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On 5 July 1999 the lev was redenominated at 1000:1 with 1 new lev equal to 1 Deutsche Mark. [17] The ISO 4217 currency code for the new Bulgarian lev is BGN. The lev is pegged at €1 = 1.95583 leva (previously DEM 1 = BGN 1, continuing the fixed exchange rate from the third lev).
In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2] Denmark is the only EU member state which has been granted an exemption from using the euro. [1]
1 EUR = 1.95583 BAM Bulgaria: Bulgarian lev: Bulgarian National Bank: 1 EUR = 1.95583 BGN Czech Republic: Czech koruna: Czech National Bank Denmark: Danish krone: Danmarks Nationalbank: 1 EUR = 7.46038 DDK (ERM II Georgia: Georgian Lari: National Bank of Georgia Hungary: Hungarian forint: Hungarian National Bank Kazakhstan: Kazakh tenge ...
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]
The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark (which has an opt-out in the EU treaties) bound to adopt it.
In 1997 another Law on the BNB superseded the previous one; it reorganized the monetary system, and from 1 July a currency board arrangement was put in place. 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 ...
Bulgaria plans to adopt the euro and become the 21st member state of the eurozone. The Bulgarian lev has been on a currency board since 1997, with a fixed exchange rate initially against the Deutsche Mark and subsequently its replacement the euro. Bulgaria's target date for introduction of the euro was 1 January 2025.
Using a mechanism known as the "snake in the tunnel", the European Exchange Rate Mechanism was an attempt to minimize fluctuations between member state currencies—initially by managing the variance of each against its respective ECU reference rate—with the aim to achieve fixed ratios over time, and so enable the European Single Currency (which became known as the euro) to replace national ...