Bulgarian lev

The lev (Bulgarian: лев, plural: лева, левове / leva,[2] levove) is the currency of Bulgaria. It is divided in 100 stotinki (стотинки, singular: stotinka, стотинка). In archaic Bulgarian the word "lev" meant "lion", a word which in the modern language became lăv (IPA: /lɤf/) (in Bulgarian: лъв). Stotinka comes from the word "sto" (сто) - a hundred.

Bulgarian lev
Български лев  (Bulgarian)
BG coin
20 leva gold coin (1894)
ISO 4217
CodeBGN
Number975
Exponent2
Denominations
Superunit
 1000bon
Subunit
 1/100stotinka
Plurallevove, numeric: leva
 stotinkastotinki
Symbolлв.
Nicknamekint [1]
Banknotes
 Freq. used5, 10, 20, 50, 100 leva
 Rarely used1, 2 leva
Coins1, 2, 5, 10, 20, 50 stotinki, 1, 2 leva
Demographics
User(s) Bulgaria
Issuance
Central bankBulgarian National Bank
 Websitewww.bnb.bg
MintBulgarian Mint
 Websitewww.mint.bg
Valuation
Pegged withEuro (€) = 1.95583 leva

History

First lev (1881–1952)

The lev was introduced as Bulgaria's currency in 1881 with a value equal to the French franc. The gold standard was suspended between 1899 and 1906 and suspended again in 1912. Until 1916, Bulgaria's silver and gold coins were issued to the same specifications as those of the Latin Monetary Union. Banknotes issued until 1928 were backed by gold ("leva zlato" or "zlatni", "лева злато" or "златни") or silver ("leva srebro" or "srebarni", "лева сребро" or "сребърни").

In 1928, a new gold standard of 1 lev = 10.86956 mg gold was established.

During World War II, in 1940, the lev was pegged to the German Reichsmark at a rate of 32.75 leva = 1 Reichsmark. With the Soviet occupation in September 1944, the lev was pegged to the Soviet ruble at 15 leva = 1 ruble. A series of pegs to the U.S. dollar followed: 120 leva = 1 dollar in October 1945, 286.50 leva in December 1945 and 143.25 leva in March 1947. No coins were issued after 1943; only banknotes were issued until the currency reform of 1952.

Coins

Stotinki-1883
1883, 50 stotinki (the hole seen was punched through the coin to enable its wearing as an ornament, and is not standard)
Bulgaria 20 stotinka
1912 20 stotinki
BULGARIA -5 LEVA 1884 a - Flickr - woody1778a
1884 5 leva

Between 1881 and 1884, bronze 2, 5 and 20 stotinki, and silver 50 stotinki, 1, 2 and 5 leva were introduced, followed, in 1888, by cupro-nickel ​2 12, 5, 10 and 20 stotinki. Gold 10 and 20 leva were issued in 1894. Bronze 1 stotinka were introduced in 1901.

Production of silver coins ceased in 1916, with zinc replacing cupro-nickel in the 5, 10 and 20 stotinki in 1917. In 1923, aluminum 1 and 2 leva coins were introduced, followed by cupro-nickel pieces in 1925. In 1930, cupro-nickel 5 and 10 leva and silver 20, 50 and 100 leva were introduced, with silver coins issued until 1937, in which year aluminium-bronze 50 stotinki were issued.

In 1940, cupro-nickel 20 and 50 leva were issued, followed, in 1941, by iron 1, 2, 5 and 10 leva. In 1943, nickel-clad-steel 5, 10 and 50 leva were struck. These were the last coins issued for this version of the lev.

Banknotes

Banknotes of Bulgaria 500 Leva banknote of 1942, Boris III
500 Leva banknote of 1942, Tsar Boris III

In 1885, the Bulgarian National Bank introduced notes for 20 and 50 gold leva, followed in 1887 by 100 gold leva and, in 1890, by 5 and 10 gold leva notes. In 1899, 5, 10 and 50 silver leva notes were issued, followed by 100 and 500 silver leva in 1906 and 1907, respectively. 500 gold leva notes were also introduced in 1907.

In 1916, 1 and 2 silver leva and 1000 gold leva notes were introduced, followed by 2500 and 10,000 gold leva notes in 1919. In 1924, 5000 leva notes were issued, the first to lack a metal designation. In 1928, a new series of notes (dated 1922 and 1925) was introduced which gave the denominations solely in leva. Denominations introduced were 5, 10, 20, 50, 100, 500, 1000 and 5000 leva. These were followed in 1929 by 200 and 250 leva.

