Bulgaria: Adoption of the euro (EUR)
Clearstream Banking1 informs clients that effective
1 January 2026
the Republic of Bulgaria will officially join the Eurozone and adopt the euro (EUR) as its national currency.
On 8 July 2025, the Council of the European Union adopted the final three legal acts required for Bulgaria to introduce the euro. One of these acts sets the official conversion rate at:
1 EUR = 1.95583 BGN
This fixed rate is based on the current central rate of the Bulgarian lev (BGN) in the Exchange Rate Mechanism (ERM II).
Currency rounding convention
The conversion from BGN to EUR will be carried out by dividing the value in BGN by the full value of the exchange rate fixed for this purpose, expressed in the full five decimals.
The resulting euro amount shall be rounded to the second decimal, applying the third decimal rounding rule, in accordance with the following rule:
- If the third decimal is less than five, the second decimal remains unchanged.
- If the third decimal is greater than or equal to five, the second decimal is increased by one unit.
Asset class conversion guidelines
Shares/equity
Nominal value of one share is converted from BGN to EUR.
Nominal value in BGN is divided by the full value of the official exchange rate and the result is rounded according to the above rounding rule.
Corporate bonds
Total nominal value of debt securities in BGN is divided by the full value of the official exchange rate and the nominal value of the issue in EUR is obtained.
The result obtained is rounded to the second decimal according to the above rounding rule.
The nominal value of one bond in euro is obtained by dividing the total nominal value of the bond issue received in euro by the number of bonds in the issue.
Government bonds
Nominal value will be converted from BGN to EUR.
The result obtained is rounded to the second decimal according to the above rounding convention.
Investment funds and alternative investment funds
First business day after adoption, NAV (Net Asset Value) in BGN at the end of the previous business day shall be converted using the official conversion rate to obtain NAV in EUR.
The NAV of one euro unit is calculated by dividing the converted NAV of the number of units outstanding and rounding the resulting value to the fourth decimals as follows:
- When the fifth decimal is less than five, the fourth decimal shall remain unchanged.
- Where the fifth decimal is equal to or greater than five, the fourth decimal shall be increased by one unit.
Currency conversion required for all BGN cash balances and deposits
Cash balances to be converted into EUR at the official conversion rate 1.95583 per EUR 1.
The conversion from BGN to EUR will be carried out by dividing the value in BGN by the full value of the exchange rate fixed for this purpose, expressed in the full five decimals.
The resulting euro amount shall be rounded to the second decimal, applying the third decimal rounding rule, in accordance with the following rule:
- If the third decimal is less than five, the second decimal remains unchanged.
- If the third decimal is greater than or equal to five, the second decimal is increased by one unit.
Further information
Details regarding cutover procedures and the conversion and redenomination process in the Bulgarian market will be provided in due course.
For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.