Circular Letter No. CC/2025/00000019

Circular Letter No. CC/2025/00000019
Mod. 99999924/T – 01/14
Subject: Application of ECB Guideline (ECB/2006/10) "on the exchange of banknotes after the irrevocable fixation of exchange rates related to the introduction of the euro" in the context of the introduction of the euro in Bulgaria on 1 January 2026

Pursuant to Decision (EU) 2025/1407 of 8 July 2025, the Council of the European Union considers that Bulgaria meets the necessary conditions for the adoption of the euro and that the derogation granted to it, referred to in Article 5 of the 2012 Act of Accession, must be revoked with effect from 1 January 2026.

Council Regulation (EU) 2025/1409 of 8 July 2025, amending Regulation (EC) No 2866/98 regarding the euro conversion rate for Bulgaria, fixed the conversion rate between the euro and the Bulgarian lev (BGN) at 1.95583 BGN per 1 EUR.

ECB Guideline ECB/2006/10 of 24 July, on the exchange of banknotes after the irrevocable fixation of exchange rates:

• Assigns to the national central banks of the Eurosystem the obligation to ensure that, in at least one location within their national territory, banknotes from a new participating Member State can be exchanged, at face value, for euro banknotes and coins;
• Determines that exchange operations shall commence from the date of adoption of the euro in the new participating Member State and shall generally last for a period of two months, corresponding to the period defined for the dual circulation of the euro and the national currency in the new participating Member State;
• Allows the national central banks of the Eurosystem to restrict the quantity and/or total value of banknotes from new Member States that they are willing to accept, to a maximum amount defined per operation or per day.

The Banco de Portugal, pursuant to the aforementioned ECB Guideline ECB/2006/10, communicates the following conditions for the exchange of Bulgarian lev banknotes for euro banknotes and coins:

1. The exchange of banknotes denominated in Bulgarian lev will be carried out, without additional charges for the presenter, for euro banknotes and coins, at the conversion rate of 1 EUR = 1.95583 BGN;
2. Direct exchange operations with individuals will be carried out at the Banco de Portugal treasuries in Lisbon (Head Office Building), Porto, Faro, Funchal, and Ponta Delgada, during business hours between 8:30 and 15:00;
3. The period for the exchange of Bulgarian lev will run from 1 January to 2 March 2026;
4. The maximum amount to be exchanged per person and per day, at the Banco de Portugal counters, will be limited to 2000 BGN, in a single transaction or in several.

Mod. 99999924/T – 01/14
The Banco de Portugal may also carry out exchange operations of banknotes denominated in Bulgarian lev, requested by credit institutions, through the making of deposits, provided that the quantity and value of the banknotes to be exchanged justify it. For this purpose, contact should be established with:
Emission and Treasury Department
Central Unit for Cash Operations
Carregado Complex
Estrada Banco de Portugal nº 1, Trombeta
2580-364 Alenquer
Any further clarification may be requested at the electronic address tesouraria.central@bportugal.pt.