Monday, June 17, 2024

Bulgarian Leva (BGN)

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In this article, We learn about “Bulgarian Leva (BGN)”.Let’s Go!

The Bulgarian Lev (BGN) is the official currency of the Republic of Bulgaria, a country located in southeastern Europe.

The name “lev” is derived from the archaic Bulgarian word for “lion” (лев).

The currency symbol “лв” represents the Bulgarian Lev, and its subdivisions are called stotinki. One Lev is equal to 100 stotinki.

The history of the Bulgarian Lev dates back to 1881 when it was first introduced as Bulgaria’s national currency, replacing the Bulgarian Gold Frank.

The Lev has gone through several changes since then, including periods of inflation, revaluation, and replacement with other currencies.

There have been three major periods in the history of the Bulgarian Lev:

  1. First Lev (1881-1952): This period saw the introduction of the Lev in 1881, with its value pegged to the gold standard. Over the years, the value of the Lev changed, and it was pegged to various currencies, including the French franc and the German Reichsmark.
  2. Second Lev (1952-1999): In 1952, the Bulgarian Lev was revalued due to hyperinflation after World War II. The new Lev was pegged to the Soviet ruble at a 1:1 ratio, and then later to the US dollar. The value of the Lev continued to change, and by the 1990s, it was experiencing high inflation.
  3. Third Lev (1999-Present): In 1999, the Bulgarian Lev was revalued once again, with 1,000 old Leva being replaced by 1 new Lev. The new Lev was pegged to the German Deutsche Mark initially, and after the introduction of the Euro, it became pegged to the Euro at a fixed exchange rate.

The Bulgarian National Bank is responsible for issuing and managing the Bulgarian Lev.

Coins are available in denominations of 1, 2, 5, 10, 20, and 50 stotinki, and 1 and 2 Leva.

Banknotes come in denominations of 2, 5, 10, 20, 50, and 100 Leva.

The exchange rate between the Bulgarian Lev and the Euro has been fixed, which means it doesn’t fluctuate like other currency exchange rates.

In summary, the Bulgarian Lev is the national currency of Bulgaria, with a rich history that dates back to 1881. Its value has undergone several changes and revaluations over the years.

The Bulgarian National Bank is responsible for managing the currency, and it is pegged to the Euro at a fixed exchange rate.

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