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Main article: "Bulgaria and the euro

Since Bulgaria gained EU membership in 2007 various dates have been suggested as the expected end of the lev: towards the end of that year 1 January 2012 was a possible date;[6] however, the "global financial crisis of 2008 and the "Eurozone crisis cooled the initial enthusiasm for the euro. Nevertheless, in 2009 "The Economist noted suggestions to accelerate Bulgaria's path to the euro, or even let it be adopted immediately, despite the EU institutions' unwillingness to deviate from a policy of euro adoption only after five "Euro convergence criteria have been met.[7] In 2011 the Bulgarian finance minister Simeon Djankov acknowledged his earlier eagerness for Bulgaria to join the euro, but considered 2015 as a more likely date.[8] If Bulgaria follows the standard path to euro adoption, it would use the euro two years after joining the "European exchange rate mechanism (ERM II) (a formality given the lev's peg to the euro). In late 2010, given Bulgaria's improving economy, analysts thought that Bulgaria would join the ERM II the following year.[9] However, the continued postponement of joining the mechanism has prevented Bulgaria meeting all five convergence criteria: its rebounding economy later met the four other criteria.[10]

Coins[edit]

In 1999, coins in denominations of 1, 2, 5, 10, 20 and 50 stotinki were introduced.[11] A 1 lev coin in 2002 replaced the 1 lev banknote introduced in 1999. In November 2014 it was announced that coins of 2 leva to replace banknotes of the same value are to be introduced on December 7, 2015.[12]

Coins of the fourth lev (1999–present)[13]
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
1 stotinka 16 mm 1.8g CuAlNi Plain Value, year, twelve stars as "symbol of Europe. Country name, "Madara Rider 1999
2000
5 July 1999[11] Current
2 stotinki 18 mm 2.5 g
5 stotinki 20 mm 3.5 g
10 stotinki 18.5 mm 3.0 g CuNiZn riffled Value, year, twelve stars as "symbol of Europe. Country name, "Madara Rider 1999 5 July 1999 Current
20 stotinki 20.5 mm 4.0 g
50 stotinki 22.5 mm 5.0 g
1 lev 24.5 mm 7.0 g outer circle: yellowish alloy
inner circle: white alloy
serrated by sectors Value, year, graphical pattern of two crossing lines. Country name, saint "Ivan Rilski 2002 2 September 2002[14] Current
""Coin of 2 bulgarian leva.gif 2 leva 26.5 mm 9.0 g outer circle: white alloy CuNiZn

inner circle: yellowish alloy CuNi

serrated by sectors Value, year, graphical pattern of two crossing lines. Country name, "Paisius of Hilendar 2015 7 December 2015 Current
These images are to scale at 2.5 pixels per millimetre. For table standards, see the "coin specification table.
Commemorative coins[edit]
Commemorative coins of Bulgaria

In 2004, 2005 and 2007 commemorative circulation issues were struck of the 50 stotinkas coin.[13] Also many commercial commemorative coins have been minted.

Banknotes[edit]

In 1999, banknotes were introduced in denominations of 1, 2, 5, 10, 20 and 50 leva. 100 leva notes were added in 2003. The 1 lev note has been nearly completely replaced in everyday use by the 1 lev coin. The 2 leva note was replaced in everyday use by a coin on December 7, 2015.

Banknotes of the fourth leva (1999–present)[13]
Image Value Dimensions Watermark Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal lapse
[1] [2] 1 lev 112 × 60 mm Rampant lion "Ivan Rilski "Rila Monastery 1999 5 July 1999 Was replaced by the 1 Lev coin
[3] [4] 2 leva 116 × 64 mm "Paisiy Hilendarski "Istoriya Slavyanobolgarskaya 1999
2005
[5] [6] 5 leva 121 × 67 mm "Ivan Milev Ivan Milev Paintings by Ivan Milev 1999
2009
[7] [8] 10 leva 126 × 70 mm "Petar Beron Petar Beron "Astronomical instruments 1999
2008
[9] [10] 20 leva 131 × 73 mm "Stefan Stambolov Stefan Stambolov "Orlov most, "Lavov most 1999
2007
[11] [12] 50 leva 136 × 76 mm "Pencho Slaveykov Pencho Slaveykov Poems by Pencho Slaveykov 1999
2006
[13] [14] 100 leva 141 × 79 mm "Aleko Konstantinov Aleko Konstantinov Aleko Konstantinov; his work "Bay Ganyu" (Uncle Ganyu) 2003 8 December 2003[15]
These images are to scale at 0.7 pixels per millimetre. For table standards, see the "banknote specification table.

