"Bulgaria and the euro Bulgaria committed to switching its currency, the lev, to the euro upon its joining the European Union in 2007, as stated in its EU accession treaty. The transition will occur once the country meets all the euro convergence criteria; it currently meets three of the five criteria, the exception being its membership for at least two years of the EU's official exchange rate mechanism (ERM II), which it has not yet joined despite the Bulgarian lev having been pegged to the euro since its introduction in 1999. In 2011 Bulgaria's Minister of Finance Simeon Djankov stated"
"Economic Studies at the Bulgarian Academy of Sciences, the average salary in Bulgaria is only a quarter (1/4) of the average salary in the EU, and should be two times higher when the labour productivity is calculated in the formula. 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 the Bulgaria's admission to the EU, the lev is scheduled to be replaced by the euro. In"
"April 2005, when the country's EU accession treaty was signed, the BNB issued a commemorative coin with the face value of 1.95583 leva. Bulgarian lev The lev (, plural: / , ) is the currency of Bulgaria. It is divided in 100 ""stotinki"" (, singular: , ). In archaic Bulgarian the word ""lev"" meant ""lion"", a word which in the modern language became ""lăv"" (IPA: ) (in Bulgarian: лъв). Stotinka comes from the word ""sto"" (сто) - a hundred. The lev was introduced as Bulgaria's currency in 1881 with a value equal to the French franc. The gold standard was"
"Bulgarian lev The lev (, plural: / , ) is the currency of Bulgaria. It is divided in 100 ""stotinki"" (, singular: , ). In archaic Bulgarian the word ""lev"" meant ""lion"", a word which in the modern language became ""lăv"" (IPA: ) (in Bulgarian: лъв). Stotinka comes from the word ""sto"" (сто) - a hundred. The lev was introduced as Bulgaria's currency in 1881 with a value equal to the French franc. The gold standard was suspended between 1899 and 1906 and suspended again in 1912. Until 1916, Bulgaria's silver and gold coins were issued to the same specifications"
"two percent higher on the year, approximately at the same level as it was before the crisis kicked off in 2007. The formal titles of the currency are ""euro"" for the major unit and ""cent"" for the minor (one hundredth) unit and for official use in most eurozone languages; according to the ECB, all languages should use the same spelling for the nominative singular. This may contradict normal rules for word formation in some languages, e.g., those where there is no ""eu"" diphthong. Bulgaria has negotiated an exception; ""euro"" in the Bulgarian Cyrillic alphabet is spelled as eвро (""evro"") and"
"a final ""-o"" (like ""euro"" from ""Europa""), other linguists, like Ramón d'Andrés, defend the spelling ""euro"". Bulgarian uses Cyrillic. The current design of euro banknotes, except for the ""new"" €5, €10, €20, €50, and upcoming €100 banknotes, has the word ""euro"" written in Latin and Greek alphabets. The 2013 design of the € 5 banknote introduced Cyrillic, adopting the spelling ЕВРО, as described below. When Bulgaria issues Euro coins, if the Greek model is followed, the alternative spelling will go on the national (obverse) side. In popular Bulgarian usage the currency is referred to as евро and, less often, (from"
"article – postpositive), евроцентове (plural), 2 евроцента (numerative form – after numerals). The word stotinki (стотинки), singular stotinka (стотинка), the name of the subunit of the current Bulgarian currency can be used in place of cent, as it has become a synonym of the word ""coins"" in colloquial Bulgarian; just like ""cent"" (from Latin centum), its etymology is from a word meaning hundred – ""sto"" (сто). Stotinki is used widely in the Bulgarian diaspora in Europe to refer to subunits of currencies other than the Bulgarian lev. Initially, the ECB and the European Commission insisted that Bulgaria change the name"
"banknotes. The second series of notes (beginning with the €5 note issued from 2013) includes the term ""ЕВРО"" and the abbreviation ""ЕЦБ"" (short for ""Европейска централна банка"", the Bulgarian name of the European Central Bank). The first series had only the standard Latin alphabet ""EURO"" and the Greek ""ΕΥΡΩ"". The euro coins only have the Latin ""EURO"" on their common side. Greek coins include the alternative Greek spelling on the national (obverse) side. Bulgarian coins, therefore, may follow suit, having ""EURO"" on one side and ""ЕВРО"" on the other. The plural of евро in Bulgarian varies in spoken language –"
"of the communist regime, new notes were introduced for 20, 50, 100 and 200 leva. These were followed by 500 leva notes in 1993, 1000 and 2000 leva in 1994, 5000 and 10,000 leva in 1996, and 50,000 leva in 1997. On 5 July 1999 the lev was redenominated at 1000:1 with 1 new lev equal to 1 Deutsche Mark. The ISO 4217 currency code for the new Bulgarian lev is BGN. The currency was no longer backed by gold and silver; thus the banknotes lost the text stating the lev's backing by gold or bank assets. Since Bulgaria gained"
