
Max. 3.0%(Fiscal year 2019)
Country
Max. 60%(Fiscal year 2019)
Bulgaria
Bulgaria
Assessment month
Bulgaria
Country
2.6%
HICP inflation rate
None
Excessive deficit procedure
No
Excessive deficit procedure
0.0%
Exchange rate
0.3%
Exchange rate
No
-2.1% (surplus)
-2.1% (surplus)
Assessment month
-2.1% (surplus)
Country
20.4%
2022 ECB Report
2022 ECB Report
Assessment month
2022 ECB Report
Country
Reference values
HICP inflation rate
Max. 4.9%(as of April 2022)
Excessive deficit procedure
None open (as of 25 May 2022)
Excessive deficit procedure
Min. 2 years(as of 25 May 2022)
Exchange rate
Max. ±15%(for 2021)
Exchange rate
Max. 2.6%(as of April 2022)
Long-term interest rate
Yes(as of 25 March 2022)
Max. 3.0%(Fiscal year 2021)
Max. 3.0%(Fiscal year 2021)
Assessment month
Max. 3.0%(Fiscal year 2021)
Country
Max. 60%(Fiscal year 2021)
Bulgaria
Bulgaria
Assessment month
Bulgaria
Country
5.9%
HICP inflation rate
None
Excessive deficit procedure
1 year, 10 months
Excessive deficit procedure
0.0%
Exchange rate
0.5%
Exchange rate
No
4.1% (exempt)
4.1% (exempt)
Assessment month
4.1% (exempt)
Country
25.1%
2024 ECB Report
2024 ECB Report
Assessment month
2024 ECB Report
Country
Reference values
HICP inflation rate
Max. 3.3%(as of May 2024)
Excessive deficit procedure
None open (as of 19 June 2024)
Excessive deficit procedure
Min. 2 years(as of 19 June 2024)
Exchange rate
Max. ±15%(for 2023)
Exchange rate
Max. 4.8%(as of May 2024)
Long-term interest rate
Yes(as of 27 March 2024)
Max. 3.0%(Fiscal year 2023)
Max. 3.0%(Fiscal year 2023)
Assessment month
Max. 3.0%(Fiscal year 2023)
Country
Max. 60%(Fiscal year 2023)
Bulgaria
Bulgaria
Assessment month
Bulgaria
Country
5.1%
HICP inflation rate
None
Excessive deficit procedure
3 years, 11 months
Excessive deficit procedure
0.0%
Exchange rate
4.0%
Exchange rate
Yes
1.9%
1.9%
Assessment month
1.9%
Country
23.1%
2025 ECB Report
2025 ECB Report
Assessment month
2025 ECB Report
Country
Reference values
HICP inflation rate
Max. 2.8%(as of April 2025)
Excessive deficit procedure
None open (as of 19 May 2025)
Excessive deficit procedure
Min. 2 years(as of 19 May 2025)
Exchange rate
Max. ±15%(for 2024)
Exchange rate
Max. 5.1%(as of April 2025)
Long-term interest rate
Yes(as of 15 April 2025)
Max. 3.0%(Fiscal year 2024)
Max. 3.0%(Fiscal year 2024)
Assessment month
Max. 3.0%(Fiscal year 2024)
Country
Max. 60%(Fiscal year 2024)
Bulgaria
Bulgaria
Assessment month
Bulgaria
Country
2.7%
HICP inflation rate
None
Excessive deficit procedure
4 years, 10 months
Excessive deficit procedure
0.0%
Exchange rate
3.9%
Exchange rate
Yes
3.0%
3.0%
Assessment month
3.0%
Country
24.1%
Ranked list
Assessment month
Country
HICP inflation rate
Excessive deficit procedure
Exchange rate
Long-term interest rate
Compatibility of legislation
Budget deficit to GDP
Debt-to-GDP ratio
ERM II member
Change in rate
2012 ECB Report
Reference values
Max. 3.1%(as of 31 Mar 2012)
None open (as of 31 Mar 2012)
Min. 2 years(as of 31 Mar 2012)
Max. ±15%(for 2011)
Max. 5.80%(as of 31 Mar 2012)
Yes(as of 31 Mar 2012)
Max. 3.0%(Fiscal year 2011)
Max. 60%(Fiscal year 2011)
