Bulgaria before joining the euro: opportunities and risks for tourists!

Bulgaria before joining the euro: opportunities and risks for tourists!

The euro introduction in Bulgaria is just around the corner: The EU Commission approved the country to be included in the euro zone on January 1, 2026. Bulgaria plans to abolish its state currency LEW and introduce the euro as an official means of payment. This could make the country a member of the euro zone after Croatia joined on January 1, 2023. Many see the introduction of the euro as a possibility to strengthen the Bulgarian economy and attract more foreign investments, such as Infranken .

economic perspectives of the euro introduction

Despite these concerns, there are also numerous advantages associated with the introduction of the euro. The elimination of exchange rates would benefit international trade and trips. These changes could increase the attractiveness of Bulgaria as a travel destination. The Bulgarian tourists would benefit from fallen change fees, while an increase in European visitors is also expected, especially on the popular Black Sea coast and in cities like Sofia. According to SPIEGEL greater planning security would take care.

Tourism is particularly important for Bulgaria and in 2022 contributed around 3.4 percent to the gross domestic product with around 3.2 billion euros. The international flow of visitors increases in particular due to the growing demand for cultural and wellness tourism. Bulgaria is already one of the cheapest travel destinations in Europe, where accommodations and restaurants are up to 50 percent cheaper than in Germany.

political challenges and social opinions

However, the political hurdles for introducing the euro should not be underestimated. Planned referenders failed due to the Prewestliche majority in parliament. While an increasing debate about the advantages and disadvantages of the euro accession has flared up in the population, Prorussian and nationalist parties have organized protests. The opposition party Wasraschdane calls for a referendum and has collected over 604,000 signatures, but the parliament has rejected both applications.

The introduction of the euro was originally planned for early 2024, but had to be postponed from 9.5 percent to 2026 due to an inflation rate. Current surveys show that 33.4 percent of the population see a benefit in the introduction of the euro and fear 32.9 percent negative effects. The monitoring of this public opinion will continue to be pursued by the European Central Bank and the EU Commission, while Bulgaria is preparing for the decisive transition.