Euro adoption has already taken place
Bulgaria has been part of the euro area since 1 January 2026. This is therefore no longer a future project on which to base commercial forecasts: the transition was approved by the Council of the European Union through acts adopted on 8 July 2025 and implemented at the start of 2026. The official conversion rate is one euro to 1.95583 Bulgarian lev. The European Central Bank confirms the start of circulation of the single currency and the Bulgarian central bank’s entry into the Eurosystem.
For those operating between Italy and Bulgaria, the change primarily requires an orderly review of documentation. Quotations, agreements and information pages describing the euro as a future opportunity must be updated. Historical documents retain their value and must remain identifiable as such.
Historical amounts and new transactions
When reconstructing a commercial relationship, the original currency of the obligation must be distinguished from the currency in which payment is made after the changeover to the euro. A useful schedule records, for each item, the document, date, original amount, payments made and outstanding balance. Conversion must be checked under the applicable rules, without using an approximate rate of 1.95 or rounding intermediate results prematurely.
This reconstruction is particularly important where there are advance payments, credit notes, interest or payments spread over time. Using the same payment currency does not in itself resolve any disagreement over the performance rendered, the amount due or the due date. Before issuing a formal demand, it is therefore advisable to reconcile the accounting data with the contract and the parties' communications.
Contracts: what still needs to be checked
A common currency makes economic comparison easier, but does not remove the contract's cross-border dimension. Applicable law, jurisdiction, language, delivery arrangements, liability and warranties still require attention. An Italian business contracting with a Bulgarian company must be able to identify the counterparty and the signing person's authority clearly.
When reviewing agreements, it is useful to check clauses on prices, adjustments, payment terms and bank details. Any communication requesting replacement of a bank account should be verified through an already known channel: a change of currency does not automatically justify a change of beneficiary. Where a contract contains specific currency mechanisms, their application requires a separate examination.
The transitional stages have specific dates
According to the European Commission, the general obligation to display prices in both lev and euro was scheduled from 8 August 2025 to 8 August 2026. At the date of this article, that period has ended: it would be incorrect to present it indiscriminately as still ongoing. The ECB also states that, from 1 February 2026, euro banknotes and coins are the only legal tender in the country.
The possibility of exchanging remaining cash is a separate issue. The ECB states that the Bulgarian National Bank provides exchange free of charge and without a time limit; specific conditions and periods apply to commercial banks and post offices. Before undertaking a transaction, it is advisable to consult the institution's current instructions, particularly for large amounts and identification requirements.
Investment: the single currency does not guarantee returns
Euro adoption does not justify promises of increases in property values or a particular level of business profitability. A reliable assessment must consider purchase price, additional costs, the condition of the asset, existing contracts, the counterparty's capacity and the business outlook. Comparisons between countries must be based on up-to-date data relevant to the sector and location.
For a property investment, economic assessment must be accompanied by checks on ownership, encumbrances, cadastral status and planning compliance. For a corporate project, it is necessary to determine where decisions are taken and implemented and what resources support the activity. Greater monetary simplicity does not replace these checks.
How to prepare for a useful review
Anyone updating a relationship between Italy and Bulgaria can begin with an essential file: the contract and subsequent amendments, invoices, receipts, payment schedule, identification details of the parties and correspondence about disputed amounts. Legal work can then focus on the actual issues, distinguishing documentary adjustments from changes that require agreement.
The Firm assists with analysis of cross-border relationships and coordination with the accounting professionals involved. The work is defined by the documents and the client’s objective; timing and costs depend on the extent of the checks and the need to obtain documents or translations.