BNB: Nearly half of BGN banknotes withdrawn as euro transition underway

The Bulgarian National Bank (BNB) has announced that nearly half of Bulgaria’s old lev banknotes have been withdrawn from circulation.

As of 9 January, 16.1 billion leva were in circulation, having removed 48% of the notes in circulation at the start of the year. The bank added that more than 3.1 billion euros are now in use.

Petar Ganev, senior economist at the Institute for Market Economics, told Bulgarian National Radio that the euro transition is proceeding more smoothly than expected. Although lev — traditionally around 30 billion — still dominate, he said that the process is irreversible: “All incomes are now coming in euros… The train is one-way.”

GERB leader Boyko Borisov also commented in a Facebook video: 'Joining the eurozone is tedious, but credit to the Bulgarian people for a calm transition. People are adapting sensibly.'

Editor: Ivo Ivanov

Posted in English by E. Radkova