Bulgaria adopts euro amid celebration and anxiety over inflation

Move comes astir 2 decades aft the Balkan state entered the EU arsenic anticipation for stableness clashes with fearfulness of rising prices.

Bulgaria has officially adopted the euro, becoming the 21st country to articulation the azygous currency astir 2 decades aft entering the European Union, a determination that has led to some solemnisation and anxiety.

At midnight connected Wednesday (22:00 GMT), the Balkan state abandoned the lev, its nationalist currency since the precocious 19th century.

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Images of Bulgarian euro coins lit up the cardinal bank’s office successful Sofia arsenic crowds gathered successful freezing temperatures to people the caller year.

“I warmly invited Bulgaria to the euro family,” said Christine Lagarde, the president of the European Central Bank.

Some residents welcomed the alteration with optimism. “Great! It works!” said Dimitar, 43, speaking to The Associated Press aft withdrawing 100 euros from a currency instrumentality soon aft midnight.

Successive Bulgarian governments person backed euro adoption, arguing it would fortify the country’s fragile economy, anchor it much firmly wrong Western institutions and shield it from what officials picture arsenic Russian influence. Bulgaria, with a colonisation of astir 6.4 million, remains the poorest subordinate of the EU.

Commuters locomotion past an advertisement promoting Bulgaria’s introduction into the eurozone successful Sofia’s subway connected December 31, 2025, up of the country’s adoption of the euro connected January 1, 2026 [Nikolay Doychinov/AFP]

Divided public

Yet nationalist sentiment has agelong remained split. Many Bulgarians fearfulness the euro volition thrust up prices portion wages stagnate, worsening surviving standards successful a state already struggling with governmental instability.

In a televised code earlier midnight, President Rumen Radev described the euro arsenic the “final step” successful Bulgaria’s integration into the EU.

However, helium criticised the lack of a nationalist referendum connected the decision.

“This refusal was 1 of the melodramatic symptoms of the heavy disagreement betwixt the governmental people and the people, confirmed by wide demonstrations crossed the country,” Radev said.

Bulgaria precocious plunged into further uncertainty aft anticorruption protests toppled a conservative-led authorities successful December, pushing the state towards its eighth predetermination successful 5 years.

“People are acrophobic that prices volition rise, portion salaries volition stay the same,” a pistillate successful her 40s told the AFP quality bureau successful Sofia.

At metropolis markets, vendors listed prices successful some levs and euros. Not everyone was worried.

“The full of Europe has managed with the euro, we’ll negociate too,” retiree Vlad said.