Bulgarian Lev

Overview

The currency for Bulgaria is the Bulgarian Lev (BGN). It is expect that Bulgaria will change their currency to the Euro in 2015. The Lev is pegged to the Euro at a rate of 1.95583 Leva = 1 Euro. Three Lev currency editions were introduced prior to the current Bulgarian Lev (BGN). The symbol for the Bulgarian Lev is лв.

Economy

• Bulgaria’s main income is industrial-based. The country is rated by the World Bank as a higher middle income country. Expectations are that Bulgaria will join the Eurozone in 2015.
• In 2010 the GDP growth was 0.2%.
• The main industries are base metals, water and gas, tobacco, electricity, refined petroleum, chemical products, food, and coke.
• Export products are steel, iron, clothing, footwear, fuels, and machinery.  Import products are plastics, minerals, ores, equipment, machinery, and raw materials.
• The unemployment rate is estimated at 3%.
• Agriculture accounts for 7% of the GDP.

History

• In 1881 the first edition of the Lev was introduced as the official currency for Bulgaria; it had the same value as the French Franc.
• During 1940 the Lev was pegged to the German Reichsmark. 1 Reischmark = 32.75 Leva.
• The Soviet Union occupied Bulgaria in 1944 and the Lev was pegged to the Russian Ruble at 1 Ruble = 15 Leva.
• From 1945 to 1952 the Bulgarian lev was pegged to the US Dollar a number of times.
• The second Lev was introduced in 1952 and was used until 1962.
• In 1962 the third series of the Lev was introduced. It was subdivided into dominations of 1,000 and the new Lev was pegged to the German Markat par.
• The Lev currently used in Bulgaria was introduced in 1995.