Bulgaria officially introduced the euro on January 1, 2026, becoming the 21st euro area member and joining the Eurosystem and Single Supervisory Mechanism. The Bulgarian National Bank now participates fully in ECB governance and supervision.
The euro banknotes and coins started circulating in Bulgaria today, marking Bulgaria as the 21st member of the euro area. This follows the formal decision made in July, with an official conversion rate of 1.95583 Bulgarian lev per euro.
European Central Bank President Christine Lagarde welcomed Bulgaria to the euro family, highlighting the euro as a symbol of European unity and shared values. The ECB also illuminated its Frankfurt headquarters to celebrate this milestone.
The Bulgarian National Bank (BNB) has joined the Eurosystem and the Single Supervisory Mechanism as a full member, having previously cooperated closely since October 2020. The BNB now has a seat on the ECB Governing Council and is responsible for supervising significant and less significant institutions in Bulgaria, as well as licensing banks and assessing qualifying holdings.
The BNB has contributed to the ECB’s capital and transferred its contribution to the ECB’s foreign reserves. Bulgarian counterparties can participate in ECB open market operations from January 1, 2026. Lists of credit institutions subject to reserve requirements will be published on the ECB website.
Additionally, Bulgaria’s financial market has integrated into the Eurosystem’s TARGET services, including T2, T2S, TIPS, and ECMS, facilitating the free flow of cash, securities, and collateral across Europe. Settlement in euro via T2S and TIPS has been operational since 2023 and 2024, respectively, with all services now active.
Today also marks the implementation of the new rotating voting rights system in the ECB’s Governing Council, as detailed in the official calendar.
