Bulgarians started taking out euros for the first time on Thursday, following the former communist country .
ATMs in the capital Sofia distributed brand-new euro notes, replacing the lev—though the lev will still be accepted for cash transactions in January. But people will get only euros as change.
With nearly 6.7 million residents, the country was among the poorest when it joined the European Union back in 2007. Becoming part of the EU’s single-currency system marks further integration into the bloc, coming after its 1989 shift from a Soviet-style economy to democracy and free markets.
Yet this historic milestone comes , as the conservative-led government was forced to step down earlier this month after nationwide , and there’s skepticism among ordinary citizens—driven by worries about price increases.
Earlier this year, the government had to bring inflation down to 2.7% to meet EU regulations and gain approval from EU leaders. However, its resignation left the country without for the coming year, slowing reforms and the utilization of the 27-nation bloc’s support funds—stoking protests.
Nationalist and pro-Russian groups in Bulgaria have also capitalized on fears that the shift to the euro will supposedly result in greater poverty and a loss of national identity.
EU member states are committed to adopting the euro when they join the bloc, but the actual adoption process can take years—and some members aren’t in a rush. Croatia was the most recent country to join, in 2023.