ROMA (ITALPRESS) – Today the euro officially entered circulation in Bulgaria; The number of Member States of the European Union (EU) using the single currency rises to 21. The official conversion rate of 1,95583 Bulgarian lev for 1 euro was also announced in July.
“I warmly welcome Bulgaria to the euro family and Governor Radev within the ECB’s Governing Council in Frankfurt,” said Christine Lagarde, President of the European Central Bank (ECB). “The euro is the tangible symbol of what Europe can achieve when working together, shared values and collective strength with which we can counter the global geopolitical uncertainty we are experiencing.”.
The ECB also celebrated the historic stage of the official adoption of the euro by Bulgaria projecting on the facade of its headquarters in Frankfurt a bright installation, symbol of the integration and unity of the 358 million Europeans who use the euro as their currency. With Bulgaria entering the euro area, the central bank of Bulgaria joins the Eurosystem and its Governor sits in the Governing Council of the ECB. The National Bank of Bulgaria also became a full member of the Single Supervisory Mechanism, although a close cooperation agreement had already been concluded in October 2020. Therefore, the ECB is currently responsible for direct supervision of four significant entities and the supervision of seventeen less significant entities in Bulgaria. As part of its supervisory functions, it is also up to the ECB to grant authorization for the exercise of banking activity and to assess the acquisitions of qualified holdings in all banks. A representative of the National Bank of Bulgaria sits in the ECB Supervisory Board.
The National Bank of Bulgaria paid the remainder of the ECB’s share of capital and transferred its contribution to the ECB’s official reserves. The Bulgarian counterparties of the Eurosystem may participate in the open market operations of the ECB announced after 1 January 2026. The list of credit institutions and branches of credit institutions located in Bulgaria subject to compulsory reserve will be published shortly on the ECB’s website, along with the lists of branches of Bulgarian credit institutions located in other EU Member States already using the euro. On 13 October 2025 the ECB announced the transitional provisions for the application of mandatory reserves. The activities held in Bulgaria that meet the necessary requirements will be added to the list of eligible guarantees of the euro area.
Starting today, the Bulgarian market adheres to the Eurosystem’s Target services, which ensure the free movement of cash, securities and guarantees throughout Europe. These services consist of T2 (for the settlement of payments), T2S (for the regulation of securities), TIPS (for the regulation of instant payments) and ECMS (for the management of guarantees in the credit operations of the Eurosystem). The Bulgarian market has access to the euro regulation in T2S and TIPS respectively from 2023 and 2024. The migration of Bulgarian counterparts has taken place without difficulty and all services are now active. The new system of rotation of voting rights in the Governing Council of the ECB is now in force.
– photo IPA Agency –
(ITALPRESS).