"pfennig). Since 1997, Bulgaria has been in a system of currency board, and all Bulgarian currency in circulation has been backed 100% by the foreign exchange reserves of the Bulgarian National Bank (BNB). In 1962, aluminum-bronze 1, 2, and 5 stotinki, and nickel-brass 10, 20 and 50 stotinki and 1 lev were introduced. The coin series strongly resembles coinage from the Soviet Union during the same period, particularly in design and size. The state emblem is depicted on the obverse of all coins, which went through several changes. The first change in 1962 with the introduction of the new coinage,"
"regarding the official use of the language relating to the euro. The European Central Bank and the European Commission initially insisted that Bulgaria adopt the name ЕУРО (i.e., euro), rather than the original ЕВРО (i.e., evro) (from Bulgarian Европа , meaning ""Europe""), claiming the currency's name should be standardised across the EU as much as possible. Bulgaria maintained that its language's alphabet and phonetic orthography warranted the exception. At the 2007 EU Summit in Lisbon the issue was decided in Bulgaria's favour, making евро the official Cyrillic spelling from 13 December 2007. This ruling has affected the design of euro"
"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. In 2005 amendments were made to the Law on the BNB, which ensured the institutional, functional, financial and personal independence of the BNB, changed the core purpose of the Bank, and expressly prohibited the central bank from providing funding to public institutions. On 1 January 2007 Bulgaria joined the European Union, and ever since the BNB has been a"
"used on the banknotes as a result of Bulgaria joining the European Union in 2007. Therefore, the new series of Euro banknotes will include ""ЕВРО"", which is the Bulgarian spelling for EURO as well as the abbreviation ""ЕЦБ"" (short for ""Европейска централна банка"" in Bulgarian). The European Central Bank will, in due time, announce when banknotes from the first series lose legal tender status. The five euro note is the smallest at with a grey colour scheme. All bank notes depict bridges, arches or doorways in a different historical European style; the five euro note shows the Classical era (up"
"currency board. Inspired by the original Hanke-Schuler blueprint, members of the Bulgarian government drafted a law which converted the Bulgarian National Bank to a currency board system. Acting in his capacity as Stoyanov's adviser, Hanke continued to be deeply involved in fine-tuning and steering his idea to full adoption, throughout the drafting, legislative, and implementation process. Bulgaria adopted the proposal and installed the currency board on July 1, 1997. The currency board linked the lev to the German Deutsche mark, and later the euro. Upon adoption, the Bulgarian Currency Board immediately put an end to the country's 1997 hyperinflation episode."
"2005, the Bulgarian National Bank issued a commemorative coin with a face value of 1.95583 leva, giving it a nominal value of exactly 1 euro. The Madara Rider was one of the favourites to become the symbol of Bulgaria to be used on the national side of the country's euro coins. Other eminent pretenders for the title 'Symbol of Bulgaria' were the ancient tradition of the nestinars (Bulgarian fire-dancers), Cyrillic, the Rila Monastery and the Tsarevets medieval fortress near Veliko Turnovo. , debates about the design of the future Bulgarian Euro coins were held all over the country. They continued"
"that adoption of the euro would be postponed until after the Eurozone crisis had stabilized. Bulgarian euro coins have not yet been designed, but their motif has been chosen to be the Madara Rider. Bulgaria euro coins will replace the lev once the convergence criteria are fulfilled. As the current lev was fixed to the Deutsche Mark at par, the lev's peg effectively switched to the euro, at the rate of 1.95583 leva = 1 euro, which is the Deutsche Mark's fixed exchange rate to euro. On the occasion of the signing of the EU accession treaty on 25 April"
"earlier eagerness for Bulgaria to join the euro, but considered 2015 as a more likely date. If Bulgaria follows the standard path to euro adoption, it would use the euro two years after joining the European exchange rate mechanism (ERM II) (a formality given the lev's peg to the euro). In late 2010, given Bulgaria's improving economy, analysts thought that Bulgaria would join the ERM II the following year. However, the continued postponement of joining the mechanism has prevented Bulgaria meeting all five convergence criteria: its rebounding economy later met the four other criteria. In 1999, coins in denominations of"
