Bulgarian lev in the context of "Currency board"

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⭐ Core Definition: Bulgarian lev

The lev (Bulgarian: лев, plural: лева, левове / leva, levove; ISO 4217 code: BGN; numeric code: 975) is the currency of Bulgaria. In early modern Bulgarian, the word lev meant "lion"; the word "lion" in the modern standard language is lаv (IPA: [ɫɤf]; in Bulgarian: лъв). The lev is subdivided into 100 stotinki (стотинки, singular: stotinka, стотинка). Stotinka in Bulgarian means "a hundredth" and is, in fact, a direct translation of the French term "centime". Grammatically, the word stotinka is derived from the Bulgarian word "sto" (сто; a hundred).

Since 1997, the Bulgarian lev has operated under a currency board arrangement, initially pegged to the Deutsche Mark at a fixed rate of 1,000 BGL = 1 DEM. Following the introduction of the euro and the redenomination of the lev in 1999, the peg was effectively set at 1.95583 BGN = 1 EUR. Since 2020, the lev has been part of the European Exchange Rate Mechanism (ERM II). In November 2023, Bulgarian euro coins design was approved by the Bulgarian National Bank.

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Bulgarian lev in the context of European Exchange Rate Mechanism

The European Exchange Rate Mechanism (ERM II) is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro (replacing ERM 1 and the euro's predecessor, the ECU) as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe.

Following the adoption of the euro, policy changed to linking currencies of EU countries outside the eurozone to the euro (having the common currency as a central point). The goal was to improve the stability of those currencies, as well as to gain an evaluation mechanism for potential eurozone members. Since January 2023, two currencies participate in ERM II: the Danish krone and the Bulgarian lev. Bulgaria has been officially approved to join the eurozone effective January 2026, which will leave only the Danish krone remaining as part of the ERM II.

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Bulgarian lev in the context of 100 Tourist Sites of Bulgaria

100 Tourist Sites of Bulgaria is a Bulgarian national movement established in 1966 to promote tourism among Bulgaria's most significant cultural, historic, and natural landmarks.

As part of this program, sites of cultural and historical significance have been selected, ranging from historic places and monuments to archaeological and architectural sanctuaries, museums, monasteries, as well as national parks, mountain peaks and other geological phenomena. Each of the chosen landmarks has its own individual seal, which is stamped onto pages of an official passport-like booklet issued by the Bulgarian Tourist Union (BTU). A booklet can be purchased at any tourist union center or on location at any of the sites and it costs a symbolic 1 lev. The booklet comes with a separate map which includes a list of the sites, their addresses and working hours. The maximum number of collectible stamps per booklet is 100 and, contrary to the movement's title, the exact number of official sites exceeds the number 100.

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Bulgarian lev in the context of Bulgarian National Bank

The Bulgarian National Bank (Bulgarian: Българска народна банка, romanizedBulgarska narodna banka, IPA: [ˈbɤɫɡɐrskɐ nɐˈrɔdnɐ ˈbaŋkɐ], BNB) is the central bank of the Republic of Bulgaria, issuing the lev. On 1 January 2026, it is set to become the national central bank for Bulgaria within the Eurosystem as the country adopts the euro as its currency.

Headquartered in Sofia, the bank was established in 1879. It is the 13th-oldest continuously existing central bank in the world. The bank has a key role in the Bulgarian economy. An independent institution responsible for issuing all banknotes and coins in the country, BNB is tasked with safekeeping the government's currency reserves. It is also the sole owner of the Bulgarian Mint.

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Bulgarian lev in the context of Rila Monastery

The Monastery of Saint John of Rila, also known as Rila Monastery ("Sveti Ivan Rilski" (Bulgarian: Рилски манастир „Свети Иван Рилски“), is the largest and most famous Eastern Orthodox monastery in Bulgaria. It is situated in the southwestern Rila Mountains, 117 km (73 mi) south of the capital Sofia in the deep valley of the Rilska River ("Rila River") at an elevation of 1,147 m (3,763 ft) above sea level, inside of Rila Monastery Nature Park and in close vicinity of the Rila Monastery Forest Nature Reserve. The monastery is named after its founder, the hermit Saint Ivan of Rila (876–946 AD), and houses approximately 60 monks. The monastery is a popular pilgrimage site for many Orthodox Christians.

Founded in the 10th century, Rila Monastery is regarded as one of Bulgaria's most important cultural, historical and architectural monuments and is a key tourist attraction for both Bulgaria and Southern Europe for religious tourists. In 2008 alone it attracted 900,000 visitors. The monastery is depicted on the reverse of the 1 lev banknote issued in 1999.

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