Successful transition to the euro: Data from the BNB

Almost 95% of the total lev currency in circulation has already been withdrawn by the middle of the year. This was announced by Ilia Lingorski, a member of the Governing Council of the Bulgarian National Bank (BNB), in an interview with "Nova". Approximately 800 million levs in euro equivalent remain in circulation.

"With this, the central bank has fulfilled its main objectives," emphasized Lingorski.

Why do few levs remain in circulation?

According to the expert, after reaching the 95% threshold, the BNB does not plan additional special measures to collect the remaining funds. The reasons for this are:

  • Banknotes and coins damaged from use;
  • Funds destroyed in accidents;
  • Collector's value of the specimens;
  • Statistical errors, typical for such large-scale processes.

Bulgaria as an example for the eurozone

Lingorski pointed out that our country will serve as a model for future member states for two main reasons:

  • Smooth exit from the currency board: The process has been extremely successful.
  • Logistical efficiency: The structural replacement of the lev with the euro was implemented more smoothly than initially expected.

The success of the transition is also due to the key partnership with commercial banks and retail chains, which played a significant role in the operational part of the process.