Euro

Bulgaria is saying goodbye to the lev and officially adopting the euro, but some citizens worry that shops will round up when changing currencies, making everything more expensive. Al Jazeera’s Aksel Zaimovic explains their concerns.

Dec. 31 (UPI) — Bulgaria will begin using the euro as its currency on Thursday, and the country hopes it will bring an economic boost, despite concerns.

Bulgaria joined the European Union in 2007, but it’s only now adopting the currency after strong debate and political turbulence.

It’s the 21st country to join the eurozone, and lawmakers in Brussels and Sofia hope it will boost the economy of the EU’s poorest nation.

European Commission President Ursula von der Leyen called the move one of the EU’s greatest achievements.

“This milestone reflects years of hard work and commitment, overcoming challenges,” she said in a statement. “The euro will bring benefits for the Bulgarian people making payments and travel easier. It will bring new opportunities for Bulgarian businesses, allowing them to seize better the advantages of our common single market. It will further strengthen Bulgaria’s voice in Europe. This step is good for Bulgaria, and it strengthens Europe as a whole. It makes our economy more resilient and competitive globally. Congratulations, Bulgaria! You can be proud of what you achieved.”

The country has had dual displays of prices — in the euro and the Bulgarian lev — since August, and that will continue until August 2026. Consumers can use both currencies beginning Jan. 1 through Jan. 31. On Feb. 1, they must only use the euro. The price displays are a way for consumers to monitor prices and a stopgap to prevent retailers from price gouging.

Bulgarians can exchange their currency at banks and post offices for free until July. After that, they can charge for exchanges.

The country is still divided on whether switching to the euro is a good move.

A recent survey by the Bulgarian ministry of finance showed that 51% of citizens wanted to adopt the euro, and 45% were against it, The Guardian reported.

In June, a fight broke out in the parliament when the measure was adopted by the European Commission. Parliament members from the Revival Party blocked the podium. They also organized protests against euro adoption. Revival is a far-right, pro-Russian political party.

Petar Ganev, senior research fellow at the Institute for Market Economics in Sofia, told The Guardian that the division on the euro highlights the country’s broader political tension.

“This is not surprising. The country is divided on almost everything that you can imagine,” Ganev said. “And after the political instability, we ended up in a very hostile political environment.”

Bulgaria has endured a four-year political crisis with seven parliamentary elections and widespread corruption, which has caused a lack of trust in the government.

Valdis Dombrovskis, European Commission economy minister, said in a November speech in Sofia that the adoption of the euro was especially important during Russia’s war with Ukraine, rising geopolitical tensions and global economic uncertainty.

“Most European countries — including Bulgaria — are far too small to shape today’s world on their own. They only stand to gain necessary weight by fully integrating into the European Union’s larger political and economic structures,” he said.

“The euro area is not just a group of countries sharing a common currency,” Dombrovskis said in his speech. “It is a powerful symbol to the world of European integration, economic stability, and geopolitical strength. It gives Europe a collective economic weight that allows it to shape global trade, investment, and financial markets.”

The latest Eurobarometer, a survey conducted by the EU in Autumn 2025, showed that 74% of Europeans said their country has benefited from being a member of the EU, and 59% are optimistic about the future of the EU.

Many Bulgarians fear that prices will spike during the transition. The average monthly income is about $1,500 in the country, so rising prices could be detrimental to some. But the European Commission has said there is no evidence that inflation will rise.

Victor Papazov, macroeconomist and adviser to the Revival party, claimed Bulgaria was heading for a crisis similar to what Greece endured in 2009.

“Any person in their right mind would oppose adopting the euro,” Papazov said in a written statement to The Guardian. “Joining now will make things worse and faster. In my opinion there is not a single serious positive in adopting the euro.”

Maria Valentinova, 35, a pharmacist from Sofia, told The Guardian that she is glad her young son will grow up in the eurozone. She said the currency “will be good for the economy of the country in the long run.”

Valentinova called the transition period “a bit stressful” but said, “I think it will be a good thing in the end.”

Ganev said Bulgarians will get used to the new currency quickly. “What will happen to our country and if we are going to be a good example in the eurozone or a bad example … depends entirely on us.”