> Bulgarian national currency is BGN, and as of now, its value is pegged to EUR with the fixed ratio of 1.95583. So, 1 EUR is 1.95583 BGN, and it doesn't change over time, at least not yet.
1.95583 is EXACTLY the exchange rate between Euro and Deutsche Mark that I still remember from the switch in 2002. Indeed, after some research I've just learned that the Bulgarian Lev has been pegged to the DM since 1997.
Not all that unusual really. Before the EURO replaced the DM, many things in Croatia, such as cars and real estate were denominated in DM. This was due to rampant inflation (especially in the 80s and 90s) causing people to lose faith in the local currency.
The big difference is that Bulgaria has a currency board, which was agreed to with the International Monetary Fund and the World Bank. This was done to stabilize the exchange rate and the economy in 1997. The exchange rate has been fixed for the last 24 years.
Yes dont you dare complain of your x2 rate, ours in France was 6.55957 (rmb it fondly, didnt even need to google it), so right in the middle of an integer multiplier, and go multiply everything by 6 and 7 and cut in the middle.
We had lots of anti-german grievances due to that mismatch between x2 for the DM and 6.5 for the Frcs :D
Some were saying we all got to see who our masters were, but I dismiss it as the simplistic german mind which saw an efficiency somewhere and forgot the price everyone else had to grudgingly pay hehe (and why not pull the rug to yourself when there s no global optimum after all)
1.95583 is EXACTLY the exchange rate between Euro and Deutsche Mark that I still remember from the switch in 2002. Indeed, after some research I've just learned that the Bulgarian Lev has been pegged to the DM since 1997.