Today, Bulgaria became the 21st member of the eurozone (or Schengen monetary area), The Southeast European country has been a member of the European Union since 2007, but formally met the eurozone’s entry criteria only in January 2025.
The move increased the number of Europeans using the euro to 356 million people, and geographically extended the single currency into the Black Sea area for the first time.
The EU has set a conversion rate of 1 euro to 1.95583 Bulgarian lev (BGN) under the European Exchange Rate Mechanism, which Bulgaria joined in 2020 as a condition for adopting the euro. The move formally pegged the lev to the euro.
“Since joining the European Union in 2007, Bulgaria – home to 6.7 million people – has consistently pursued membership in the eurozone.”
