Content

SEND US FEEDBACK


We're always looking for ways to make Geoba.se better. Have an idea? See something that needs fixing? Let us know!

Bulgaria: Currency and Exchange
Country Study > Chapter 3 > The Economy > Banking and Finance > Currency and Exchange

CURRENCY AND EXCHANGE


The national currency of Bulgaria is the lev (plural, leva -- see Glossary), which is divided into 100 stotinki (sing. stotinka). Throughout the communist era, the lev could be used only in domestic transactions because it was not convertible into foreign currency. Bulgarian nationals were prohibited from owning foreign currency, and the law prohibited citizens and foreigners from entering or leaving the country with leva. Like domestic prices, the value of the lev was administratively determined. This led to frequent overvaluing of the lev in terms of hard currencies and black market rates well below official exchange rates. Besides official rates, which were based on a gold parity developed after World War II, a commercial rate was used for business transactions and statistical purposes, and a tourist rate determined the amount received by foreigners in Bulgaria for their domestic currencies. None of these arbitrary rates reflected the relationship of domestic and foreign prices. Trade with Western countries was conducted in hard currency, while the transferable ruble, an accounting device with no convertible value, was primarily used to clear commercial accounts within Comecon. In 1990 the lev was devalued several times, finally settling at rates of about 0.76 stotinki to the United States dollar (official), 3 leva to the dollar (commercial), and 7 leva to the dollar (tourist). The black market rate fluctuated considerably, but ended 1990 at approximately 11 leva to the dollar. In mid-1991 the Bulgarian National Bank (BNB) issued conversion tables for the lev into major world currencies. The official value at that time was 18 leva to the United States dollar.

Data as of June 1992




Last Updated: June 1992


Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Bulgaria was first published in 1992. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on Factba.se.

Bulgaria Main Page Country Studies Main Page




Section 149 of 256






IMAGES


Click any image to enlarge.


National Flag



(лв) Bulgarian Lev (BGN)
Convert to Any Currency



Map



Locator Map