Bulgaria is set to adopt the euro in January, even as it faces new political turmoil and concerns that Russian-aligned disinformation is fueling distrust of the currency. The country of 6.5 million will become the 21st member of the eurozone on January 1. Policymakers in Brussels and Sofia hope this move will strengthen the economy of the EU’s poorest nation and reinforce its pro-Western path.
European Commission President Ursula von der Leyen has stated that “thanks to the euro,” Bulgaria will see more trade, investment, “quality jobs and real incomes.” During a recent visit to Sofia, Economy Commissioner Valdis Dombrovskis emphasized the importance of the move amid Russia’s war in Ukraine, rising geopolitical tensions, and global economic uncertainty, which “underline the importance of European unity.”
“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.
Despite these promoted benefits, Bulgarians remain divided. A recent finance ministry survey found that while 51% of citizens support joining the single currency, 45% are against it. In June, a fight erupted in parliament when the European Commission approved Bulgaria’s euro entry, with MPs from the far-right, pro-Russian Revival party blocking the podium.
Petar Ganev, a senior research fellow at the Sofia-based Institute for Market Economics, noted that the division over the euro reflects broader political tensions. “This is not surprising. The country is divided on almost everything you can imagine,” said Ganev. “After the political instability, we ended up in a very hostile political environment.”
A four-year political crisis, marked by seven parliamentary elections and widespread corruption, has eroded trust in the government and fueled polarization. In early December, the government of former Prime Minister Rosen Zhelyazkov resigned after less than a year in office following weeks of nationwide anti-corruption protests.
While the political drama is unlikely to derail the euro’s adoption, many fear prices will spike during the transition. With an average monthly salary of about £1,100, such increases would be difficult for many Bulgarians to afford. Rural communities and the elderly are expected to be most vulnerable to inflation and are the most apprehensive about the change, despite Brussels stating there is no evidence to suggest inflation will rise.
Walking along the Danube, 67-year-old pensioners Nencho and Maya Neshev from Vidin expressed worry about potential inflation and its impact on their family budget. “The uncertainty is evident, and I have concerns because I am retired,” said Maya. “Should I stock up? Does it make sense? How will it happen in January? Is it better to save the old leva currency throughout January and then switch to euros in February? There is a lot of uncertainty.”
Elena Vasileva, a 26-year-old food industry engineer from Hisarya, fears that abandoning the lev, first introduced in 1881, means losing part of Bulgaria’s identity. “We have some of the brightest people of our country on our money,” she said. “It’s like losing your identity. It’s a pity.”
Victor Papazov, a macroeconomist and adviser to the anti-EU Revival party—which has campaigned against euro membership and is close to Vladimir Putin’s United Russia—claimed Bulgaria is heading for a Greek-style crisis.“Anyone in their right mind would oppose adopting the euro,” said Papazov in a lengthy written statement. He added, “Joining now will only make things worse and speed up the problems. In my view, there isn’t a single serious benefit to adopting the euro.”
Kostadin Kostadinov, the leader of the Revival party, faced criticism earlier this year for baselessly claiming that Bulgarians would lose their savings after joining the euro due to exchange rate differences.
Meanwhile, investigative reports have revealed that a network of Russian-linked social media campaigns has been working to undermine support for the euro by spreading false information.
A €1 coin featuring Saint Ivan of Rila, a revered spiritual figure in Bulgaria. Photograph: European Central Bank 2025
When asked about alleged Russian influence on public opinion regarding the euro, Dombrovskis stated it was “no secret” that Russia is waging a hybrid war against Europe. “This includes provocation, acts of sabotage, violations of European airspace, interference in political processes within the European Union and other countries, as well as spreading disinformation,” he said.
Despite the protests and concerns about joining, many remain optimistic. Maria Valentinova, a 35-year-old pharmacist from Sofia, said the euro “will be good for the country’s economy in the long run.” She expressed happiness that her six-year-old son would grow up in a country belonging to the eurozone.
Until 31 January, Bulgarians will be able to pay in both lev and euro, after which only payments in euro will be accepted. Valentinova admitted to having concerns about this transitional period, calling it “a bit stressful,” but added, “I think it will be a good thing in the end.”
Ganev said he believes the transition will go smoothly and that Bulgarians will adjust to the new currency within a few weeks. “What happens to our country, and whether we become a good or bad example in the eurozone, depends entirely on us,” he said.
Frequently Asked Questions
FAQs Bulgarias Euro Adoption Concerns About Disinformation
Basics Timeline
Q Is Bulgaria switching to the euro
A Yes Bulgaria is working to adopt the euro as its official currency replacing the Bulgarian lev Its a process with several steps and an exact date hasnt been set yet but the target is for 2025
Q Why is Bulgaria adopting the euro
A The main reasons are to integrate more deeply into the EUs economy make trade and travel easier within the Eurozone attract more stable investment and potentially lower borrowing costs for the government and businesses
Q When will the switch happen
A Bulgaria is in the waiting room and must meet economic criteria like controlling inflation The official target is January 1 2025 but this depends on final assessments by EU institutions
Impact on Daily Life
Q What will happen to my savings and prices when we switch
A Your bank savings will be automatically converted to euros at a fixed rate For prices there will be a dual display for a period to help everyone adjust While the conversion itself is neutral there is a concern some businesses might round prices up so authorities will monitor this closely
Q Will my salarypension change
A The amount will be converted to euros at the fixed official rate so the purchasing power should remain the same in theory You will simply receive and think in euros instead of lev
Q How do I prepare for the changeover
A You dont need to do anything drastic Start familiarizing yourself with the fixed conversion rate and euro coinbanknote values When the time comes youll exchange lev cash for euro cash at banks over a period of several months
Concerns Disinformation
Q Ive heard Russia is against this Why and what are they doing
A Russia sees the euro adoption as Bulgaria moving further into the Western political and economic sphere which weakens its own influence ProRussian actors and media are suspected of running disinformation campaigns to spread fear and doubt about the euro
Q What kind of disinformation is being spread
A Common false claims include the euro will make everyone poorer overnight Bulgaria will lose its sovereignty people