Bulgaria
2.7%
Open (Closed in June 2012)
No
0.0%
5.30%
No
2.1%
16.3%
2013 ECB Report
Reference values
Max. 2.7%(as of 30 Apr 2013)
None open (as of 30 Apr 2013)
Min. 2 years(as of 30 Apr 2013)
Max. ±15%(for 2012)
Max. 5.5%(as of 30 Apr 2013)
Yes(as of 30 Apr 2013)
Max. 3.0%(Fiscal year 2012)
Max. 60%(Fiscal year 2012)
Bulgaria
2.4%
None
No
0.0%
3.89%
Unknown
0.8%
18.5%
2014 ECB Report
Reference values
Max. 1.7%(as of 30 Apr 2014)
None open (as of 30 Apr 2014)
Min. 2 years(as of 30 Apr 2014)
Max. ±15%(for 2013)
Max. 6.2%(as of 30 Apr 2014)
Yes(as of 30 Apr 2014)
Max. 3.0%(Fiscal year 2013)
Max. 60%(Fiscal year 2013)
Bulgaria
-0.8%
None
No
0.0%
3.52%
No
1.5%
18.9%
2016 ECB Report
Reference values
Max. 0.7%(as of 30 Apr 2016)
None open (as of 18 May 2016)
Min. 2 years(as of 18 May 2016)
Max. ±15%(for 2015)
Max. 4.0%(as of 30 Apr 2016)
Yes(as of 18 May 2016)
Max. 3.0%(Fiscal year 2015)
Max. 60%(Fiscal year 2015)
Bulgaria
-1.0%
None
No
0.0%
2.5%
No
2.1%
26.7%
2018 ECB Report
Reference values
Max. 1.9%(as of 31 Mar 2018)
None open (as of 3 May 2018)
Min. 2 years(as of 3 May 2018)
Max. ±15%(for 2017)
Max. 3.2%(as of 31 Mar 2018)
Yes(as of 20 March 2018)
Max. 3.0%(Fiscal year 2017)
Max. 60%(Fiscal year 2017)
Bulgaria
1.4%
None
No
0.0%
1.4%
No
surplus)
25.4%
2020 ECB Report
Reference values
Max. 1.8%(as of 31 Mar 2020)
None open (as of 7 May 2020)
Min. 2 years(as of 7 May 2020)
Max. ±15%(for 2019)
Max. 2.9%(as of 31 Mar 2020)
Yes(as of 24 March 2020)
Max. 3.0%(Fiscal year 2019)
Max. 60%(Fiscal year 2019)
Bulgaria
2.6%
None
No
0.0%
0.3%
No
surplus)
20.4%
2022 ECB Report
Reference values
Max. 4.9%(as of April 2022)
None open (as of 25 May 2022)
Min. 2 years(as of 25 May 2022)
Max. ±15%(for 2021)
Max. 2.6%(as of April 2022)
Yes(as of 25 March 2022)
Max. 3.0%(Fiscal year 2021)
Max. 60%(Fiscal year 2021)
Bulgaria
5.9%
None
1 year, 10 months
0.0%
0.5%
No
exempt)
25.1%
2024 ECB Report
Reference values
Max. 3.3%(as of May 2024)
None open (as of 19 June 2024)
Min. 2 years(as of 19 June 2024)
Max. ±15%(for 2023)
Max. 4.8%(as of May 2024)
Yes(as of 27 March 2024)
Max. 3.0%(Fiscal year 2023)
Max. 60%(Fiscal year 2023)
Bulgaria
5.1%
None
3 years, 11 months
0.0%
4.0%
Yes
1.9%
23.1%
2025 ECB Report
Reference values
Max. 2.8%(as of April 2025)
None open (as of 19 May 2025)
Min. 2 years(as of 19 May 2025)
Max. ±15%(for 2024)
Max. 5.1%(as of April 2025)
Yes(as of 15 April 2025)
Max. 3.0%(Fiscal year 2024)
Max. 60%(Fiscal year 2024)
Bulgaria
2.7%
None
4 years, 10 months
0.0%
3.9%
Yes
3.0%
24.1%
· Public opinion
Multi-metric bars
World heat map
March 2025
March 2025
Date (survey taken)
March 2025
Date (survey published)
June 2025
Yes
45%
No
53%
Undecided / Don't know
2%
Conducted by
Eurobarometer
May 2024
May 2024
Date (survey taken)
May 2024
Date (survey published)
June 2024
Yes
49%
No
49%
Undecided / Don't know
2%
Conducted by
Eurobarometer
April 2023
April 2023
Date (survey taken)
April 2023
Date (survey published)
June 2023
Yes
49%
No
50%
Undecided / Don't know
1%
Conducted by
Eurobarometer
April 2022
April 2022
Date (survey taken)
April 2022
Date (survey published)
June 2022
Yes
