Bulgaria plans to adopt the euro and become the 21st member state of the eurozone. The Bulgarian lev has been on the currency board since 1997 through a fixed exchange rate of the lev against the Deutsche Mark and the euro. Bulgaria's target date for introduction of the euro was 1 January 2025. However, the 2024 ECB convergence report concluded that due to a high 12-month average inflation Bulgaria did not meet the convergence criteria so this timeline was delayed. The Bulgarian National Bank and several Bulgarian politicians have expressed their desire to join as soon as possible, and it is believed that inflation will be low enough by the end of 2024, which means Bulgarian authorities might request an extraordinary convergence report to join on 1 January 2026 or later. If Bulgaria adopts the euro, it will become the second national currency of the country since the lev was introduced over 140 years ago. The fixed exchange rate is 1.95583 lev for 1 euro.
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