July 5 1999 – denomination of the Bulgarian lev

The Law on the Lev Denomination was adopted on February 19 1999. It became effective as of July 5 the same year, when the new denominated Bulgarian lev was put into official circulation in the country. According to the new regulations, 1000 non-denominated Bulgarian leva became equal to 1 denominated lev, and 100 non-denominated leva became equal to 10 stotinki. New bank-notes of 1, 2, 5, 10, 20, and 50 leva were put into circulation. This decision was coordinated with the IMF and the World Bank. This is the fourth monetary reform in Bulgaria over the past 57 years. The first one took place in 1947, when the new socialist power decided its symbols should be depicted on the money. In this operation, only the monetary signs were replaced, their nominal remained unchanged. The exchange was made at a rate 1:1. The decision to do that was officially adopted on March 6 1946. The second monetary reform was implemented in 1952, when all bank-notes and coins, which had circulated in the country so far, were taken out of circulation. The exchange back then was made at a ratio of 100:1, but prices were changed at a ratio of 25:1. New bank-notes of 1, 3, 5, 10, 25, 50 and 200 leva were introduced, as well as new coins of 1, 3, 5, 10 and 25 stotinki. The third monetary reform started on January 1 1962 and was completed within three months – on March 31 the same year. Money were exchanged at a rate of 10:1. All bank-notes and coins used previously were removed and new ones were introduced in their place – bank-notes of 1, 2, 5, 10, and 20 leva and coins of 1, 2, 5, 10, 20 and 50 stotinki.