Bulgarian Lev (1995 Series): No Longer Legal Tender

Currency Transition: Lev to Euro

The 1995 series Bulgarian lev (BGL) is no longer legal tender. It was replaced through a two-stage process:

Stage 1: Redenomination (1999)

• July 5, 1999: 1,000 old lev (BGL) = 1 new lev (BGN)
• 1995 series notes demonetized; exchanged at BNB (Bulgarian National Bank) and commercial banks
• Coins: 1, 2, 5, 10, 20, 50 stotinki (1/100 lev) introduced

Stage 2: Euro Adoption (2007-Present)

• January 1, 2007: Bulgaria joined EU (2004) but retained lev with currency board (1 EUR = 1.95583 BGN fixed)
• Target Euro Adoption: Originally 2024; delayed to 2025 (Maastricht criteria: inflation, deficit, ERM-II participation)
• Current Status: Lev (BGN) remains legal tender; euro adoption pending convergence criteria fulfillment

What This Means for 1995 Series Holders

• No face value: Cannot be used for transactions
• Exchange window: BNB exchanged 1995 series indefinitely (no deadline) at 1,000:1 rate into BGN
• Current action: Present at BNB head office (Sofia) or branches for conversion to BGN, then to EUR when adopted
• Numismatic value: Collectors may pay premium for uncirculated/rare notes

Key Dates Summary