44%
No
54%
Undecided / Don't know
2%
Conducted by
Eurobarometer
May 2021
May 2021
Date (survey taken)
May 2021
Date (survey published)
July 2021
Yes
54%
No
44%
Undecided / Don't know
2%
Conducted by
Eurobarometer
June 2020
June 2020
Date (survey taken)
June 2020
Date (survey published)
July 2020
Yes
48%
No
50%
Undecided / Don't know
2%
Conducted by
Eurobarometer
April 2019
April 2019
Date (survey taken)
April 2019
Date (survey published)
June 2019
Yes
47%
No
48%
Undecided / Don't know
5%
Conducted by
Eurobarometer
April 2018
April 2018
Date (survey taken)
April 2018
Date (survey published)
May 2018
Yes
51%
No
46%
Undecided / Don't know
3%
Conducted by
Eurobarometer
April 2017
April 2017
Date (survey taken)
April 2017
Date (survey published)
May 2017
Yes
50%
No
45%
Undecided / Don't know
5%
Conducted by
Eurobarometer
April 2016
April 2016
Date (survey taken)
April 2016
Date (survey published)
May 2016
Yes
47%
No
48%
Undecided / Don't know
5%
Conducted by
Eurobarometer
April 2015
April 2015
Date (survey taken)
April 2015
Date (survey published)
May 2015
Yes
55%
No
39%
Undecided / Don't know
6%
Conducted by
Eurobarometer
April 2014
April 2014
Date (survey taken)
April 2014
Date (survey published)
June 2014
Yes
51%
No
45%
Undecided / Don't know
4%
Conducted by
Eurobarometer
April 2013
April 2013
Date (survey taken)
April 2013
Date (survey published)
June 2013
Yes
52%
No
43%
Undecided / Don't know
5%
Conducted by
Eurobarometer
April 2012
April 2012
Date (survey taken)
April 2012
Date (survey published)
July 2012
Yes
53%
No
43%
Undecided / Don't know
4%
Conducted by
Eurobarometer
November 2011
November 2011
Date (survey taken)
November 2011
Date (survey published)
July 2012
Yes
56%
No
40%
Undecided / Don't know
4%
Conducted by
Eurobarometer
May 2011
May 2011
Date (survey taken)
May 2011
Date (survey published)
August 2011
Yes
45%
No
42%
Undecided / Don't know
13%
Conducted by
Eurobarometer
September 2010
September 2010
Date (survey taken)
September 2010
Date (survey published)
December 2010
Yes
48%
No
39%
Undecided / Don't know
13%
Conducted by
Eurobarometer
May 2010
May 2010
Date (survey taken)
May 2010
Date (survey published)
July 2010
Yes
51%
No
37%
Undecided / Don't know
12%
Conducted by
Eurobarometer
September 2009
September 2009
Date (survey taken)
September 2009
Date (survey published)
November 2009
Yes
49%
No
31%
Undecided / Don't know
20%
Conducted by
Eurobarometer
May 2009
May 2009
Date (survey taken)
May 2009
Date (survey published)
December 2009
Yes
44%
No
36%
Undecided / Don't know
20%
Conducted by
Eurobarometer
May 2008
May 2008
Date (survey taken)
May 2008
Date (survey published)
July 2008
Yes
51%
No
31%
Undecided / Don't know
18%
Conducted by
Eurobarometer
September 2007
September 2007
Date (survey taken)
September 2007
Date (survey published)
November 2007
Yes
46%
No
33%
Undecided / Don't know
21%
Conducted by
Eurobarometer
March 2007
March 2007
Date (survey taken)
March 2007
Date (survey published)
May 2007
Yes
45%
No
33%
Undecided / Don't know
22%
Conducted by
Eurobarometer
Ranked list
Date (survey taken)
Date (survey published)
Yes
No
