Bulgaria is a country with a rich history and culture. Now it attracts tourists from all over the world, including from Russia. Unlike many countries of Western Europe, which use the single currency, the euro, for financial calculations, Bulgaria has its own national currency, the lion. This currency is more than 100 years old (and its historical prototypes - several centuries). She went through different times - wars, crises, inflation. But now many economists are considered one of the most reliable and stable in Europe. What is the Bulgarian lion famous for? Where can I buy this currency and is it expensive?
Bulgarian Lev: General Information
The national currency of Bulgaria is the lion, its international name is the abbreviation BGN. Divided into 100 stotinki. Now in money circulation inside the country there are notes in 1, 2, 5, 10, 20 or 50 leva and coins with almost the same denomination, only in stotinki. By many experts, banknotes of the Bulgarian currency are recognized as one of the most protected from fakes: they have a watermark on which the emblem of the country (or the abbreviation of the Central Bank of Bulgaria) is displayed, a protective strip with microtext for the entire length of the bill. In addition, each banknote is protected by a strip of polymers. The banknotes of the levs depict mainly architectural monuments of the country or well-known buildings.
Where to buy levs?
You can buy levs in Bulgarian banks. They usually work on weekdays from 9 to 16 hours (in some there is a lunch break from 12 to 13 hours). With rare exceptions, Bulgarian banks are closed on weekends. Some experts and ordinary citizens believe that the lev exchange rate in banks is not very profitable compared to that at specialized exchange points. True, you need to choose such points with caution: there are often cases where those, luring a client at a favorable rate, include an impressive commission in their services. The inscriptions in capital letters that any additional fees in the framework of currency exchange are equal to zero do not mean anything - somewhere in the corner in small print there is an explanation - “advertising”. From a legal point of view, everything is correct. And therefore it is better to choose banks or reliable exchange offices recommended by acquaintances for buying levs. Bulgarian lev can also be bought in Russia, but their rate here is not the most profitable.
Currency history
Leo is a heraldic symbol traditional for Bulgarian culture, adopted from the Byzantines. It is often found on ancient monuments, coats of arms and banners. The lion also gave the name to the national currency of Bulgaria.
The history of Bulgarian money goes back centuries. The first state formations of the Bulgarians appeared in the Balkans as early as the 8th century. These were the tribes who came here from the banks of the Volga - "Bulgars". They formed statehood under the strong influence of Byzantium.
Centuries later, Bulgaria fell under the Turkish yoke. Actually, during the Ottoman rule, in the 14th century, coins began to be minted in the territory inhabited by the Bulgarians. Their name sounded like "aspri." On one side of these coins was depicted the silhouette of a lion. When Russian troops helped Bulgaria gain independence in the late 19th century, the National Bank of the country was formed, and in 1880, the currency under the modern name, the Bulgarian Lev. It contained gold - as much as it was, by the way, in the French franc - 0.29 grams with a little. Since then, Bulgaria has its own currency, which has not changed its name so far.
Lev exchange rate history
From the moment the lev was introduced into the money circulation, the Bulgarian authorities either canceled or reintroduced the gold standard of their national currency. In 1928, a new standard was established for the content of gold in it - about 10.87 mg. During the Second World War, the Bulgarian currency was tied to the value of the German Reichsmark in the ratio of 32.75 to 1. When Bulgaria was liberated in 1944, the lev was tied to the Soviet ruble - 15 to 1.
In the post-war years, Bulgaria suffered from inflation. As a result, it was necessary to denominate the national currency in 1952: a new lev was introduced, which was exchanged with the former in the ratio of 1 to 100. As part of this reform, it was decided to peg the Bulgarian lev to the US dollar at the rate of 6.8 to 1.
In 1962, Bulgarian economists again denominated the lev at the rate of 10 to 1. The results of the reforms came to light only 15 years later, when the country's economy more or less stabilized, and behind it the exchange rate. It is known, however, that the Bulgarian lev was, despite pegging to the dollar, a non-convertible currency, and the underground exchange rate was often overvalued (up to ten times).
Lev exchange rate: modern realities
After Bulgaria left the socialist camp, the country's economy began to shake inflation again. To stop it, in 1997 it was decided to tie the exchange rate to the German mark in the ratio of 1000 to 1.
Two years later, the left was denominated so that the new currency was equal to the German mark. Soon, however, a new factor appeared that affected how much the Bulgarian currency was worth - the exchange rate against the euro. The price of the national currency of the Balkan country was tied to the single European currency that replaced the German mark in the ratio of 1.95583 to 1. This ratio has not changed so far. According to some economists (though not very popular so far), Bulgaria may enter the Eurozone after 2015, and then the single European currency will replace the national currency.
Lev to other currencies
Given that the currency of the Balkan country is tightly tied to the euro, the Bulgarian lev against other world currencies is set synchronously with the results of trading with the European currency.
A very simple formula is applied. If, for example, 1 euro costs 47 units of the Russian currency, then the exchange rate of the Bulgarian lev to the ruble is easy to calculate by dividing 47 by 1.95583. That is, it is a little more than 24 rubles.
Modern Bulgarian Lion: Coins
We indicated above that now in the monetary turnover of Bulgaria there are coins with a face value of 1,2,5,10, as well as 20 and 50 hundredths of a lev - stotinki. The first three types of coins of this series were made for some time from an alloy of copper, aluminum and nickel, and since 2000 - from special bronze steel.
Stotinki in denominations of 10, 20, as well as 50 units are made of an alloy of copper, nickel and zinc. On the coins of Bulgaria is an image of the legendary Madara Horseman. In 2000, thematic coins appeared (in nominal value of 50 stotinki), on which the symbols of NATO and the EU were displayed. In 2002, the National Bank of Bulgaria issued a coin of 1 lev.
... and bills
Leo is a currency represented in a wide variety of notes. In 1999, banknotes in denominations of 1, 2, 5, 10, as well as 20 and 50 leva were introduced into the money circulation - exactly the same numbers as for stotinki. True, in 2003 there was also a banknote with a face value of 100 currency units. The bill in 1 Bulgarian lev was quickly replaced by a coin of similar denomination. But sometimes this rare banknote is still found in circulation.
The bill in 1 lion is easily recognizable by its red color. It depicts St. John of Ryl and the Rila Monastery revered by the Bulgarians. Banknote in 2 leva blue-purple, it depicts a portrait of the Bulgarian monk Paisius of Hilendarsky. The bill in 5 leva is red, on it is a portrait of Ivan Milev, a famous artist. On the banknote of 10 leva, which is dark olive in color, is a portrait of Peter Beron, the famous Bulgarian astronomer. On a bill of 20 levs is a portrait of Stefan Stambolov, who is known as a revolutionary. On a banknote of 50 levs of brown color - a portrait of Pencho Slaveykov, a Bulgarian poet. The bill in 100 leva is green, it depicts a portrait of the famous writer and public figure Aleko Konstantinov in Bulgaria.