Converting from Euro (EUR) to Bulgarian Lev (BGN)

What is Euro (EUR)

The Euro (EUR) is the official currency of the Eurozone, which includes 19 of the 27 European Union (EU) member countries. Introduced in 1999, it serves as a symbol of European integration and economic stability. The Euro is one of the most widely used currencies in the world, second only to the US Dollar (USD) in terms of daily trading volumes.

The Euro is divided into 100 cents, and its symbol is €. The European Central Bank (ECB), headquartered in Frankfurt, Germany, is responsible for managing the Euro and setting monetary policy for the Eurozone. The Euro not only facilitates travel and trade between member countries but also aims to reduce currency exchange risks and increase price transparency.

When converting from Euro to other currencies, various factors come into play, including exchange rates, which fluctuate based on economic conditions, interest rates, inflation, and geopolitical stability. It is essential to stay updated on current rates, especially if you are planning to travel or engage in international trade.

What is Bulgarian Lev (BGN)

The Bulgarian Lev (BGN) is the official currency of Bulgaria. Introduced in 1880, the Lev has undergone several changes, especially after the fall of communism in 1989. The current version of the Lev was pegged to the Euro in 1997, with a fixed exchange rate established to promote economic stability and growth. The symbol for the Lev is лв and it is subdivided into 100 stotinki.

Bulgaria is not yet a member of the Eurozone; however, the country has plans to adopt the Euro in the future. Currently, the Lev remains in circulation, and its fixed exchange rate with the Euro means that 1 EUR is consistently equal to 1.95583 BGN. This peg helps stabilize the Bulgarian economy amid ongoing discussions about eventual Eurozone membership.

When converting Euro to Lev, the process is straightforward due to the established fixed rate. For example, if you want to convert €100 to BGN, the calculation is simple:

100 EUR × 1.95583 BGN/EUR = 195.583 BGN

In summary, understanding the relationship between the Euro and the Bulgarian Lev is vital, especially for travelers and businesses engaged in trade. Staying informed about the currency conversion process will help in budgeting and financial planning, ensuring smooth transactions in both the Eurozone and Bulgaria.