The Bulgarian Lev (BGN) is the official currency of Bulgaria, known for its rich history and unique design. 

Introduced in 1880, the Lev has undergone several changes over the years, reflecting the country’s economic development and cultural heritage. 

With a fixed exchange rate to the Euro, the Bulgarian Lev plays a crucial role in the nation’s economy, facilitating trade and investment. 

Read on to learn more about Bulgarian Lev and currency exchange rates.

What does Bulgarian Lev (BGN) mean

The Bulgarian Lev (BGN) is the official currency of Bulgaria. The word “lev” means “lion” in Bulgarian. Each lev is subdivided into 100 stotinki. 

The currency is pegged to the euro at a fixed rate of 1 EUR = 1.95583 BGN. 

This stable exchange rate has helped maintain its value, especially during Bulgaria’s integration with European markets. 

The Bulgarian Lev has undergone several changes throughout its history, with the current version being introduced in 1999.

How the Bulgarian Lev is Represented

• Symbol: лв (lv)
• Code: BGN

When you see “лв” or “BGN,” it refers to the Bulgarian Lev.

History of the Bulgarian Lev

The history of the Bulgarian Lev dates back to 1881 when it was first introduced. Bulgaria had previously used the Turkish Lira and later switched to the Lev to establish its currency system.

The Lev was originally backed by gold, which meant that its value was tied to gold reserves. 

The currency went through several changes over the years, especially during periods of war and economic hardship. 

In 1999, Bulgaria introduced a new Lev, replacing the old Lev at a rate of 1 new Lev = 1,000 old Leva.

The Bulgarian Lev (BGN) has undergone several changes throughout its history, marked by four significant periods. 

Each period reflects economic developments, shifts in government policies, and changes in Bulgaria’s monetary system.

1. First Lev (1881 – 1952)

The First Bulgarian Lev was introduced in 1881, just a few years after Bulgaria gained independence from the Ottoman Empire. 

It was initially pegged to the French Franc under the Latin Monetary Union, meaning its value was linked to gold and silver. The first Lev coins were made of gold and silver, and paper notes were introduced later. 

This period saw the establishment of the Lev as Bulgaria’s official currency, though it experienced inflation and instability due to wars and economic challenges.

2. Second Lev (1952 – 1962)

In 1952, after World War II and the establishment of a communist government, Bulgaria introduced the Second Lev to address the devaluation of the First Lev. 

The Second Lev replaced the old currency at a ratio of 1 new Lev = 100 old Levs. 

This revaluation aimed to stabilize the economy, but inflation remained a problem, and the currency was tightly controlled by the communist regime.

3. Third Lev (1962 – 1999)

The Third Lev was introduced in 1962, once again devaluing the currency, this time at a ratio of 1 new Lev = 10 old Levs. 

This Lev was tied to the Soviet Ruble, reflecting Bulgaria’s close economic ties to the Soviet Union during the communist period. 

With the fall of communism in 1989, Bulgaria transitioned to a market economy, but the Lev experienced extreme inflation in the early 1990s due to political and economic instability.

4. Fourth Lev (1999 – Present)

In 1999, Bulgaria introduced the Fourth Lev, which is still in use today. The Fourth Lev replaced the Third Lev at a ratio of 1 new Lev = 1,000 old Levs. This major revaluation was part of an economic stabilization program supported by the International Monetary Fund (IMF) and other international organizations. 

The Fourth Lev was pegged to the German Mark and later to the Euro (EUR) after Germany adopted the Euro. Today, the Lev remains pegged to the Euro at a fixed rate of 1 EUR = 1.95583 BGN.

Exchange Rate with Other Currencies 

The Bulgarian Lev is not pegged to any other currency but typically has a stable exchange rate against the Euro (EUR) and the US Dollar (USD). The exchange rates can fluctuate daily, so it’s essential to check for the latest rates if you plan to exchange money or travel to Bulgaria.

