What is Bulgarian Lev (BGN)?
Bulgarian Lev (BGN)
The Bulgarian Lev (BGN) is the currency that represents the monetary system of Bulgaria. It has a rich history that dates back to the late 19th century when it was first introduced in 1880, replacing the previous currency, the Bulgarian Lev, which had been in circulation since the establishment of the state.
The Lev is subdivided into 100 smaller units known as stotinki. The name 'Lev' is derived from the word for 'lion' in Bulgarian, symbolizing strength and resilience. The currency has undergone several changes and reforms, particularly during times of economic instability, to maintain its value and reliability.
As a part of the European Union since 2007, Bulgaria has committed to adopting the Euro in the future; however, the Lev remains in use as the country's official currency. The Lev is pegged to the Euro under a currency board arrangement, which helps stabilize the economy and control inflation by maintaining a fixed exchange rate.
Banknotes of the Lev come in various denominations, including 1, 2, 5, 10, 20, 50, and 100 Leva, each adorned with images of significant Bulgarian historical figures and landmarks, reflecting the country's rich cultural heritage. The coins, on the other hand, include denominations of 1, 2, 5, 10, 20, and 50 stotinki, as well as 1 and 2 Leva.
The Bulgarian Lev is widely accepted in all commercial establishments, including shops, restaurants, and hotels. Additionally, ATMs and banks provide easy access to cash in Lev, making it convenient for both locals and tourists. Exchange services are also available for foreign currencies, ensuring fluidity in transactions.
Overall, the Lev plays a vital role in the everyday lives of Bulgarians, serving not only as a medium of exchange but also as a symbol of national pride and economic stability. Its historical significance and structural integrity contribute to its ongoing relevance in Bulgaria's evolving economy.