In 1930, coins up to 100 leva replaced notes, although 20-lev notes were issued between 1943 and 1950. Between 1943 and 1945, State Treasury Bills for 1000 and 5000 leva were issued.

Second lev (1952–1962)

In 1952, following wartime inflation, a new lev replaced the original lev at a rate of 1 "new" lev = 100 "old" leva. However the rate for banking accounts was different, ranging from 100:3 to 200:1. Prices for goods were replaced at a rate of 25:1.[3] The new lev was pegged to the U.S. dollar at a rate of 6.8 leva = 1 dollar, falling to 9.52 leva on July 29, 1957.

Coins

In 1952, coins (dated 1951) were introduced in denominations of 1, 3, 5, 10 and 25 stotinki, with the lower three denominations in brass and the higher three in cupro-nickel. Shortly after, cupro-nickel 20 stotinki coins dated 1952 were also issued, followed by 50 stotinki in 1959 and 1 lev in 1960 which replaced the 1 lev note (both also in cupro-nickel). All stotinki coins feature a head of wheat around denomination on the reverse and state emblem on the obverse, while the lev coin depicts an olive branch wreath around the denomination.

Banknotes

In 1952, state notes (dated 1951)[4] were issued in 1, 3 and 5 leva, together with notes of the National Bank for 10, 25, 50, 100 and 200 leva. 500-lev notes were printed but not issued. 1 lev notes were withdrawn after the introduction of a coin in 1960. 1, 3, and 5 leva depict the state emblem, while all denominations 10 leva and up depict Georgi Dimitrov, who had a postmortem cult of personality built up around him by that time period. The reverse side of 1 lev, 3 and 5 leva notes depict hands holding up the hammer and sickle, while higher denominations each depict workers at various trades.

Third lev (1962–1999)

In 1962, another redenomination took place at the rate of 10 to 1, setting the exchange rate at 1.17 leva = 1 U. S. dollar, with the tourist rate falling to 2 leva on February 1, 1964. The ISO 4217 code was BGL. After this, the lev remained fairly stable for almost three decades. However, like other Communist countries' currencies, it was not freely convertible for Western funds. Consequently, black market rates were five to ten times higher than the official rate. During the period, until 1989 the lev was backed by gold, and the banknotes have the text stating: "The bank note is backed by gold and all assets of the bank" (Bulgarian: "Банкнотата е обезпечена със злато и всички активи на банката").

After the fall of communism, Bulgaria experienced several episodes of drastic inflation and currency devaluation. In order to change this, in 1997, the lev was pegged to the Deutsche Mark, with 1000 lev equal to 1 DM (one lev equal to 0.1 pfennig).

Since 1997, Bulgaria has been in a system of currency board, and all Bulgarian currency in circulation has been backed 100% by the foreign exchange reserves of the Bulgarian National Bank (BNB).

Coins

Bulgarian and soviet coins
Comparison between Soviet (left) and Bulgarian (right) coins

In 1962, aluminum-bronze 1, 2, and 5 stotinki, and nickel-brass 10, 20 and 50 stotinki and 1 lev were introduced. The coin series strongly resembles coinage from the Soviet Union during the same period, particularly in design and size.

The state emblem is depicted on the obverse of all coins, which went through several changes. The first change in 1962 with the introduction of the new coinage, and the second change in 1974, with the ribbons being the most noticeable change.

A number of commemorative 2 leva coins also circulated during this period, often released into circulation as they had relatively high production numbers and little collector's value. Higher denomination lev coins have also been introduced into circulation at an irregular basis with varying sizes and metallic compositions, including silver. Mostly due to an overstock of numismatic coins not getting sold to collectors. Similar occurrences to this can be seen with high denomination coins from East Germany and Poland during the same period.

Communist era coins
Image Denomination Diameter Weight Composition Obverse Reverse Minted Year
1 stotinka 15.2 mm 1 g Brass Coat of Arms Denomination and date 1962-90
2 stotinki 18.1 mm 2 g
5 stotinki 22.35 mm 3.1 g
10 stotinki 17.1 mm 1.8 g Nickel-brass
20 stotinki 21.2 mm 2.9 g
50 stotinki 23.3 mm 4.2 g
1 lev 24 mm 4.8 g
10leva1997v
10 leva (1997)

In 1992, after the communist era, older coins were withdrawn and a new coinage was introduced in denominations of 10, 20 and 50 stotinki, 1, 2, 5 and 10 leva. All were struck in nickel-brass except for the cupro-nickel 10 leva. In 1997, nickel-brass 10, 20 and 50 leva were introduced.

