Bulgaria and the Еuro – important questions ahead

Questions and Answers on the introduction of the single European currency

1. Should new employment contracts be signed after 01.01.2026?
   No, it will not be necessary to sign new employment contracts or to re-sign current ones. 

2. How will remunerations be converted?
   The remunerations will be automatically converted into euros according to the fixed rate of the Bulgarian National Bank. In the conversion, they will be rounded in favor of the workers. Salaries will not change their value, it will remain, but will be paid in euros. 

3. Is it necessary to open new bank accounts?
   No, there is no need to open or change bank accounts.

4. By what rule will remunerations, compensations, cash benefits, social benefits and pensions be converted?
   Labour remunerations, compensations, cash and social benefits, pensions under Part One of the Social Security Code, as well as guaranteed claims under the Employees' Guaranteed Claims in the Event of Employer Insolvency Act will be paid in euro from the date of adoption of the single European currency in Bulgaria. They will be rounded to the nearest euro cent, and if the third decimal place is greater than zero, the second decimal place shall be increased by one unit.

5. Can an abbreviated formula of the fixed rate of the BNB be used?
   Amounts cannot be recalculated using the abbreviated fixed exchange rate formula, i.e. the full fixed exchange rate (1.95583) must be used, with all five decimal places. Only then can the result obtained be rounded to two decimal places.

6. How will remunerations be paid after 01.01.2026?
   Remunerations to be paid by bank transfer in January 2026 will automatically be paid in euros. Remunerations paid in cash can be in BGN, but only in January 2026.

More information on the introduction of the single European currency after 01.01.2026 is available on the website www.evroto.bg.