Undecided / Don't know
Conducted by
March 2025
June 2025
45%
53%
2%
Eurobarometer
May 2024
June 2024
49%
49%
2%
Eurobarometer
April 2023
June 2023
49%
50%
1%
Eurobarometer
April 2022
June 2022
44%
54%
2%
Eurobarometer
May 2021
July 2021
54%
44%
2%
Eurobarometer
June 2020
July 2020
48%
50%
2%
Eurobarometer
April 2019
June 2019
47%
48%
5%
Eurobarometer
April 2018
May 2018
51%
46%
3%
Eurobarometer
April 2017
May 2017
50%
45%
5%
Eurobarometer
April 2016
May 2016
47%
48%
5%
Eurobarometer
April 2015
May 2015
55%
39%
6%
Eurobarometer
April 2014
June 2014
51%
45%
4%
Eurobarometer
April 2013
June 2013
52%
43%
5%
Eurobarometer
April 2012
July 2012
53%
43%
4%
Eurobarometer
November 2011
July 2012
56%
40%
4%
Eurobarometer
May 2011
August 2011
45%
42%
13%
Eurobarometer
September 2010
December 2010
48%
39%
13%
Eurobarometer
May 2010
July 2010
51%
37%
12%
Eurobarometer
September 2009
November 2009
49%
31%
20%
Eurobarometer
May 2009
December 2009
44%
36%
20%
Eurobarometer
May 2008
July 2008
51%
31%
18%
Eurobarometer
September 2007
November 2007
46%
33%
21%
Eurobarometer
March 2007
May 2007
45%
33%
22%
Eurobarometer
References
The rate of increase of the 12-month average HICP over the prior 12-month average must be no more than 1.5% larger than
The arithmetic average of the annual yield of 10-year government bonds as of the end of the past 12 months must be no mo
The change in the annual average exchange rate against the euro.
Reference values from the ECB convergence report of May 2012.
Sweden, Ireland and Slovenia were the reference states.
The maximum allowed change in rate is ± 2.25% for Denmark.
Sweden and Slovenia were the reference states, with Ireland excluded as an outlier.
Reference values from the ECB convergence report of June 2013.
Sweden, Latvia and Ireland were the reference states.
Reference values from the ECB convergence report of June 2014.
Latvia, Portugal and Ireland were the reference states, with Greece, Bulgaria and Cyprus excluded as outliers.
Latvia, Ireland and Portugal were the reference states.
Reference values from the ECB convergence report of June 2016.
Bulgaria, Slovenia and Spain were the reference states, with Cyprus and Romania excluded as outliers.
Slovenia, Spain and Bulgaria were the reference states.
Reference values from the ECB convergence report of May 2018.
Cyprus, Ireland and Finland were the reference states.
Cyprus, Ireland and Finland were the reference states.
Reference values from the ECB convergence report of June 2020.
Portugal, Cyprus, and Italy were the reference states.
Portugal, Cyprus, and Italy were the reference states.
Reference values from the Convergence Report of June 2022.
France, Finland, and Greece were the reference states.
Reference values from the Convergence Report of June 2024.
Belgium, Denmark, and the Netherlands were the reference states.
Reference values from the Convergence Report of June 2025.
Finland, Ireland, and Italy were the reference states.
"Law for the Bulgarian National Bank (Adopted by the 49th National Assembly on February 1, 2024, promulgated in "State Gazette", no. 13 of February 13, 2024)"