Banknotes

In 1962, the National Bank issued notes for 1, 2, 5, 10 and 20 leva. A second series, in the same denominations, was issued in 1974. 50 leva notes were introduced in 1990. Again, denominations 10 leva and up featured Georgi Dimitrov, 1, 2, and 5 featured the state emblem. After the fall of the communist regime, new notes were introduced for 20, 50, 100 and 200 leva. These were followed by 500 leva notes in 1993, 1000 and 2000 leva in 1994, 5000 and 10,000 leva in 1996 (re-released with new design and look in 1997), and 50,000 leva in 1997. Furthermore, two new banknotes of 20,000 and 100,000 leva were scheduled to be introduced in 1997 and 1998, but their production was canceled following the introduction of currency board in 1997.[5][6]

Fourth lev (1999–present)

On 5 July 1999 the lev was redenominated at 1000:1 with 1 new lev equal to 1 Deutsche Mark.[7] The ISO 4217 currency code for the new Bulgarian lev is BGN. The currency was no longer backed by gold and silver; thus the banknotes lost the text stating the lev's backing by gold or bank assets.

Euro adoption

Since Bulgaria gained EU membership in 2007 various dates have been suggested as the expected end of the lev: towards the end of that year 1 January 2012 was a possible date;[8] however, the global financial crisis of 2008 and the Eurozone crisis cooled the initial enthusiasm for the euro. Nevertheless, in 2009 The Economist noted suggestions to accelerate Bulgaria's path to the euro, or even let it be adopted immediately, despite the EU institutions' unwillingness to deviate from a policy of euro adoption only after five Euro convergence criteria have been met.[9] In 2011 the Bulgarian finance minister Simeon Djankov acknowledged his earlier eagerness for Bulgaria to join the euro, but considered 2015 as a more likely date.[10] If Bulgaria follows the standard path to euro adoption, it would use the euro two years after joining the European exchange rate mechanism (ERM II) (a formality given the lev's peg to the euro). In late 2010, given Bulgaria's improving economy, analysts thought that Bulgaria would join the ERM II the following year.[11] However, the continued postponement of joining the mechanism has prevented Bulgaria meeting all five convergence criteria: its rebounding economy later met the four other criteria.[12]

Coins

In 1999, coins in denominations of 1, 2, 5, 10, 20 and 50 stotinki were introduced.[13] A 1 lev coin in 2002 replaced the 1 lev banknote introduced in 1999. In November 2014 it was announced that coins of 2 leva to replace banknotes of the same value are to be introduced on December 7, 2015.[14]

Coins of the fourth lev (1999–present)[15]
Image Value Technical parameters Description Date of
Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse
1 stotinka 16 mm 1.8g CuAlNi Plain Value, year, twelve stars as symbol of Europe. Country name, Madara Rider 1999
2000
5 July 1999[13] Current
2 stotinki 18 mm 2.5 g
5 stotinki 20 mm 3.5 g
10 stotinki 18.5 mm 3.0 g CuNiZn riffled Value, year, twelve stars as symbol of Europe. Country name, Madara Rider 1999 5 July 1999 Current
20 stotinki 20.5 mm 4.0 g
50 stotinki 22.5 mm 5.0 g
1 lev 24.5 mm 7.0 g outer circle: yellowish alloy
inner circle: white alloy
serrated by sectors Value, year, graphical pattern of two crossing lines. Country name, saint Ivan Rilski 2002 2 September 2002[16] Current
2 leva 26.5 mm 9.0 g outer circle: white alloy CuNiZn

inner circle: yellowish alloy CuNi

serrated by sectors Value, year, graphical pattern of two crossing lines. Country name, Paisius of Hilendar 2015 7 December 2015 Current
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

In 2004, 2005 and 2007 commemorative circulation issues were struck of the 50 stotinkas coin.[15] Also many commercial commemorative coins have been minted.

