Euronews Romania, 30 december 2025
Table of contents
Summary
The document, a transcription of a Euronews Romania video report from Ruse, Bulgaria, on December 30, 2025, details the country’s upcoming transition to the euro on January 1, 2026.
Key findings and concerns regarding Bulgaria’s euro adoption:
- Public Opposition: Nearly half of Bulgarians oppose the decision, according to a recent Eurobarometer survey.
- Economic Tensions: The transition is occurring amid concerns about:
- Price Rises: Traders are expected to adjust prices to protect profit margins, and citizens fear some will take advantage of the change to display higher prices. Some citizens already observe higher prices.
- Underground Economy: The switch has revealed the size of the underground economy, with massive cash deposits being reported. An estimated 10 billion of the approximately 30 billion leva in circulation is from the “gray area,” with some funds reportedly laundered through luxury real estate and car purchases, fueling inflation.
- Inflationary Pressure: Housing prices have risen by over 15%, and new car sales have significantly increased.
- Currency Market Fluctuation: Due to high demand for euros, the fixed leva-euro exchange rate (usually 1.95 leva to 1 euro) temporarily changed to 2 leva to 1 euro on the free market.
- Citizen Attitudes: Opinions are divided:
- Some citizens believe the country is not ready, view it as a “big mistake” due to corruption, or consider it a “trap.”
- Others see it as “progress” and hope it will be a simple change in physical money and numbers, especially since the lev has been pegged to the euro for many years.
- Transition Mechanics:
- Conversion from leva to euros will be automatic on January 1, 2026.
- Bulgarians can pay in both leva and euros until the end of January 2026. After that, only euros will be accepted.
- Banks will exchange leva until the end of 2026, and the Bulgarian National Bank will exchange banknotes and coins indefinitely.
As a side note, the report mentions that the National Bank of Romania will cease publishing the exchange rate of the Bulgarian lev against the Romanian leu as of January 5, 2026, and Romania does not yet have an official date for joining the euro.
Intro
On 30 December 2025, a Euronews Romania team visited the Bulgarian city of Ruse to document the situation ahead of Bulgaria’s accession to the eurozone. During the visit, Euronews Romania journalist Eduard Popescu surveyed citizens of Ruse to analyse their attitudes towards Bulgaria adopting the single European currency.
Video
Transcription of video material
Producer:
On 1 January, Bulgaria will switch to the euro, becoming the 21st country to adopt the single European currency since Croatia in 2023. However, this change is occurring amid a tense domestic situation, characterised by concerns about rising prices, the growth of the underground economy, and deep societal divisions. According to the latest Eurobarometer survey, nearly half of Bulgarians are opposed to this decision.
Announcer:
Just a few days before the switch to the euro, the Bulgarian banking system is facing a massive influx of cash. People are rushing to deposit their cash, while queues have formed at currency exchange offices. The high demand for euros has even led to a change in the fixed leva-euro exchange rate on the free market.
Vladimir Mitev:
It has even reached a point where, due to the massive demand for euros, the fixed exchange rate – which is usually around 1.95 leva to the euro – has changed to 2. Because this way everything became a profit and there was, of course, high demand; the market dictated.
Announcer:
The transition to the euro also revealed the size of the underground economy. According to estimates by the Bulgarian National Bank, of the approximately 30 billion leva in circulation, at least 10 billion come from the gray area. The Bulgarian press reports massive cash deposits, often accompanied by unusual explanations regarding the origin of the money.
Some of these funds are reportedly being laundered through real estate or car purchases, including luxury items. Housing prices have risen by more than 15%, and new car sales have skyrocketed, fueling inflationary pressure in an already strained economy.
Adrian Mitroi, finance professor:
This change brings money from the underground economy to the surface; there is probably, and certainly, a lot of money there that is unproductive, just like in the Romanian economy. Price adjustments will follow. Obviously, traders will do what they know best to protect their profit margins.
A significant portion of the population disagrees; it was to be expected that almost half would be against it.
Citizen 1:
I don’t think we’re ready.
Some people think it’s good because they hope we’ll become like other rich countries, but I think it will be the opposite. This is a trap.
Citizen 2:
This is a big mistake. There is no progress. Economic progress is good, but we have serious corruption in Bulgaria. That is the problem.
Citizen 3:
I think it is progress. I’m not sure if it’s the right time, to be honest, because of the political instability. The lev has been pegged to the euro for many years, so it has always been stable.
In principle, I hope it will just be a change in the numbers and the physical money. But I can imagine that some will take advantage of this change to display higher prices.
Eduard Popescu:
What is happening with prices?
Citizen 4:
They are higher. I think at the beginning of January they will remain almost the same. Perhaps in the first part of the year, the fluctuation will not be as great as it was throughout 2025.
Citizen 5:
I think everything will stay the same. I think it will be good when you adopt the euro (in Romania). It will be very good because both countries will have the same currency.
Eduard Popescu:
From 1 January 2026, money will automatically be converted from leva to euros. Until the end of January, Bulgarians will be able to pay in leva or euros, but after that, only euros will be accepted.
Banks will exchange leva until the end of 2026, and the Bulgarian National Bank will exchange banknotes and coins indefinitely.
Announcer:
As a result of Bulgaria’s accession to the euro area, the National Bank of Romania will cease to publish the exchange rate of the Bulgarian lev against the leu as of January 5. Romania does not yet have an official date for joining the European currency.
The other materials by Euronews Romania from Ruse on eurozone accession
Photo: (source: Pexels, CC0)
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