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Bulgaria enters Eurozone "waiting room"

European Central Bank
Photo: Archive

Bulgaria and Croatia have joined the ERM II exchange rate mechanism and the Banking Union, and in the next 3 years the two countries will prepare for the adoption of the single European currency, the European Central Bank has announced. Thus, the euro area may expand with new members for the first time since 2015, when Lithuania became its 19th member. 

"This is a historic act that will be of great importance for the future of Bulgaria", said Bulgarian National Bank Governor Dimitar Radev at a briefing on Bulgaria's accession to ERM II. Finance Minister Vladislav Goranov added that this was equally important to Bulgarias membership in NATO and the EU, and the next logical step would be Bulgaria's accession to the euro zone.

The adoption of the euro as Bulgaria's national currency is possible in 2023. The European Central Bank has set a reference rate for the conversion of the Bulgarian lev into the euro of 1.95583 lev for 1 euro.



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