Bulgarian Lev (BGN)
The Bulgarian Lev is one of the world currencies supported by Fxverter, the free online currency converter. Fxverter shows live reference exchange rates for the Bulgarian Lev and 140 other currencies, sourced from public central-bank data.
Convert BGN
1 BGN in major currencies
| BGN | All currencies |
|---|
A short history of the Bulgarian Lev
Bulgaria introduced the lev in 1881, taking its name from the word for lion. The currency passed through several difficult periods, including wartime inflation and post-communist instability. In 1997 Bulgaria adopted a currency board after a severe banking and inflation crisis. The lev was first fixed to the Deutsche Mark and then, when Germany adopted the euro, to the euro at BGN 1.95583 per EUR.
The currency board means Bulgaria does not use an independent floating exchange rate in the usual sense. The Bulgarian National Bank must back the monetary base with foreign assets, and domestic interest conditions are strongly influenced by the euro area. Bulgaria joined the EU in 2007 and has worked toward eventual euro adoption, subject to the required economic and legal conditions.
What moves the BGN exchange rate
The lev's euro rate is deliberately stable, so its important drivers are the economic conditions behind the peg and the credibility of Bulgaria's convergence path.
- The euro and ECB policy: Bulgarian money-market conditions follow the euro area because defending the fixed rate is the central monetary constraint
- Fiscal and reserve credibility: disciplined public finances and ample foreign reserves reinforce confidence in the currency board
- EU trade and investment: Germany and other EU economies drive manufacturing, tourism, supply chains and foreign direct investment
- Inflation and euro-convergence expectations: local price growth, wages and the timetable for joining the euro affect real purchasing power and asset flows
The Bulgarian Lev in practice
Cards are accepted in Bulgarian cities, hotels and many restaurants, while lev cash remains useful in markets, rural areas and small businesses. Bulgaria is in the EU but currently uses the lev, so check whether an ATM or terminal is charging BGN or offering a home-currency conversion. Some tourist businesses quote euros, but paying in lev usually makes the exchange rate easier to verify.
The fixed rate makes euro-to-lev transfers relatively predictable, but banks and exchange offices can still add a spread or fee. Businesses with euro-area suppliers generally face limited exchange-rate risk, whereas firms with dollar or other-currency costs still need to manage exposure. Compare the total received rather than assuming a fixed official rate means a free conversion.
Popular Bulgarian Lev conversions
EUR/BGN is the defining pair and is fixed at 1.95583 lev per euro under the currency board. USD/BGN follows the dollar's movement against the euro, while RON/BGN, TRY/BGN and GBP/BGN serve regional trade, tourism and remittance flows.
Frequently asked questions
Is the Bulgarian Lev pegged to the euro?
Yes. Bulgaria's currency board fixes one euro at BGN 1.95583. The lev can still vary against the dollar, pound and other currencies as those currencies move against the euro.
Does Bulgaria use the euro?
Bulgaria currently uses the lev. It is an EU member committed to adopting the euro after meeting the required criteria, but the timing depends on formal assessments and policy decisions.
What is a currency board?
A currency board commits the monetary authority to exchange the local currency at a fixed rate and back its monetary base with foreign assets. It limits discretionary money creation and makes the peg the core of monetary policy.