Below are the exchange rates for the Bulgarian Lev (BGN) against some major currencies as of October 11, 2024:

• US Dollar (USD): 1 BGN = 0.5597 USD
• Euro (EUR): 1 BGN = 0.5113 EUR
• British Pound (GBP): 1 BGN = 0.4280 GBP
• Swiss Franc (CHF): 1 BGN = 0.4798 CHF
• Japanese Yen (JPY): 1 BGN = 83.48 JPY
• Canadian Dollar (CAD): 1 BGN = 0.7554 CAD
• Australian Dollar (AUD): 1 BGN = 0.9171 AUD
• Indian Rupee (INR): 1 BGN = 44.49 INR

Banknotes of the Bulgarian Lev

The Bulgarian Lev has several colorful banknotes, each featuring different historical figures and landmarks:

• 1 Lev: This banknote is green. It features a portrait of Mikhail Lermontov, a famous Bulgarian poet. The size of this note is about 140 x 70 mm.
• 2 Leva: The 2 Lev note is red. It showcases Gеorgi Sava Rakovski, a significant figure in Bulgarian history. This banknote measures approximately 140 x 70 mm.
• 5 Leva: This banknote is blue. It features Vasil Levski, a national hero known for fighting for Bulgaria’s freedom. The size is about 140 x 70 mm.
• 10 Leva: The 10 Lev note is brown. It displays Hristo Botev, a revolutionary poet and freedom fighter. This banknote also measures 140 x 70 mm.
• 20 Leva: This banknote is orange and features a portrait of Ivan Vazov, a beloved Bulgarian author. Its dimensions are around 140 x 70 mm.
• 50 Leva: The 50 Lev note is purple. It features Simeon I, a historical ruler of Bulgaria. This note measures about 150 x 70 mm.
• 100 Leva: The largest banknote is blue and features Dragan Tsankov, a prominent politician. The size of this banknote is approximately 150 x 70 mm.

Coins of the Bulgarian Lev

The Bulgarian Lev also includes coins that are used for everyday transactions. The coins available include:

• 1 Stotinka (equivalent to 0.01 Lev)
• 2 Stotinki (0.02 Lev)
• 5 Stotinki (0.05 Lev)
• 10 Stotinki (0.10 Lev)
• 20 Stotinki (0.20 Lev)
• 50 Stotinki (0.50 Lev)
• 1 Lev
• 2 Leva
• 5 Leva

These coins come in various sizes and colors, making them easy to recognize.

Example of Converting Bulgarian Lev (BGN) to U.S. Dollars (USD)

The exchange rate between the euro and the Bulgarian lev (BGN) is fixed at 1.95583 leva per euro, meaning the value of the lev is directly tied to the euro. However, the lev is not fixed to other currencies, such as the U.S. dollar, so its exchange rate with the dollar can change over time.

For instance, between 2015 and the end of 2018, the exchange rate between the U.S. dollar and the lev (USD/BGN) fluctuated between 1.56 and 1.86. 

When the rate is 1.56, the lev is stronger because it takes fewer lev to buy one U.S. dollar. Conversely, when the rate is higher, like 1.86, it costs more leva to buy one U.S. dollar.

If the USD/BGN exchange rate is 1.72, it means you need 1.72 BGN to buy one USD. To reverse the calculation and find out how much USD it takes to buy one BGN, you can divide 1 by the current exchange rate. 

For example, 1 / 1.72 = 0.5814, which means it costs $0.5814 to buy one BGN.

So, if the exchange rate is 1.72, the BGN/USD rate is 0.5814.

The Role of the Bulgarian Lev Today

Today, the Bulgarian Lev is an essential part of the Bulgarian economy. It is used in everyday transactions, and prices for goods and services are displayed in Lev. The government and financial institutions work to keep the currency stable, ensuring it holds value and can be used confidently by the citizens of Bulgaria.

Conclusion

The Bulgarian Lev (BGN) stands as an important currency in the Balkan region, symbolizing Bulgaria’s economic progress and stability. 

Its rich history, coupled with its connection to the Euro, makes the Lev a key player in both local and international markets. 

By gaining knowledge about the Lev, people can make informed decisions regarding investments, travel, and trade, further contributing to Bulgaria’s growing economy. 

As the nation continues to evolve, the Bulgarian Lev remains a vital aspect of its financial identity.