Banknotes

In 1999, banknotes were introduced in denominations of 1, 2, 5, 10, 20 and 50 leva. 100 leva notes were added in 2003. The 1 lev note has been nearly completely replaced in everyday use by the 1 lev coin. The 2 leva note was replaced in everyday use by a coin on December 7, 2015.

Banknotes of the fourth leva (1999–present)[15]
Image Value Dimensions Watermark Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal lapse
[1] [2] 1 lev 112 × 60 mm Rampant lion Ivan Rilski Rila Monastery 1999 5 July 1999 Was replaced by the 1 lev coin
[3] [4] 2 leva 116 × 64 mm Paisiy Hilendarski Istoriya Slavyanobolgarskaya 1999
2005
Was replaced by the 2 leva coin
[5] [6] 5 leva 121 × 67 mm Ivan Milev Ivan Milev Paintings by Ivan Milev 1999
2009
[7] [8] 10 leva 126 × 70 mm Petar Beron Petar Beron Astronomical instruments 1999
2008
[9] [10] 20 leva 131 × 73 mm Stefan Stambolov Stefan Stambolov Orlov most, Lavov most 1999
2007
[11] [12] 50 leva 136 × 76 mm Pencho Slaveykov Pencho Slaveykov Poems by Pencho Slaveykov 1999
2006
[13] [14] 100 leva 141 × 79 mm Aleko Konstantinov Aleko Konstantinov Aleko Konstantinov; his work "Bay Ganyo" (Uncle Ganyo) 2003
2018
8 December 2003[17]
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

The contemporary 2 leva banknote contains Paisiy Hilendarski, his monastery, the coat of arms of the Second Bulgarian Empire, images and seals of some kings, a double-headed eagle; the 5 leva banknote contains the painter Ivan Milev Lalev, a man with a crown of thorns, a face with shield(or a pregnant women with a belly) touching it, and the sideview of a creature with а sickle and hood resembling the death; on the 10 leva banknote Petar Beron is visible with a whale, a rhino, a telescope, a globe of Earth and Saturn; a 20 leva banknote contains Stefan Stambolov, the 1878 seal of Veliko Tarnovo, three arrows hitting heels of lions, the parliament building hit by an arrow, a lion hit by an arrow in the back behind an eagle, a flywheel with six arrows; on the 50 leva Pencho Slaveykov and the ghost of his lover are shown, a phaeton, the building of the theater in Sofia and a bird; on the 100 leva banknote Aleko Konstantinov is shown with his work "Bay Ganyo untold tales of a contemporary Bulgarian" hit by a spear in the chest through his pocket watch.

Exchange rate

The fourth lev was pegged to the German mark at par from the start. With the replacement of the Deutsche Mark by the euro, the lev's peg effectively switched to the euro at the rate of 1.95583 leva = 1 euro (precisely equivalent to the Deutsche Mark's fixed exchange rate to euro). This rate is unlikely to change before the lev's eventual retirement. (Bulgaria committed to adopting the euro as part of its joining the EU.) On 25 April 2005, when the country's EU accession treaty was signed, the BNB issued a commemorative coin with the face value of 1.95583 leva.

Current BGN exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

Notes

  1. ^ The nickname for lev can be both kint (masc) and kinta (fem), inflected accordingly for plurals and numerical values (kinta, kinti); stotinka – which literally simply means hundredth (diminutive) – is usually shortened to stinka.
  2. ^ "Lev - Definition and More from the Free Merriam-Webster Dictionary". Merriam-webster.com. 2012-08-31. Retrieved 2014-07-22.
  3. ^ "Нула = Нищо. А Три Нули?". Euro2001.net. Retrieved 2014-07-22.
  4. ^ "BULGARIA 500 LEVA 1951". Banknotesinfo.com. 1952-05-12. Retrieved 2014-07-22.
  5. ^ Capital.bg. "Нова банкнота от 10 хил. лева влиза в употреба" [New banknote of 10 thousand leva enters in circulation.]. www.capital.bg (in Bulgarian). Retrieved 2019-02-04.
  6. ^ "НОМИНАЛИТЕ НА ДЕМОКРАЦИЯТА" [The nominals of the democracy]. www.banker.bg (in Bulgarian). Retrieved 2019-02-04.
  7. ^ "Prof. Dr. Ivan Angelov: Bulgaria needs a managed floating exchange rate". Retrieved 2009-01-12.
  8. ^ "Bulgaria's budget of reform". The Sofia Echo. 30 November 2007. Retrieved 2008-02-06.
  9. ^ "The bill that could break up Europe". The Economist. 2009-02-26. Retrieved 2014-01-05.
  10. ^ "Bulgaria puts off Eurozone membership for 2015". Radio Bulgaria. 2011-07-26. Archived from the original on 2014-01-06. Retrieved 2014-01-05.
  11. ^ "The world in figures: Countries: Bulgaria". The Economist. 2010-11-22. Retrieved 2014-01-05.
  12. ^ "Convergence Report May 2012" (PDF). European Central Bank. 2012-05-25. Retrieved 5 January 2014.
  13. ^ a b National Bank of Bulgaria. Annual Report 1999. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_1999_en.pdf
  14. ^ National Bank of Bulgaria. Press release 19 November 2014. Available at:http://www.bnb.bg/PressOffice/POPressReleases/POPRDate/PR_20141119_1_EN
  15. ^ a b c National Bank of Bulgaria. Available at: http://www.bnb.bg/NotesAndCoins/NACCoinsCurrency/index.htm
  16. ^ National Bank of Bulgaria. Annual Report 2002. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_2002_en.pdf
  17. ^ National Bank of Bulgaria. Annual Report 2003. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_2003_en.pdf

