Bulgarian Lev (BGN)

Basic Concepts of the Bulgarian Lev

The Bulgarian Lev (currency code: BGN) is the official currency of Bulgaria, issued and managed by the Bulgarian National Bank. Its name "Lev" means "lion" in Bulgarian, symbolizing strength and independence. The lev is pegged to the euro at a fixed exchange rate of approximately 1.95,583 levs per euro to ensure currency stability.

Countries of Use

The Bulgarian Lev circulates and is used only in Bulgaria. As a member of the European Union, Bulgaria plans to adopt the euro in the future, but for the time being the lev is still the main currency of transactions. Currency conversion for tourists or international trade needs to be done through banks or exchange points.

Units and denominations

The Bulgarian Lev is denominated in Stotinki, with 1 Lev equaling 100 Stotinki. The denominations of banknotes in circulation are 1, 2, 5, 10, 20, 50 and 100 leva; coins are available in 1, 2, 5, 10, 20, 50 stotinki and 1 leva. The design of the banknotes combines historical figures and landmarks to illustrate Bulgaria's cultural heritage.

Historical background

The Bulgarian Lev was first introduced in 1881, replacing the Ottoman currency of the time. It has undergone a number of monetary reforms, including an inflationary revaluation in 1999 (1 new lev = 1000 old levs). The development of the currency reflects Bulgaria's economic changes from Ottoman rule to independence to the EU integration process.