Bulgarian Citizens Withdraw Money in Euros
Citizens in Bulgaria began withdrawing their euros from ATMs yesterday, marking the first time after the country’s accession to the Eurozone, becoming its twenty-first member.
ATMs in the capital, Sofia, dispensed new euro banknotes, which will replace the local currency (lev) that will still be accepted for cash transactions throughout January. However, citizens will only receive their change in euros.
Bulgaria, with a population of about 6.7 million, was one of the poorest countries in the world when it joined the European Union in 2007.
Joining the eurozone signifies a deeper integration with Europe following its transition in 1989 from a Soviet-style economy to a democracy and free market. However, this historic milestone comes amid political instability, as the conservative government was forced to resign earlier following large-scale protests against corruption, amid widespread public skepticism due to fears of rising prices.
