Bulgaria is not yet a member of the euro area. The lev is, however, yet part of the exchange rate mechanism (ERM II) since 10 July 2020.
Adoption of the euro
Bulgaria participates in the ERM II since 10 July 2020. It must participate in the mechanism without severe tensions and without devaluing its central rate against the euro for at least two years before it can qualify to adopt the euro. Being part of the Exchange Rate Mechanism is intended to help non euro-area countries prepare themselves for becoming part of the euro area. It is an important milestone towards adopting the euro.
Central exchange rate
The lev observes a central rate of 1.95583 to the euro. Bulgaria also committed unilaterally to continue its currency board arrangement within the ERM II.