Time Period: 1880-1952

Currency: 1st Bulgarian Lev


Timeline

  • 08.06.1880
  • JD:27.05.1880
  • Law [No. 229] on the issuance of gold and silver coins in the French bimetallic standard; effective 18.07.1880 (JD:04.07.1880)
  • around 1881
  • Start of issuance of Bulgarian silver and subsidiary coins.
    - The circulating Turkish coins were not demonetized but circulated at a rate of 100 Turkish Piastres = 20 Lev.
  • 30.01.1885
  • JD:18.01.1885
  • Law on the establishment of the Bulgarian National Bank as central bank; effective 17.02.1885 (JD:05.02.1885).
    - The bank had already started operations on 18.06.1879 (JD:06.06.1879) based on a princely assent of 06.02.1879 (JD:25.01.1879).
    - 13.09.1885 (JD:01.09.1885): Start of issuance of paper money by the Bulgarian National Bank.
  • 22.01.1894
  • JD:10.01.1894
  • Law [No. 5] on the issuance of gold coins; effective immediately (?)
  • 16.02.1897
  • JD:04.02.1897
  • Law [No. 52], revising the 1880 coinage law; effective 01.05.1897 (JD:17.04.1897)
  • around 1899
  • Suspension of the convertibility of bank notes into gold and start of issuance of silver backed paper money by the National Bank
  • 06.02.1906
  • JD:24.01.1906
  • Restoration of the convertibility of bank notes into gold and start of issuance of gold backed paper money by the National Bank
  • 23.10.1912
  • JD:10.10.1912
  • Suspension of the gold standard
  • 28.11.1928
  • Law [No. 52] on the currency stabilization and re-establishment of the gold standard; effective 03.12.1928
  • ??.10.1931
  • Suspension of the convertibility of bank notes into gold
  • 1940-1945
  • World War II:
    - During the alliance with the Axis Powers, there was a de facto exchange rate of 1 German Reichsmark = 42.75 Bulgarian Lev
    - During the Soviet occupation, there was a military exchange rate of 1 Soviet Ruble (1937) = 15 Bulgarian Lev
    - around September 1945, in the territories that had been annexed by Yugoslavia, there was a currency exchange at a rate of 1 Yugoslav Dinar = 10 Bulgarian Lev.
  • 10.03.1947
  • Currency exchange with partial confiscation:
    - 10.03.1947: Start of withdrawal of pre-war banknotes
    - Per person: (a) up to 2000 Lev were exchanged on par into new banknotes (b) exceeding cash amounts had to be deposited in blocked accounts and were subject to a progressive wealth tax (above 2 million Lev the tax rate was 70%).
    - 16.03.1947: End of exchange period, demonetization of the pre-war banknotes.

Valuation Regimes

  • 1880-1912
  • Metallic currency based on circulating gold coins, suspended 1899 and nominally restored 1906
  • 1912-1928
  • Variable rate
  • 1928-1931
  • Fixed rate against gold
  • 1931-1945
  • Fixed rate against the US Dollar and French Franc (1795) at the previous gold parity; in the occupation after late 1944 the exchange rate became inoperative.
  • 1945-1952
  • Fixed rate against the US Dollar

Rate Arrangements

  • 18.07.1880
  • Metallic
  • Lev: 290.32mg AU fine & 4'500.00mg AG fine
  • 3'100 Lev to the kilogram of 0.900 gold and 200 Lev to the kilogram of 0.900 silver => AU : AG = 15.500
  • 23.10.1912
  • Variable
  • initially: French Franc (1795) at 1 : 1
  • ±0.0%
  • 03.12.1928
  • Fixed
  • [Gold parity] 10.87mg AU fine
  • -
  • ??.10.1931
  • Fixed
  • US Dollar at 1 : 138.426
  • ±0.0%
  • 09.03.1933
  • Fixed
  • French Franc (1795) at 1 : 5.423
  • ±0.0%
  • 01.10.1936
  • Fixed
  • US Dollar at 1 : 81.758
  • ±0.0%
  • ??.12.1945
  • Fixed
  • US Dollar at 1 : 286.50
  • -71.5%


Time Period: 1952-1961

Currency: 2nd Bulgarian Lev


Timeline

  • 10.05.1952
  • Government resolution [No. 405] on the currency reform; effective immediately
  • 12.05.1952
  • Start of currency exchange:
    - 12.05.1952: Start of issuance of the new banknotes and coins
    - Differentiated conversion rates: (a) Cash amounts were converted at 1 : 100, (b) Prices and wages were converted at 4 : 100, (c) Deposits were converted at 3 : 100 (up to 50'000 Lev), at 2 : 100 (up to 200'000 Lev), and at 1 : 100 (above 200'000 Lev)
    - 15.05.1952: End of exchange period for cash holdings, demonetization of the former banknotes.

Valuation Regimes

  • 1952-1960
  • Fixed rate against Soviet Ruble (1947), additional non-commercial and commercial rates
  • 1961
  • Fixed rate against Soviet Ruble (1961), additional non-commercial and commercial rates

Rate Arrangements

  • 12.05.1952
  • Fixed
  • Soviet Ruble (1947) at 1 : 1.70
  • -57.9%
  • 01.01.1961
  • Fixed
  • Soviet Ruble (1961) at 1 : 7.556
  • ±0.0%


Time Period: 1962-1999

Currency: 3rd Bulgarian Lev


Timeline

  • 22.07.1961
  • Government resolution [No. 149] on the currency reform (introducing a "heavy Lev" after the 1961 Soviet reform); effective 01.01.1962
  • 01.01.1962
  • Start of currency exchange:
    - 01.01.1962: Start of issuance of the new banknotes and coins
    - 31.03.1962: Demonetization of the former currency.

Valuation Regimes

  • 1962-1991
  • Fixed rate against Soviet Ruble (1961), additional non-commercial and commercial rates
  • 1991-1997
  • Variable rate after abolition of the official rate
  • 1997-1998
  • Fixed rate against German Mark
  • 1999
  • Fixed rate against European Euro

Rate Arrangements

  • 01.01.1962
  • Fixed
  • Soviet Ruble (1961) at 1 : 1.30
  • -41.9%
  • 08.02.1991
  • Variable
  • initially: US Dollar at 1 : 30
  • -96.8%
  • 01.07.1997
  • Fixed
  • German Mark at 1 : 1'000
  • -
  • 01.01.1999
  • Fixed
  • European Euro at 1 : 1'955.83
  • ±0.0%


Time Period: 1999-

Currency: 4th Bulgarian Lev


Timeline

  • 19.02.1999
  • Law on the currency reform; effective 01.07.1999
  • 05.07.1999
  • Start of currency exchange:
    - 05.07.1999: Start of issuance of the new banknotes and coins
    - 31.12.1999: Demonetization of the former currency.

Valuation Regimes

  • 1999-
  • Fixed rate against European Euro

Rate Arrangements

  • 01.07.1999
  • Fixed
  • European Euro at 1 : 1.95583
  • ±0.0%


End-year Forex Rates (Units per US Dollar)