Adoption of euro raises hope, fears in Bulgaria

SOFIA, Bulgaria — In a dimly lit supermarket, an elderly man stood at the checkout counter, his gnarled hands rummaging through his wallet for familiar lev coins. When the cashier handed him shiny new euro coins in return, he examined them carefully, a mix of curiosity and apprehension etched across his face.

At midnight on Jan 1, Bulgaria officially stepped into the eurozone.

From Aug 8, 2025, merchants were required by law to display prices in both lev and euro, with fines imposed for noncompliance. In major supermarket chains, customers were constantly reminded of the coming change.

Recently, long lines formed daily at currency exchange points, including cash centers of the Bulgarian National Bank. Coin exchange machines installed in supermarkets frequently broke down under the strain of heavy use.

In the weeks before the transition, many people avoided cash payments, especially transactions requiring change.

The Christmas and New Year period was among the most chaotic. Consumers carried both lev and euro in their wallets. Banks had warned that the financial system would undergo a transition from Dec 31, 2025, to Jan 2, 2026, involving an expected four-hour interruption.

During that time, POS terminals would stop working, online banking services would be suspended, and ATMs would be out of service.

European Commission President Ursula von der Leyen said Wednesday that Bulgaria's move into the eurozone marked "an important milestone" for Bulgarians.

Official surveys suggested that Bulgaria was ready, with just over 51 percent of the population supporting euro adoption, underscoring a deep societal divide.

A Gallup International Balkan survey showed that nearly 60 percent of Bulgarians feared the euro would drive up living costs.

"People are afraid that prices will rise, while salaries will remain the same," said a woman in her 40s who declined to give her name in Sofia.

'Final step'

Bulgaria's entry into the euro-zone will take the number of Europeans using the currency to more than 350 million. The last country ?to join the single currency group was Croatia in January 2023. The euro was first rolled out in 12 countries on Jan 1, 2002.

In a speech broadcast shortly before midnight, President Rumen Radev hailed it as the "final step" in Bulgaria's EU integration.

Euro supporters hailed the entry.

"I'm very happy we're moving toward the eurozone," said Sofia-based architect Yordanka Kamburova. "It's a logical path our country has followed for a long time."

Some people, including business owners, have complained that it has been difficult to get their hands on euros, with shopkeepers saying they haven't received the euro starter packages they ordered.

"It's not the right time!" complained Stephane, a 64-year-old economist.

"Yesterday I saw the figures for Italy, Spain and Germany: their debt is enormous. And eventually we will be carrying it on our backs."

Large companies integrated into European supply chains predicted immediate benefits, while micro-enterprises were more cautious.

"When I see prices already rising, it's hard to believe they'll go down after the euro is introduced," said Nina, who owns a small bakery in Sofia.

"It's sad to part with the Bulgarian lev," said 80-year-old retired engineer Ivan Tsenkov. "It's connected to our dignity."

Agencies - Xinhua