The single European currency has long been fertile ground for populism and disinformation across the continent. In Bulgaria, recent positive convergence reports of the European Commission and the European Central Bank that give the country the green light for its final steps toward adopting the euro-have sparked protests, drawing several thousand people onto the streets of Sofia. While some attendees were mobilized along party lines, many others were present because they had fallen for fake news or were genuinely misled by pervasive myths. Here is a breakdown of the most popular claims being spread, fact-checked against reality.
Claim 1: 'We'll be cheated on the exchange rate!'
The Reality: No. The exchange rate is irrevocably fixed at 1.95583 levs per euro. This rate has been in place for over 25 years under Bulgaria's currency board system, which pegs the lev to the euro. All prices, bank account balances, contract installments, and other monetary values will be converted at this exact rate, with the final amount being rounded to the second decimal place. While this has not been formally decided by the convergence reports, it will be enshrined in a legally binding decision by the Council of the EU in the coming month.
Claim 2: 'Prices will stay the same, but in euros'
The Reality: Absolutely not. To prevent such scenarios and build public trust, a mandatory dual display of prices in both lev (BGN) and euro (EUR) will be implemented in all physical and online stores. This measure is set to begin as early as August 2025, months before the potential changeover date of January 1, 2026, and will continue for a year after euro adoption. It will allow consumers to easily compare prices and spot any unfair practices.
Claim 3: 'Inflation will skyrocket'
The Reality: Unlikely. Evidence from all countries that have adopted the euro points to a minimal, one-off inflationary effect of between 0.1 and 0.3 percentage points. This minor uptick typically stems from two sources: attempts at unfair price rounding by a small number of retailers, and strategic price adjustments to reach a more "psychologically appealing" or marketing-friendly number in the new currency. For instance, a product that now costs 14.99 levs and converts to 7.66 euro might be rounded up to 7.69 euro.
However, major businesses in Bulgaria are already taking proactive steps to counter this. Retail giants like Lidl and online marketplace Emag are already displaying dual prices. Furthermore, telecom leader A1 Bulgaria has publicly committed to converting all service prices automatically and transparently, without any hidden markups. The company CEO, Alexander Dimitrov, has called on the entire business community to follow suit, stating: "If companies join us now and declare they will not use the transition for price tricks, it will give people peace of mind and increase predictability for everyone."
Claim 4: 'Eurocrats will take control of our currency reserves'
The Reality: Not exactly. Upon joining the Eurosystem, the Bulgarian National Bank (BNB) will indeed transfer a portion of its foreign reserve assets to the European Central Bank (ECB). However, this contribution is proportional to each national central bank's capital key in the ECB. According to BNB calculations, the value of the reserves to be transferred is approximately 0.96 billion euro. This is a small fraction of the nearly 40 billion levs currently held on the balance sheet of the BNB's Issue Department which is managing the currency board. The BNB will continue to own and manage its remaining reserves, investing them according to clear, established rules.
Claim 5: 'Politicians want to plunder the currency reserves'
The Reality: No, this is structurally impossible. While the management of currency reserves will change, the new framework does not grant politicians access to them. A very small portion of the reserves-nearly 11 billion levs (5.6 billion euro)-is government property, primarily consisting of the so-called Silver Fund (a state pension reserve fund) and liquid assets for fiscal purposes.
The vast majority of the reserves belong to commercial banks (over 20 billion levs) and the BNB itself (14.4 billion levs). With the dissolution of the currency board, the BNB will gain more flexibility in investing its reserves. Crucially, the ban on financing the government remains strictly in place, as enshrined in the Treaty on the Functioning of the European Union (TFEU). The core function of the reserves-to back the currency in circulation-will remain, only
the currency will be the euro instead of the lev.
Claim 6: 'The digital euro will be used to impose total control'
The Reality: No. The digital euro is a project still in its preparatory phase. While the European Commission and the ECB are exploring its implementation, a final decision is far from made, and its launch is not imminent. Even if it is introduced, its design principles are clear: It is not intended to replace cash but to complement it. Its use will not be mandatory. It is conceived primarily as a payment instrument-an alternative to private systems like Visa and Mastercard-not a tool for savings. A personal holding limit of a few thousand euros is being discussed to prevent its use for hoarding.
It is not envisioned to be "programmable," meaning authorities cannot dictate or restrict what the funds can be spent on. The goal is not surveillance but to provide a public, digital form of central bank money.
The single European currency has long been fertile ground for populism and disinformation across the continent. In Bulgaria, recent positive convergence reports of the European Commission and the European Central Bank that give the country the green light for its final steps toward adopting the euro-have sparked protests, drawing several thousand people onto the streets of Sofia. While some attendees were mobilized along party lines, many others were present because they had fallen for fake news or were genuinely misled by pervasive myths. Here is a breakdown of the most popular claims being spread, fact-checked against reality.
