Bulgarian Lev. The lion is the currency. Bulgarian lev exchange rate

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Bulgaria is a country with rich history and culture. Now it attracts tourists from all over the world, including from Russia. Unlike many countries in Western Europe, which use a single currency - the euro - for financial settlements, Bulgaria has its own national banknote - the lev. This currency is over 100 years old (and its historical prototypes are several centuries old). She experienced different times - wars, crises, inflation. But now it is considered by many economists to be one of the most reliable and stable in Europe. Why is the Bulgarian lion famous? Where can I buy this currency and is it expensive?

Bulgarian lev: general information

The national currency of Bulgaria is the lev, its international name is the abbreviation BGN. It is divided into 100 stotinki. Now in the money circulation within the country there are banknotes of 1, 2, 5, 10, 20 or 50 leva and coins with almost the same denomination, only in stotinki. Many experts recognize Bulgarian currency banknotes as one of the most secure against counterfeiting: they have a watermark that displays the country's coat of arms (or the abbreviation of the Central Bank of Bulgaria), a security strip with microtext in the entire length of the banknote. In addition, each banknote is protected by a strip of polymers. Lev banknotes mainly depict the country's architectural monuments or well-known buildings.

Where to buy levs?

You can buy levs in Bulgarian banks. They usually work on weekdays from 9 am to 4 pm (some have a lunch break from 12 pm to 1 pm). With rare exceptions, Bulgarian banks are closed on weekends. Some experts and ordinary people believe that the exchange rate of the lev in banks is not very favorable in comparison with that in specialized exchange offices. True, you need to choose such points with caution: there are often cases when they, luring a client with a favorable rate, include an impressive commission in their services. Inscriptions in large letters that any additional fees in the framework of currency exchange are equal to zero mean nothing - somewhere in the corner in small print there is an explanation - "advertising". From a legal point of view, everything is correct. And therefore it is better to choose banks for buying leva or reliable exchange offices recommended by people you know. Bulgarian leva can also be bought in Russia, but their rate here is not the most profitable.

History of currency

The lion is a traditional heraldic symbol for Bulgarian culture, adopted from the Byzantines. It is often found on ancient monuments, coats of arms and banners. The lev also gave its name to the national currency of Bulgaria.

The history of Bulgarian money goes back centuries. The first state formations of the Bulgarians appeared in the Balkans as early as the 8th century. These were the tribes that came here from the banks of the Volga - the "Bulgars". They formed statehood under the strong influence of Byzantium.

After centuries, Bulgaria fell under the Turkish yoke. Actually, during the Ottoman rule, in the 14th century, coins began to be minted on the territory inhabited by the Bulgarians. Their name sounded like "aspri". On one side of these coins was depicted the silhouette of a lion. When Russian troops helped Bulgaria gain independence at the end of the 19th century, the National Bank of the country was formed, and in 1880, the currency under the modern name, the Bulgarian lev. It contained gold - the same amount as, by the way, in the French franc - 0.29 grams with a little. Since then, Bulgaria has had its own currency, which has not changed its name so far.

History of the Lev exchange rate

From the moment the lev was introduced into money circulation, the Bulgarian authorities either canceled or reintroduced the gold standard of their national currency. In 1928, a new standard was set for the content of gold in it - about 10.87 mg. During World War II, the Bulgarian currency was pegged to the value of the German Reichsmark at a ratio of 32.75 to 1. When Bulgaria was liberated in 1944, the lev was pegged to the Soviet ruble at 15 to 1.

In the post-war years, Bulgaria suffered from inflation. As a result, the national currency had to be denominated in 1952: a new lev was introduced, which was exchanged with the former at a ratio of 1 to 100. As part of this reform, it was decided to tie the Bulgarian lev to the US dollar at a rate of 6.8 to 1.

In 1962, Bulgarian economists re-denominated the lev at a rate of 10 to 1. The results of the reforms made themselves felt only 15 years later, when the country's economy more or less stabilized, followed by the exchange rate. It is known, however, that the Bulgarian lev was, despite being pegged to the dollar, an inconvertible currency, and the underground exchange rate was often overvalued (up to ten times).

Exchange rate of the lev: modern realities

After Bulgaria left the socialist bloc, the country's economy began to be shaken by inflation again. To stop it, in 1997 it was decided to peg the exchange rate to the German mark at a ratio of 1000 to 1.

Two years later, the lev was redenominated so that the new currency was equal to the German mark. Soon, however, a new factor appeared that influenced how much the Bulgarian currency is worth - the exchange rate against the euro. The price of the national currency of the Balkan country was pegged to the single European currency that replaced the German mark in the ratio of 1.95583 to 1. This ratio has not changed so far. According to some economists (though not very popular yet), Bulgaria may enter the Eurozone after 2015, and then the national currency will be replaced by a single European one.

Leva to other currencies

Given that the currency of the Balkan country is rigidly pegged to the euro, the exchange rate of the Bulgarian lev against other world currencies is set synchronously with the results of trading with the participation of the European currency.

A very simple formula applies. If, for example, 1 euro costs 47 units of Russian currency, thenThe exchange rate of the Bulgarian lev against the ruble is easy to calculate by dividing 47 by 1.95583. That is, it is a little more than 24 rubles.

Modern Bulgarian lev: coins

Above we have indicated that now in the monetary circulation of Bulgaria there are coins in denominations of 1, 2, 5, 10, as well as 20 and 50 hundredths of a lev - stotinki. The first three types of coins of this series were made for some time from an alloy of copper, aluminum and nickel, since 2000 - from special bronze steel.

Stotinki denominations of 10, 20, and 50 units are made of an alloy of copper, nickel and zinc. Bulgarian coins bear the image of the legendary Madara Horseman. In 2000, thematic coins appeared (with a face value of 50 stotinki), which displayed the symbols of NATO and the EU. In 2002, the National Bank of Bulgaria issued a coin of 1 lev.

… and bills

Lion is a currency presented in a wide variety of denominations. In 1999, banknotes in denominations of 1, 2, 5, 10, as well as 20 and 50 leva were introduced into the money circulation - exactly the same numbers as for stotinki. True, in 2003 there was also a banknote with a face value of 100 units of currency. The 1 Bulgarian lev banknote was quickly replaced with a coin of the same denomination. But sometimes this banknote, which has become rare, is still found in circulation.

The 1 lev bill is easily recognizable by its red color. It depicts St. John of Rila and the Rila Monastery revered by the Bulgarians. Banknote of 2 leva in blue-purple color, it depicts a portrait of the Bulgarian monk PaisiyHilendarsky. The banknote of 5 leva is red, on it is a portrait of Ivan Milev, a famous artist. On the banknote of 10 leva, which is dark olive in color, there is a portrait of Peter Beron, the famous Bulgarian astronomer. The 20 leva banknote features a portrait of Stefan Stambolov, who is known as a revolutionary. On the banknote of 50 levs in brown there is a portrait of Pencho Slaveykov, a Bulgarian poet. The banknote of 100 leva is green, it depicts a portrait of the famous Bulgarian writer and public figure Aleko Konstantinov.