Bulgaria's Ministry of Finance reported that all euro area member states unanimously supported Bulgaria joining the euro area from 1 January 2026, following a Eurogroup discussion in Luxembourg of the European Commission and European Central Bank convergence reports on Bulgaria’s progress. The Ministry also confirmed that the lev to euro exchange rate discussed at the Eurogroup was BGN 1.95583 per 1 euro. Bulgarian National Bank Governor Dimitar Radev indicated that the Council of the European Union is expected to take the final decision on 8 July, when the conversion rate would be reconfirmed. Next steps set out in the announcement include an Economic and Financial Affairs Council (ECOFIN) meeting expected to approve the Eurogroup recommendation, alongside an ECOFIN letter to the European Council, which is planned to discuss the convergence reports on Bulgaria by the end of June. Final legal acts are expected to be adopted by ECOFIN on 8 July.
Ministry of Finance (Bulgaria) 2025-06-19
Bulgaria's Ministry of Finance says Eurogroup unanimously backed Bulgaria’s euro adoption from 1 January 2026 and the BGN 1.95583 per EUR conversion rate
Bulgaria's Ministry of Finance announced unanimous support from euro area member states for Bulgaria to join the euro area on 1 January 2026, following Eurogroup discussions. The lev to euro exchange rate is set at BGN 1.95583 per 1 euro, with the Council of the European Union expected to finalize the decision on 8 July. The Economic and Financial Affairs Council (ECOFIN) is expected to approve the Eurogroup recommendation and adopt final legal acts.