The contemporary 2 lev banknote contains "Paisiy Hilendarski, his monastery, the Coat of Arms of the "Second Bulgarian Empire, images and seals of some kings, a double-headed eagle; the 5 lev banknote contains the painter Ivan Milev Lalev, a man with a crown of thorns, a face with shield(or a pregnant women with a belly) touching it, and the sideview of a creature with а sickle and hood resembling the death; on the 10 lev banknote "Petar Beron is visible with a whale, a rhino, a telescope, a globe of Earth and "Saturn; a 20 lev banknote contains "Stefan Stambolov, the 1878 seal of "Veliko Tarnovo, three arrows hitting heels of lions, the parliament building hit by an arrow, a lion hit by an arrow in the back behind an eagle, a "flywheel with six arrows; on the 50 lev "Pencho Slaveykov and the ghost of his lover are shown, a phaeton, the building of the theater in Sofia and a bird; on the 100 lev banknote "Aleko Konstantinov is shown with his work ""Bay Ganyo untold tales of a contemporary Bulgarian" hit by a spear in the chest through his pocket watch.

Exchange rate[edit]

The fourth lev was pegged to the German mark at par from the start. With the replacement of the Deutsche Mark by the "euro, the lev's peg effectively switched to the euro at the rate of 1.95583 leva = 1 euro (precisely equivalent to the Deutsche Mark's fixed exchange rate to euro). This rate is unlikely to change before the lev's eventual retirement. (Bulgaria committed to adopting the euro as part of its joining the EU.) On 25 April 2005, when the country's EU accession treaty was signed, the BNB issued a commemorative coin with the face value of 1.95583 leva.

Current BGN exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

See also[edit]

Notes[edit]

  1. ^ The nickname for lev can be both kint (masc) and kinta (fem), inflected accordingly for plurals and numerical values (kinta, kinti); stotinka – which literally simply means hundredth (diminutive) – is usually shortened to stinka.
  2. ^ "Lev - Definition and More from the Free Merriam-Webster Dictionary". Merriam-webster.com. 2012-08-31. Retrieved 2014-07-22. 
  3. ^ "Нула = Нищо. А Три Нули?". Euro2001.net. Retrieved 2014-07-22. 
  4. ^ "BULGARIA 500 LEVA 1951". Banknotesinfo.com. 1952-05-12. Retrieved 2014-07-22. 
  5. ^ "Prof. Dr. Ivan Angelov: Bulgaria needs a managed floating exchange rate". Retrieved 2009-01-12. 
  6. ^ "Bulgaria's budget of reform". "The Sofia Echo. 30 November 2007. Retrieved 2008-02-06. 
  7. ^ "The bill that could break up Europe". The Economist. 2009-02-26. Retrieved 2014-01-05. 
  8. ^ "Bulgaria puts off Eurozone membership for 2015". "Radio Bulgaria. 2011-07-26. Retrieved 2014-01-05. 
  9. ^ "The world in figures: Countries: Bulgaria". The Economist. 2010-11-22. Retrieved 2014-01-05. 
  10. ^ "Convergence Report May 2012" (PDF). European Central Bank. 2012-05-25. Retrieved 5 January 2014. 
  11. ^ a b National Bank of Bulgaria. Annual Report 1999. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_1999_en.pdf
  12. ^ National Bank of Bulgaria. Press release 19 November 2014. Available at:http://www.bnb.bg/PressOffice/POPressReleases/POPRDate/PR_20141119_1_EN
  13. ^ a b c National Bank of Bulgaria. Available at: http://www.bnb.bg/NotesAndCoins/NACCoinsCurrency/index.htm
  14. ^ National Bank of Bulgaria. Annual Report 2002. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_2002_en.pdf
  15. ^ National Bank of Bulgaria. Annual Report 2003. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_2003_en.pdf

External links[edit]

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