Bulgaria will adopt the euro on Jan. 1, 2026, after European Union finance ministers on Tuesday gave final approval for the country to join the single currency area, marking the last formal step in the accession process.
At a meeting of the Economic and Financial Affairs Council (ECOFIN) in Brussels, ministers unanimously agreed that Bulgaria meets the necessary criteria for euro adoption. The decision abrogates the derogation outlined in Article 5 of the 2005 Act of Accession.
The Council also amended two key regulations: Regulation (EC) No 974/98, which sets Jan. 1, 2026 as the date for euro adoption and cash changeover without a transitional ‘phasing-out’ period, and Regulation No 2866/98, which fixes the conversion rate at 1 euro = 1.95583 Bulgarian lev, in line with the current central rate in the exchange rate mechanism (ERM II).
Bulgaria will become the 21st member of the eurozone if the transition proceeds as planned. Prices and wages will be converted to euros from the start of 2026, and consumers will be able to exchange lev banknotes and coins for euros free of charge for six months. Price tags will display values in both currencies during the transition period.
“This marks the culmination of a thorough process towards Bulgaria’s accession, comprising rigorous analysis and intensive preparation,” said Danish Economic Affairs Minister Stephanie Lose, who chaired Tuesday’s meeting. “I warmly congratulate Bulgaria and the Bulgarian people on this tremendous achievement.”
Earlier in the day, the European Parliament approved a report backing Bulgaria’s eurozone entry, with 531 votes in favour, 69 against and 79 abstentions.