Following years of preparation amidst multiple political and economic challenges, Bulgaria has officially received the final approval from EU institutions to adopt the euro as its national currency from 1st January 2026. The last legal step was completed with a plenary vote in the European Parliament in Strasbourg, followed by the formal approval of the Economic and Financial Council (ECOFIN) of the European Union.

Having received the green light from the EU, Bulgaria is now entering a transition period to prepare both the public and private sectors for the adoption of its new currency. Preparations include the conversion of financial instruments, the adaptation of IT systems, ATMs and payment services, dual pricing, advancing cash supplies and monitoring pricing practices. These measures will be supervised by a number of different regulatory bodies, including the Bulgarian National Bank (BNB), the Economy and Industry Ministry and Bulgaria’s Commission for Consumer Protection.

Bulgaria’s accession to the Eurozone is expected to bring substantial economic and strategic benefits by providing better access to the EU’s single market, eliminating currency exchange costs, increasing price transparency and improving access to financing opportunities. For the private sector, the most immediate gain lies in saving up to €1 billion in transaction costs per year, including currency conversions, the maintenance of multi-currency accounts and related administrative expenses. In addition, the country’s full integration into the European single market will increase the competitiveness of Bulgarian goods and services.

While the EU’s final approval is a significant victory for Prime Minister Rosen Zhelyazkov’s pro-EU minority government (and also for the country’s ideologically diverse ruling parties), Bulgarian public opinion remains highly divided due to widespread concerns that unjustified price hikes will follow. The government's regulatory efforts will be crucial for reassuring the Bulgarian public that the currency switch will not come with unwanted economic and social consequences.