site.btaUPDATED Bulgaria Clears Last Hurdle to Eurozone Entry on January 1, 2026

Bulgaria Tuesday cleared the last hurdle to its entry into the eurozone on January 1, 2026 as the Council of the European Union adopted the three legal acts required for this step.

At an Economic and Financial Affairs Council (ECOFIN) meeting in Brussels, EU finance ministers unanimously adopted a decision on the adoption by Bulgaria of the euro on January 1, 2026, according to which Bulgaria fulfils the necessary conditions for the adoption of the euro and the derogation referred to in Article 5 of the 2005 Act of Accession is abrogated.

The Council also amended Council Regulation (EC) No 974/98, setting the euro adoption and the cash changeover date for Bulgaria at January 1, 2026 without a 'phasing-out' period, and Council Regulation No 2866/98, irrevocably fixing the conversion rate between the euro and the Bulgarian lev at EUR 1/BGN 1.95583. This corresponds to the current central rate of the lev in the exchange rate mechanism (ERM II). 

Thus, if all goes to plan, Bulgaria will become the 21st eurozone member as from the beginning of next year. All prices and salaries will be denominated in euros. People will have six months to exchange their cash savings for euros without commission. Labels on prices will remain in both currencies for that period.

Danish Minister for Economic Affairs Stephanie Lose, who is chairing a meeting of the EU Economic and Financial Affairs Council on Tuesday, said that as of today Bulgaria takes its place as the 21st eurozone member state. "This marks the culmination of a thorough process towards Bulgaria’s accession, comprising rigorous analysis and intensive preparation. I warmly congratulate Bulgaria and the Bulgarian people on this tremendous achievement," she added.

Earlier in the day, at a plenary session in Strasbourg, the European Parliament voted, 531-69 with 79 abstentions, to approve a report supporting Bulgaria's accession to the single currency area on January 1, 2026.