BULGARIA REPRESENTATIVE RATE FOR THE EURO February2026 This paperonBulgariawas prepared by a staff team of the International Monetary Fund.It is based on the information available at the time it was completed onSeptember 9, Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgPrice: $18.00per printed copyInternational Monetary Fund BULGARIA REPRESENTATIVE RATE FOR THE EURO September 9, 2025 ApprovedByBernard Lauwers Prepared by the Finance Department in consultation withthe European, Legal, and Monetary and Capital Markets 1.The Council of the European Union decided on July 8, 2025 that Bulgaria hadfulfilled the necessary conditions for adoption of the euro with effect from January 1,2026,1and that the conversion rate should be set at 1.95583 Bulgarian lev per one 2.In December 1998, the Fund determined the procedures for therepresentative exchange rate for the euro under Rule O-2(b)(i) of the Fund’s Rules andRegulations after consultation with the 11 members that subsequently adopted theeuro when it was introduced on January 1, 1999.3These procedures provide that (i) therepresentative exchange rate for the euro under Rule O-2(b)(i) of the Fund’s Rules and 3.After consultations with the Bulgarian authorities, it is proposed that theapproach used to determine the representative exchange rate for the other euro area