"Bulgarian Европа , meaning ""Europe""); the plural varies in spoken language – евро, евра , еврота – but the most widespread form is евро – without inflection in plural. The word for euro, though, has a normal form with the postpositive definite article – еврото (the euro). The word for eurocent is евроцент and most probably that, or only цент , will be used in future when the European currency is accepted in Bulgaria. In contrast to euro, the word for ""cent"" has a full inflection both in the definite and the plural form: евроцент (basic form), евроцентът (full definite"
"Russian Imperial Commissar in Bulgaria, Knyaz Alexander Dondukov-Korsakov, approved the Charter of the Bulgarian National Bank. On 4 April 1879 the first BNB Governor was appointed, on 23 May the Bank was officially opened, and on 6 June it carried out its first banking operation. The Law on the right to mint coins in the Principality was passed in 1880, and it instituted the Bulgarian national currency – the Lev. In the next year Bulgaria minted its first coins of 2, 5 and 10 stotinki. Initially the BNB was a state-owned central bank, subject to the oversight of the Minister"
"Bulgarian National Bank The Bulgarian National Bank (, ""Balgarska narodna banka"", ) is the central bank of the Republic of Bulgaria with its headquarters in Sofia. The BNB was established on 25 January 1879. It is an independent institution responsible for issuing all banknotes and coins in the country, overseeing and regulating the banking sector and keeping the government's currency reserves. The BNB is also the sole owner of the Bulgarian Mint. The governor is Dimitar Radev. The bank has a key role in Bulgarian economy. Since 1.01.2007 the bank is a member of European system of central banks. The"
"Bosnia and Herzegovina convertible mark The Bosnia and Herzegovina convertible mark (Bosnian, Croatian, Serbian: , Cyrillic: ); sign: KM; code: BAM) is the currency of Bosnia and Herzegovina. It is divided into 100 ' or ' (Bosnian, Croatian, Serbian: /; Cyrillic: /), and locally abbreviated ""KM"". The convertible mark was established by the 1995 Dayton Agreement. It replaced the Bosnia and Herzegovina dinar, Croatian kuna and Republika Srpska dinar as the single currency of Bosnia and Herzegovina in 1998. ""Mark"" refers to the German mark, the currency to which it was pegged at par. The names derive from the German"
"domestic origin) in the latest history of the central bank. During that period the BNB is prepared for membership (and since 2007 becomes a full-fledged member) in the European System of Central Banks. Ivan Iskrov is a member of the General Council of the European Central Bank between 1 January 2007 and 15 July 2015, a member of the General Board of the European Systemic Risk Board between January 2011 and 15 July 2015, and Governor for Bulgaria in the International Monetary Fund in the period October 2003 - July 2015. After the onset of the global crisis the currency"
"surrounding Sofia Province, which alone generate 42% of national gross domestic product despite hosting only 22% of the population. PPP GDP per capita and the cost of living in 2017 stood at 49 and 48.4% of the EU average, respectively. National PPP GDP was estimated at $143.1 billion in 2016, with a per capita value of $20,116. Economic growth statistics take into account illegal transactions from the informal economy, which is the largest in the EU as a percentage of economic output. The Bulgarian National Bank issues the national currency, lev, which is pegged to the euro at a rate"
"euro in 1999, it has been pegged to the euro at a fixed rate of €1 = BGN 1.95583 through a strictly managed currency board. In all of the three latest annual assessment reports, Bulgaria managed to comply with four out of the five economic convergence criteria for euro adoption, only failing to comply with the criteria requiring the currency of the state to have been a stable ERM II member for a minimum of two years. The former governor of the Bulgarian National Bank, , in office when the currency board of the state was established, believes that adoption"
"it uses for the currency from ЕВРО to ЕУРО, claiming the currency should have an official and standard spelling across the EU. Bulgaria on the other hand stated that it wants to take into account the different alphabet and the principle of phonetic orthography in the Bulgarian language. The issue was decisively resolved in favour of Bulgaria at the 2007 EU Summit in Lisbon, allowing Bulgaria to use the Cyrillic spelling евро on all official EU documents. As of 13 December 2007, all EU institutions – including the ECB – use ЕВРО as the official Bulgarian transliteration of the single"
"the same time annual inflation in the economy was variable and during the last five years (2003–2007) has seen a low of 2.3% and high of 7.3%. Most importantly, this poses a threat to the country's accession to the Eurozone. The Bulgarian government originally planned to adopt the Euro no sooner than 2015. Although Bulgaria will have to adopt the euro as a condition to membership, plans have since been postponed for better economic times. From a political point of view, there is a trade-off between Bulgaria's economic growth and the stability required for early accession to the monetary union."
