What is a leva?

The leva is the currency of Bulgaria. It is abbreviated as BGN, and it is subdivided into 100 stotinki. The leva symbol is лв.

The currency was first introduced in 1881 when Bulgaria became independent from the Ottoman Empire. Initially, the leva was pegged to the French franc, but it has since undergone various currency regimes, including being pegged to the Deutsche mark and later the euro. However, since Bulgaria is not part of the Eurozone, it has its own monetary policy and the leva is not directly linked to the euro.

Coins in circulation include denominations of 1, 2, 5, 10, 20, and 50 stotinki, as well as 1 and 2 leva. Banknotes are available in denominations of 5, 10, 20, 50, and 100 leva.

The Bulgarian National Bank is responsible for issuing and regulating the leva. It ensures price stability and the stability of the financial system in the country.

Since its introduction, the leva has experienced periods of inflation and currency devaluation, particularly during times of economic instability. However, in recent years, Bulgaria's economy has shown resilience and stability, leading to relatively low inflation and a stronger currency.

The leva is widely accepted within Bulgaria, and major credit cards are also widely used, especially in urban areas and tourist destinations. However, it is always advisable to carry some local currency for small purchases and in more rural or remote areas.

Foreign currency can be exchanged at banks, exchange offices, and some hotels. It is recommended to be cautious when exchanging money and to choose reputable and authorized exchange service providers to ensure fair rates and avoid scams.

Overall, the leva is an important part of Bulgaria's economy and plays a significant role in facilitating trade and commerce within the country.