Bulgarian Lev

The Bulgarian Lev (BGN) is the official currency of Bulgaria. It is divided into 100 stotinki and is currently pegged to the Euro at a rate of 1.95583 BGN to 1 EUR. The Lev was introduced in 1881, replacing the Bulgarian version of the Ottoman Empire's currency, the Assignation banknotes. The Lev was initially pegged to the French Franc at a rate of 1 Lev = 0.02 French Francs. In 1913, the Lev was pegged to the Gold Standard at a rate of 1 Lev = 2.86956 mg of gold. After World War I, the Lev was pegged to the British Pound at a rate of 1 Lev = 2.85 Pounds. This peg held until the end of World War II. In 1945, the Lev was pegged to the Soviet Ruble at a rate of 1 Lev = 0.05 Rubles. In 1952, the Lev was again pegged to the British Pound, this time at a rate of 1 Lev = 1 Pound. This peg held until 1962 when the Lev was allowed to float. In 1999, the Lev was pegged to the German Mark at a rate of 1 Lev = 1.95583 Marks. When the Mark was replaced by the Euro in 2002, the Lev was pegged to the Euro at the same rate. The Lev is issued by the Bulgarian National Bank. The most common banknotes are 1, 2, 5, 10, 20, 50 and 100 Leva. The most common coins are 1, 2, 5, 10, 20 and 50 stotinki, and 1, 2 and 5 Leva.