SOFIA: Bulgaria on Thursday became the 21st country to switch to the euro, a milestone met with both cheers and fears, nearly 20 years after the Balkan nation joined the European Union.

At midnight, Bulgaria gave up the lev, in use since the late 19th century, and Bulgarian euro coins were projected onto the central bank’s building.

“I warmly welcome Bulgaria to the euro family,” said Christine Lagarde, president of the European Central Bank, calling the euro a “powerful symbol” of “shared values and collective strength”.

“Great! It works!” exclaimed Dimitar, a 43-year-old man after withdrawing 100 euros from an automated teller machine shortly after midnight.

Successive governments in the country of 6.4 million people have advocated joining the euro, hoping that it will boost the economy of the European Union’s poorest member, reinforce ties to the West and protect against Russia’s influence.

At city markets, stalls now display prices in both levs and euros

But Bulgarians have long been divided over the switch, with many worrying the introduction could usher in higher prices and add to the political instability rattling the country.

In a speech broadcast shortly before midnight, President Rumen Radev hailed it as the “final step” in Bulgaria’s EU integration, as thousands of people braved sub-zero temperatures in the capital Sofia to celebrate the New Year.

Radev however voiced regret that Bulgarians had not been consulted by referendum on the adoption.

“This refusal was one of the dramatic symptoms of the deep divide between the political class and the people, confirmed by mass demonstrations across the country.” Anti-corruption protests swept a conservative-led government from office in mid-December, leaving a country anxious about inflation on the verge of its eighth election in five years.

“People are afraid that prices will rise, while salaries will remain the same,” a woman in her 40s who declined to give her name told AFP in Sofia.

At one of the city’s largest markets, stalls displayed prices of everything from groceries to New Year’s Eve essentials like sparklers in both levs and euros.

“The whole of Europe has managed with the euro, we’ll manage too,” retiree Vlad told AFP.

European Commission president Ursula von der Leyen said Wednesday that Bulgaria’s move into the eurozone marked “an important milestone” for Bulgarians. “It will make travelling and living abroad easier, boost the transparency and competitiveness of markets, and facilitate trade,” she said.

Published in Dawn, January 2nd, 2026