Bulgaria joined the eurozone on January 1, becoming the currency union’s 21st member.
The euro replaced the Bulgarian lev, with a final exchange rate set at 1 euro = 1,96 levs as of Dec. 31.
President Rumen Radev said in his New Year’s statement: “The introduction of the euro is the final milestone in Bulgaria’s integration into the European Union — a place that we deserve with the achievements of our millennial culture and the civilizational contribution of our country.”
The Bulgarian central bank’s governor, Dimitar Radev, has taken a seat on the table with the Governing Council of the European Central Bank. “I warmly welcome Bulgaria to the euro family and Governor Radev to the ECB Governing Council table in Frankfurt,” ECB President Christine Lagarde said in a statement on Thursday.
People will still be able to pay in levs for about a month, but they will start getting their change in euros. Until June 30, old money can be exchanged for no fee at banks and post offices, and indefinitely at the Bulgarian Central Bank.
Public opinion, however, remains mixed. According to a Eurobarometer poll from March, 53 percent of 1,017 Bulgarians surveyed opposed joining the eurozone, while 45 percent were in favor. A majority also felt Bulgaria was not ready to introduce the euro. The main fear was concern over “abusive price setting during the changeover.”
Bulgaria joined the European Union on January 1, 2007. In an official EU survey from May, 58 percent of Bulgarians said the country has benefited from its EU membership.
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