Published by Global Banking & Finance Review®
Posted on June 5, 2025
2 min readLast updated: January 23, 2026
Add as preferred source on GoogleBulgaria's Eurozone accession in January aims to enhance economic growth and living standards. PM Zhelyazkov addresses concerns over price hikes and currency conversion.
BELGRADE (Reuters) -Bulgaria's accession to the euro zone as of January next year will bring higher economic growth and higher living standards for the people, Prime Minister Rosen Zhelyazkov said on Thursday.
On Wednesday, the European Commission approved Bulgaria's request to adopt the euro currency as of January next year.
"The accession to the euro area will guarantee better growth, better purchasing power for the people, this means better convergence with the European living standards," Zhelyazkov said after meeting European Union Commissioner for the Economy Valdis Dombrovskis in Sofia.
Bulgaria, a Balkan country bordering the Black Sea, joined the European Union in 2007 and it is set to become the 21st country to adopt the euro on January 1, 2026.
Many fear that the accession will bring price hikes as it was the case with some other countries.
Zhelyazkov said that he presented Dombrovskis the measures the government was taking to raise awareness and transparency and also to protect vulnerable groups and the elderly who fear the cost of living will rise with the introduction of the euro.
He said there will be no tight deadline and no commission fees for those who want to convert their savings from the lev to the euro.
"We will avoid the hastiness," Zhelyazkov said.
The conversion of the local currency into euros, which will be done at a fixed exchange rate, will be supported by market players and overseen by regulators who will monitor market prices, he said.
With an average monthly salary of 2,443 leva ($1,420.76), Bulgaria is the poorest country in the European Union.
(Reporting by Ivana SekularacEditing by Tomasz Janowski)
Prime Minister Rosen Zhelyazkov stated that Bulgaria's accession to the euro area will guarantee better growth and purchasing power for the people, leading to improved convergence with European living standards.
Bulgaria is set to become the 21st country to adopt the euro on January 1, 2026.
Many fear that the accession will lead to price hikes, similar to what has occurred in other countries that adopted the euro.
The conversion will be done at a fixed exchange rate without tight deadlines or commission fees for those converting their savings.
With an average monthly salary of 2,443 leva, Bulgaria is currently the poorest country in the European Union.
Explore more articles in the Headlines category
