BGN (Bulgarian Lev)

BGN is the currency abbreviation or currency symbol for the Bulgarian Lev. The currency symbol was BGL until 1999. The BGN is made up of 100 stotinki coins. The currency's name comes from the archaic Bulgarian word "lev," which can be translated to mean "lion." While no timeline exists, the euro will eventually replace the BGN.

The plural form of the Bulgarian Lev is the Bulgarian leva.

Bulgaria has made plans in the past to switch over from the Bulgarian Lev (BGN) and to adopt the euro, but not everyone agrees that getting rid of the lev would be in the country’s best interest. Some financial experts believe that Bulgaria should hold tight onto the lev and help keep its country currency strong and stable. Keeping the lev stable has proven to be an excellent move for Bulgaria. The stability of the currency saw the country through external financial crises, such as the Great Recession of 2009 and the banking collapse of the Corporate Commercial Bank in 2014.

The Bulgarian economy is industrialized, and the country is upper-middle-class. According to World Bank data, Bulgaria experiences 2.2% annual inflation and has a gross domestic production (GDP) of 3.9% as of 2016, which is the most current year of available data. 

The Bulgarian lev can separate into four periods of circulation.

1. The first circulation is between 1881 and 1952. The valuation of the BGN was equivalent to 1 French franc at first issue. The currency remained intermittently on the gold standard between 1899 and 1912 and banknotes had gold backing until 1923. During World War II, Bulgaria pegged the lev to the German Reichsmark. Later, during the Soviet occupation, the currency pegged to the Soviet ruble.
2. The currency saw redenomination and began its second period between 1952-1962. Wartime pressures caused inflation in the country, and at revaluation one old lev exchanged for 100 new leva. The exchange offered a different, less generous, rate for some bank accounts. The currency now pegged to the U.S. dollar at a rate of 6.8 leva equal to 1 dollar.
3. 1962 to 1999 marked the third period of the Bulgarian Lev. This period began with another redenomination, and the currency remained stable for nearly 30 years. It had gold backing until 1989 and was not convertible to Western currencies. With the fall of the Soviet occupation, the country experienced inflation and devaluation of the money. At this point, the currency again moved off the gold standard and pegged to the Deutsche Mark.