If someone decides to exchange Bulgarian leva for euros at a currency exchange office right now, the loss is noticeable. For every 100 leva, the difference compared to the official fixed rate amounts to around 1.70 leva, or about 0.88 euros, Radio Free Europe reports. After January 1, however, exchanging money at a bank will not involve such a loss. Despite this, queues have formed in front of exchange offices, raising the question of why many people are choosing to convert their cash now rather than wait.
At one exchange office in central Sofia, an elderly man said he was changing leva into euros for an upcoming trip abroad and had not paid much attention to the rate, as the sum was small. In reality, the rate offered was significantly above the fixed one: around 1.98 leva per euro instead of the official 1.95583. Checks conducted across the country show this is not an isolated case. A survey of exchange offices in cities including Sofia, Plovdiv, Haskovo, Kardzhali, Dobrich, Silistra, Pernik and Montana found selling rates ranging between 1.985 and 1.99 leva per euro.
In practical terms, this means that anyone exchanging 100 leva at an exchange office today effectively gives up around 1.70 leva, roughly 0.88 euros, compared to what they would receive at the fixed rate. This comes just weeks before the euro is introduced. From January 1, all banks will be required to exchange leva into euros at the official rate, and funds already held in bank accounts will be converted automatically, again without losses from unfavorable rates.
The pricing policy of exchange offices is regulated, but flexible. Bulgarian rules allow exchange rates to deviate by up to 5% from the daily reference rate published by the Bulgarian National Bank. Within this framework, a rate close to 1.99 leva per euro is legally acceptable. Owners of exchange office chains say the current levels are driven mainly by market conditions, citing a sharp rise in demand.
At the same time, supply constraints play a role. Because of the transition to the euro, banks that provide cash to exchange offices are under heavy operational pressure. This has led to delays in fulfilling orders for euro banknotes. In Plovdiv, one exchange office said it had temporarily stopped taking new requests because euros ordered from a bank were arriving several days late.
Economists point to another key reason behind the increased demand. According to exchange office operators and analysts, a large share of current buyers are people who prefer not to use banks in order to avoid declaring the origin of their funds. Under Bulgarian law, deposits exceeding 30,000 leva require a declaration of where the money comes from. To bypass this, some individuals are willing to accept worse exchange rates in return for staying outside the banking system.
Economist Georgi Stoev argues that many people see this as the price of keeping their money undeclared. Krasen Stanchev from Sofia University adds that there is a widespread fear that depositing cash in a bank will raise questions about savings kept “in jars” at home. At the same time, Stoev notes that not everyone exchanging money now fits this profile. Some do so simply because they are uninformed and unaware that banks and, in smaller settlements, post offices will exchange cash at the fixed rate without fees after January 1.
According to economists, this lack of information easily turns into anxiety, prompting rushed decisions. Their advice is clear: there is no need to hurry. Exchanging cash immediately after the euro’s introduction is unnecessary, and waiting a few weeks can save time and stress, as queues at banks are expected to subside.
Until the end of June 2026, citizens will be able to exchange or deposit leva without any commission at commercial banks and at the Bulgarian National Bank. After that date, the same service will continue indefinitely, but only at the central bank. One of the simplest solutions is to deposit cash into a bank account now. Once the euro is introduced, the balance will be converted automatically at the fixed rate, without fees or additional steps.
From January 1, 2026, Bulgaria will officially become the 21st member of the eurozone. With this step, the country’s currency board system will come to an end, closing a chapter that began nearly 30 years ago when the lev was first pegged to the German mark and later to the euro.