"other Communist countries' currencies, it was not freely convertible for Western funds. Consequently, black market rates were five to ten times higher than the official rate. During the period, until 1989 the lev was backed by gold, and the banknotes have the text stating: ""The bank note is backed by gold and all assets of the bank"" (). After the fall of communism, Bulgaria experienced several episodes of drastic inflation and currency devaluation. In order to change this, in 1997, the lev was pegged to the Deutsche Mark, with 1000 lev equal to 1 DM (one lev equal to 0.1"
"2009, Standard & Poor's upgraded Bulgaria's investment outlook from ""negative"" to ""stable,"" which made Bulgaria the only country in the European Union to receive positive upgrade that year. In January 2010 Moody's followed with an upgrade of its rating perspective from ""stable"" to ""positive."" Bulgaria was expected to join the Eurozone in 2013 but after the rise of some instability in the zone Bulgaria is withholding its positions towards the Euro, combining together positive and realistic attitudes. The Bulgarian lev is anyway bound to the euro. Bulgaria regards becoming a member of the Eurozone at present as too risky. The"
"25.01.1879 and it is the 13 oldest central bank in the world. Its headquarter is in Sofia. BNB is an independent institution responsible for the issuance of national currency (the Bulgarian lev) and maintenance of the bank system's stability. The bank has a key role in Bulgarian economy. Since 1.01.2007 the bank is a member of European system of central banks. The governor of BNB is a member of General Assembly of European central bank. The bank has three departments: - Issue Department - responsible to maintain the full foreign exchange cover of the total amount of monetary liabilities i.s."
"mistake, even though other banknotes with mistakes had been issued. These are the most important mistakes that have been noticed till now: Bosnia and Herzegovina convertible mark The Bosnia and Herzegovina convertible mark (Bosnian, Croatian, Serbian: , Cyrillic: ); sign: KM; code: BAM) is the currency of Bosnia and Herzegovina. It is divided into 100 ' or ' (Bosnian, Croatian, Serbian: /; Cyrillic: /), and locally abbreviated ""KM"". The convertible mark was established by the 1995 Dayton Agreement. It replaced the Bosnia and Herzegovina dinar, Croatian kuna and Republika Srpska dinar as the single currency of Bosnia and Herzegovina in"
"Belarusian ruble The Belarusian ruble or rouble ( ""rubieĺ"", plural: рублі ""rubli"", genitive plural: рублёў ""rublioŭ""; sign: Br; code: BYN) is the official currency of Belarus. The ruble is subdivided into 100 kapeks ( ""kapiejka"", plural: капейкі ""kapiejki"", genitive plural: капеек ""kapiejek""). As a result of the breakup of the supply chain in the former Soviet enterprises, goods started to be bought and sold in the market, often requiring cash settlement. The Belarusian unit of the USSR State Bank had neither the capacity nor the licence to print Soviet banknotes, so the government decided to introduce its own national currency"
"евро, евра , еврота – but the most widespread form is евро – without inflection in plural. The word for euro, though, has a normal form with the postpositive definite article – еврото ([ˈɛvroto], the euro). The word for eurocent is евроцент and most probably that, or only цент , will be used in future when the European currency is accepted in Bulgaria. In contrast to euro, the word for ""cent"" has a full inflection both in the definite and the plural form: евроцент (basic form), евроцентът (full definite article – postpositive), евроцентове (plural), 2 евроцента (numerative form – after"
"of Belarus abandoned pegging the Belarusian ruble to the Russian ruble in August 2007. A new currency, the new Belarusian ruble (ISO 4217 code: BYN) was introduced in July 2016, replacing the Belarusian ruble in a rate of 1:10,000 (10,000 old rubles = 1 new ruble). From 1 July until 31 December 2016, the old and new currencies will be in parallel circulation and series 2000 notes and coins can be exchanged for series 2009 from 1 January 2017 to 31 December 2021. This redenomination can be considered an effort to fight the high inflation rate. The banking system of"