Bulgaria officially adopts euro with short transition period

Bulgaria joined the eurozone and adopted the euro as its official currency on New Year's Day, becoming the 21st member of the euro area.

To ensure a smooth transition to the new currency, throughout January, the Bulgarian lev will remain in circulation alongside the euro. Starting Feb. 1, the euro will become the country's sole legal tender.

From Jan. 1 to June 30, the exchange of lev for euros is free of charge at banks and post offices. After this period, currency exchanges will be subject to a fee.

The Bulgarian National Bank has stated that it will exchange levs for euros indefinitely, continuing the process for as long as necessary. But it added that the mandatory dual pricing of goods and services in euro and lev will end on Aug. 8, 2026. Officials and experts have expressed their confidence in the transition process.

Vladimir Ivanov, chairman of Bulgaria's State Commission on Commodity Exchanges and Markets, described 2025 as a year of market stabilization in a brief meeting, saying he expected 2026 to begin similarly, "especially after transaction costs decrease with the introduction of the euro."

Nikolay Valkanov, executive director of the Association for Modern Trade, also said in an interview that retailers, from large chains to small shops, had made significant efforts to ensure a smooth transition to the new currency.

Eurozone accession has been a central priority for the Bulgarian government ever since the country joined the EU in 2007.

It was not until June 4, 2025, that the European Commission announced Bulgaria had met all convergence criteria. On July 8, 2025, the Council of the European Union formally approved Bulgaria's adoption of the euro, effective Jan. 1, 2026.

The eurozone came into existence with the official launch of the euro on Jan. 1, 1999, in 11 countries including France, Germany and Austria.

Currently among the 27 EU countries, there are still six members, namely Sweden, Poland, the Czech Republic, Hungary, Romania, and Denmark, that have not yet adopted the euro.

Bulgaria officially adopts euro with short transition period

United Nations (UN) Secretary-General Antonio Guterres on Thursday reiterated his call for the United States and Israel to stop the war against Iran, and for Iran to stop attacking its neighbors.

Noting that the impacts of the conflict are being felt everywhere, Guterres warned that the world is on the edge of a wider war that would engulf the whole Middle East with dramatic impacts around the globe.

The secretary-general said that "the Middle East crisis has lurched into its second month", and warned that the scale of devastation, indiscriminate attacks, and targeting of civilians and civilian infrastructure are all growing.

"My message is clear. To the United States and Israel, it is high time to stop the war that is inflicting immense human suffering and already triggering devastating economic consequences. To Iran, to stop attacking their neighbors. The Security Council has condemned these attacks and reaffirmed the need to respect navigational rights and freedoms along critical maritime routes, including the Strait of Hormuz. Conflicts do not end on their own. They end when leaders choose dialog over destruction. That choice still exists, and it must be made now," he said.

Guterres said diplomatic efforts are underway to find a peaceful path forward, which "deserve the space and support to succeed -- anchored firmly in international law, including the UN Charter".

UN chief renews call for U.S., Israel to stop war against Iran