What is the BGN-EUR exchange rate? Full explanation

The official rate at which Bulgaria joined the eurozone on January 1, 2026 is:

1 euro = 1.95583 lev

This number isn’t new — it’s the same rate the lev was pegged to the German mark, and later to the euro, through the currency board established in July 1997. That’s why the transition didn’t change anyone’s purchasing power: a 100 BGN price simply reads as €51.13, with no real change.

Why the rate looks like an “odd” number

1.95583 isn’t arbitrary — it comes from the historical lev-to-mark rate (1 DEM = 1 BGN) and the subsequent fixed mark-to-euro rate when Germany adopted the euro in 1999. That result carried straight through to the lev via the currency board.

A quick mental-math shortcut

• BGN to EUR: divide by 2, then subtract a bit under 2.5% (since 1.95583 is slightly under 2). Example: 1000 BGN ÷ 2 = 500, minus ~2.3% ≈ €511. The exact figure is €511.29.
• EUR to BGN: multiply by 2, then subtract about 2.2%. Example: €500 × 2 = 1000, minus ~2.2% ≈ 978 BGN. The exact figure is 977.92 BGN.

For exact amounts (paying taxes, checking a salary), always use the full euro calculator rather than mental math.

Can the rate ever change?

No. Unlike floating currencies, the BGN-EUR conversion rate was set irrevocably by law when Bulgaria joined the eurozone and is not subject to market movement. Any amount in lev will always correspond to exactly the same amount in euro — permanently.

Related

Also check your salary in euro or the salary calculator for a full breakdown with contributions and tax.