External links

Astika (beer)

Astika is a Bulgarian beer brand made in the city of Haskovo (Bulgarian: Астика). The Astika Brewery was established in 1980, and in 1995 was bought by Kamenitza, itself currently owned by Molson Coors. It has two brands – Astika Light (originally Astika Lux) and Astika Dark (5.6%, sold in winter). As of 2012, Astika is sold in 600 ml bottles, with a pull-off top, as well as 500ml cans as of 2017 that are priced at 1.05 лв Bulgarian lev

BGL

BGL may refer to:

BGL (artists)

BGL BNP Paribas, bank

BGL Group, financial services company

B. G. L. Swamy, writer

Blood glucose level

Blue Gene/L, supercomputer architecture

Bombe Guidée Laser, guided bomb

Boost Graph Library

Bulgarian lev, former currency (pre-1999) with the ISO 4217 code "BGL"

Landkreis Berchtesgadener Land, Germany (license plate code)

Busan–Gimhae Light Rail Transit

BGN

BGN may refer to:

Biglycan, a protein coded by the BGN gene

Bulgarian lev, the currency of Bulgaria (ISO code: BGN)

The Western Balochi language (ISO code: bgn)

The United States Board on Geographic Names

Belaya Gora Airport, Yakutia, Russia

Blessed George Napier Roman Catholic School, Banbury, UK

802.11b/g/n, a designation indicating device support for certain wireless computer networking standards

Bulgaria and the euro

Bulgaria committed to switching its currency, the lev, to the euro upon its joining the European Union in 2007, as stated in its EU accession treaty.

The transition will occur once the country meets all the euro convergence criteria; it currently meets three of the five criteria, the exception being its membership for at least two years of the EU's official exchange rate mechanism (ERM II), which it has not yet joined despite the Bulgarian lev having been pegged to the euro since its introduction in 1999. In 2011 Bulgaria's Minister of Finance Simeon Djankov stated that adoption of the euro would be postponed until after the Eurozone crisis had stabilized. Bulgarian euro coins have not yet been designed, but their motif has been chosen to be the Madara Rider.

Bulgarian National Bank

The Bulgarian National Bank (Bulgarian: Българска народна банка, Balgarska narodna banka, IPA: [bɤ̯ːɫɡɐrskɐ nɐrɔdnɐ bankɐ]) is the central bank of the Republic of Bulgaria with its headquarters in Sofia. The BNB was established on 25 January 1879.

It is an independent institution responsible for issuing all banknotes and coins in the country, overseeing and regulating the banking sector and keeping the government's currency reserves. The BNB is also the sole owner of the Bulgarian Mint. The governor is Dimitar Radev. The bank has a key role in Bulgarian economy. Since 1.01.2007 the bank is a member of European system of central banks. The governor of BNB is a member of General Assembly of European central bank. It is the 13 oldest central bank in the world.

Cent (currency)

In many national currencies, the cent, commonly represented by the cent sign (a minuscule letter "c" crossed by a diagonal stroke or a vertical line: ¢; or a simple "c") is a monetary unit that equals ​1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin worth one cent.

