The transition process from the Bulgarian lev to the euro is progressing in line with expectations, with authorities stressing that there is no cause for public concern over remaining cash in circulation.
Economic journalist and “ReVizia” host Yordan Barzakov said in an interview on NOVA that the withdrawal of levs from circulation is nearly complete. According to him, around 92% of banknotes and coins have already been removed, while the remaining approximately 2.3 billion levs represents a normal share of total cash in the economy.
Barzakov noted that the exchange framework will change from July 1, when the obligation for commercial banks and Bulgarian Post to convert levs into euros free of charge expires. After that date, financial institutions will be able to set their own terms for currency exchange services. However, he emphasized that the Bulgarian National Bank will continue offering free conversion at the fixed rate of 1.95583 levs per euro, without limits on amounts or deadlines.
He also pointed out that some commercial banks may still provide free exchange voluntarily, but this will depend on individual policies. Citizens were advised to check conditions in advance with their respective banks, particularly when dealing with larger sums.
