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Bulgaria's unit of currency is the lev (pl., leva). In October 2006, the U.S. dollar was worth 1.57 leva. In 1999, the value of the lev was pegged to that of the German Deutschmark, which was replaced by the euro in 2001. Following Bulgaria's admission to the EU, the lev is scheduled to be replaced by the euro. [143]
During the Great Recession, Bulgaria saw its economy decline by 5.5% in 2009, but quickly restored positive growth levels to 0.2% in 2010, in contrast to other Balkan countries. [7] However, the growth continued to be weak in the following years, and GDP only reached pre-crisis levels in 2014.
In order to change this, in 1997, the lev was pegged to the Deutsche Mark, with 1,000 lev equal to 1 DM (one lev equal to 0.1 pfennig). Since 1997, Bulgaria has been in a system of currency board, and all Bulgarian currency in circulation has been completely backed by the foreign exchange reserves of the Bulgarian National Bank (BNB).
The S&P 500 gained 1.4%, while the Dow Jones Industrial Average (^DJI) increased by 1.5%, or more than 500 points. The technology-heavy Nasdaq Composite ( ^IXIC ) advanced by 1.2%.
10-year Treasury : -4.1 bps to yield 1.8070% 3:05 p.m. ET: Natural gas for February sees record-setting spike Gas for February delivery spiked 72% suddenly in afternoon trading, reflecting the ...
The Canadian dollar, the Mexican peso and the Chinese yuan all strengthened by 1-1.5%, while the euro rose 1.5%, set for its largest one-day rally against the dollar in well over a year. European ...
At first, the Bulgarian Lev was pegged to the Deutsche Mark, and from 1999 – to the Euro, at the rate of 1.95583 Leva for 1 Euro. Later in the same year the Bulgarian Lev was re-denominated. In 1998, the BNB Printing Works was opened for business, and it began the production of banknotes and bonds with a very high level of security.
The European Exchange Rate Mechanism (ERM II) is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro (replacing ERM 1 and the euro's predecessor, the ECU) as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe.