Bulgaria was preparing to switch to the euro on Wednesday night to become the 21st euro zone member, amid concerns the move could usher in higher prices and add to political instability rattling the Balkan country.
At midnight, Bulgaria will wave goodbye to both 2025 and its lev currency, which has been in use since the late 19th century.
While successive governments in the country of 6.4 million people have advocated joining the euro currency over hopes it will boost the economy of the EU’s poorest member, some have been opposed to the switch.
Bulgaria, which joined the EU in 2007, faces unique challenges, including anti-corruption protests that recently swept the government from office, leaving the country on the verge of its eighth election in five years.
Outgoing Prime Minister Rossen Jeliazkov said on Tuesday that he nonetheless felt his cabinet had accomplished a milestone.
“Bulgaria is ending the year with a gross domestic product of 113 billion euros and economic growth of more than three percent, which places us among the top five countries in the EU,” he said before a government meeting.
He added that inflation in the Black Sea country, which hovers around 3.6%, was “linked to increased purchasing power” and a less corrupt economy and not in any way to the introduction of the euro.
Some Bulgarians worry the introduction of the euro could lead to price increases.
Those fears were fuelled in part by a protest campaign that emerged this year to “keep the Bulgarian lev,” which tapped into a generally negative view of the single currency among much of the population.
According to the National Statistical Institute, food prices rose by 5% year-on-year in November, more than double the euro zone average.
Some people, including business owners, have complained that it has been difficult to get their hands on euros, with shopkeepers saying they haven’t received the euro starter packages they ordered.
Banks have already warned of possible disruptions to card payments and ATM withdrawals on New Year’s Eve.
According to the latest Eurobarometer survey, 49% of Bulgarians are against the single currency.