In the United States, the 1¢ coin is generally known by the nickname penny, alluding to the British coin and unit of that name.

In the European Union, coins designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank (ECB).

In Canada, the 1¢ coin is no longer produced since 2012.

Central banks and currencies of Europe

This is a list of central banks and currencies of Europe .

Currencies of the European Union

There are eleven currencies of the European Union as of 2018 used officially by member states. The euro accounts for the majority of the member states with the remainder operating independent monetary policies. Those European Union states that have adopted it are known as the eurozone and share the European Central Bank (ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of the European System of Central Banks.

Dobri Dobrev

Dobri Dimitrov Dobrev (Bulgarian: Добри Димитров Добрев, 20 July 1914 – 13 February 2018), better known as Grandpa Dobri, Elder Dobri (Bulgarian: Дядо Добри, translit. Dyado Dobri) or The Saint of Bailovo, was a Bulgarian ascetic who walked over 20 kilometres (12 mi) each day to sit or stand in front of the Cathedral of Alexander Nevsky in Sofia to collect money for charitable causes. Dobrev donated all the money he collected to charities, orphanages, churches, and monasteries. He turned 100 in July 2014. In Bulgarian, his name translates as "good" or "kind".

Economic and Financial Affairs Council

The Economic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of the Council of the European Union and is composed of the economics and finance ministers of the 28 European Union member states, as well as Budget Ministers when budgetary issues are discussed.

ECOFIN often works with the European Commissioner for Economic and Financial Affairs and the President of the European Central Bank.

Euro calculator

A euro calculator is a very popular type of calculator in European countries (see eurozone) that adopted the euro as their official monetary unit. It functions like any other normal calculator, but it also includes a special function which allows one to convert a value expressed in the previously official unit (the peseta in Spain, for example) to the new value in euros, or vice versa. Its use became very popular within the population and commerce of these countries especially during the first few months after adopting the euro.

As so many were produced, they are also found outside the eurozone to help staff with conversions at airports or railway stations where the euro has a strong presence.

Europa coin programme

The Europa Coin Programme, also known as the European Silver Programme, or the Eurostar Programme, is an initiative dedicated to the issuance of collector-oriented legal tender coins in precious metals to celebrate European identity. The issuing authorities of EU member countries voluntarily contribute coins to the Europa Coin Programme. Multiple countries have participated in the programme, beginning in 2004. Some coins are denominated in euro, others are denominated in other currencies. Europa coins are legal tender.

European Exchange Rate Mechanism

The European Exchange Rate Mechanism (ERM) was a system introduced by the European Economic Community on 13 March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single currency, the euro, which took place on 1 January 1999.

After 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. This mechanism is known as ERM II and has superseded ERM. Currently there is just one currency in the ERM II, the Danish krone.

European Monetary Cooperation Fund

The European Monetary Cooperation Fund (EMCF) was an institution and a fund established in 1973 by members of the European Exchange Rate Mechanism (ERM) of the European Union (EU) to stabilise exchange rates. It was succeeded by the European Monetary Institute which is now part of the European Central Bank.

Karadzhalovo Solar Park

The Karadzhalovo Solar Park is a 60.4 megawatt (MW) solar farm, the largest in Bulgaria. It has 214,000 photovoltaic panels, and cost 350 million Bulgarian lev (approximatively $248 million).

It has been completed in March 2012 after 4 month of construction.

List of euro mints

Several euro mints exist in the eurozone. Not every eurozone member state has its own mint to produce euro coins.

Mincovňa Kremnica, Slovakia

Slovak euro coins

Staatliche Münzen Baden-Württemberg

German euro coins

Latvian euro coins

Suomen Rahapaja (Mint of Finland)

Estonian euro coins

Greek euro coins

Luxembourgish euro coins

Slovenian euro coins

Cypriot euro coins

Irish euro coins

Istituto Poligrafico e Zecca dello Stato

Vatican euro coins

Sammarinese lira

The lira (plural lire) was the currency of San Marino from the 1860s until it was replaced by the Italian Lira in September 17, 2002. It was equivalent and pegged to the Italian lira. Italian coins and banknotes and Vatican City coins were legal tender in San Marino, while Sammarinese coins, minted in Rome, were legal tender throughout Italy, as well as in the Vatican City.

Vatican lira

The lira (plural lire) was the currency of the Vatican City between 1929 and 2002.

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