People ride the subway past a euro adoption poster in Sofia, Bulgaria, Monday. Bulgaria is set to become the 21st member of the eurozone on Jan. 1, transitioning from the national lev to the euro amid public concerns that the move could trigger immediate price hikes and a higher cost of living. Photo by Borislav Troshev/EPA
Dec. 31 (UPI) — Bulgaria will begin using the euro as its currency on Thursday, and the country hopes it will bring an economic boost, despite concerns.
Bulgaria joined the European Union in 2007, but it’s only now adopting the currency after strong debate and political turbulence.
It’s the 21st country to join the eurozone, and lawmakers in Brussels and Sofia hope it will boost the economy of the EU’s poorest nation.
European Commission President Ursula von der Leyen called the move one of the EU’s greatest achievements.
“This milestone reflects years of hard work and commitment, overcoming challenges,” she said in a statement. “The euro will bring benefits for the Bulgarian people making payments and travel easier. It will bring new opportunities for Bulgarian businesses, allowing them to seize better the advantages of our common single market. It will further strengthen Bulgaria’s voice in Europe. This step is good for Bulgaria, and it strengthens Europe as a whole. It makes our economy more resilient and competitive globally. Congratulations, Bulgaria! You can be proud of what you achieved.”
The country has had dual displays of prices — in the euro and the Bulgarian lev — since August, and that will continue until August 2026. Consumers can use both currencies beginning Jan. 1 through Jan. 31. On Feb. 1, they must only use the euro. The price displays are a way for consumers to monitor prices and a stopgap to prevent retailers from price gouging.
Bulgarians can exchange their currency at banks and post offices for free until July. After that, they can charge for exchanges.
The country is still divided on whether switching to the euro is a good move.
A recent survey by the Bulgarian ministry of finance showed that 51% of citizens wanted to adopt the euro, and 45% were against it, The Guardian reported.
In June, a fight broke out in the parliament when the measure was adopted by the European Commission. Parliament members from the Revival Party blocked the podium. They also organized protests against euro adoption. Revival is a far-right, pro-Russian political party.
Petar Ganev, senior research fellow at the Institute for Market Economics in Sofia, told The Guardian that the division on the euro highlights the country’s broader political tension.
“This is not surprising. The country is divided on almost everything that you can imagine,” Ganev said. “And after the political instability, we ended up in a very hostile political environment.”
Bulgaria has endured a four-year political crisis with seven parliamentary elections and widespread corruption,