Apr 23, 20223 min read

Bulgaria Currency - The Lev

The lev is the currency of Bulgaria. In old Bulgarian the word "lev" meant "lion", the word 'lion' in the modern language is lаv. If you have more than one lev, it's called leva. The lev is divided in 100 stotinki. Stotinka in Bulgarian means "a hundredth" and in fact is a translation of the French term "centime". Bulgaria is an EU country although it has not adopted the Euro. While it may do in the future, currently only the lev can be used. The national Bulgarian currency denominations come in both coin and banknote form. The Bulgarian currency uses a lot of coins. The most popular coins are the 1 and 2 leva coins. These are very similar to the pound or dollar as 1 lev is comprised of 100 cents or pence, which in Bulgaria is referred to as stotinka.

The Bulgarian currency is also denoted in banknote form. Bulgarian lev bills come in denominations of 2, 5, 10, 20, 50, and 100. It's not recommended to use or accept 50 or 100 lev notes. Most places will not accept such large denominations because they won't have enough change. The 2 lev banknote is also hardly used anymore since the introduction of the 2 lev coin which has become very popular.

The Bulgarian lev is symbolized using the Cyrillic alphabet, which is what the Bulgarian language is based on. The official currency symbol is ‘лв’. However, on bank exchanges, the currency code is BGN.

Does Bulgaria Use The Euro?

This is a common question for visitors. Bulgaria is an EU country, yet the nation has chosen not to adopt the Euro. This often causes confusion for visitors planning to travel to Bulgaria. For visitors, further confusion may be caused as many market and store prices are shown in Euros. This is done to help Europeans understand the equivalency of what they are paying, however, all purchases are actually made using Bulgarian lev. That's not to say you can't use Euros in Bulgaria. You can, but you'll be getting poor rates and end up paying more for goods and services than you would if you'd paid with the Bulgarian lev.

Can you use US dollars in Bulgaria?

No, you can't use US dollars in Bulgaria. But they can be changed in banks and exchange bureaus.

How Much Is 1 Bulgarian Lev Worth?

Since 2005, the rate of the Bulgarian Lev has been pegged to the Euro. It has a fixed exchange rate of 1.95583 leva to 1 Euro. However, this is the official exchange rate and not the same rate as you will be given in banks and exchanges.

Bulgaria is an EU member since 2007 and is expected to eventually adopt the euro as its currency, although no date is officially set. Bulgaria has made plans in the past to switch over from the Bulgarian lev (BGN) to the euro, but not everyone agrees that getting rid of the lev would be in the country’s best interest. Some financial experts believe that Bulgaria should hold tight to the lev, keeping it strong and stable. Keeping the lev stable has proven to be an excellent move for Bulgaria. The stability of the currency saw the country through external financial crises, such as the Great Recession of 2009 and the banking collapse of the Corporate Commercial Bank—Bulgaria's fourth-largest bank—in 2014.