The Bulgarian currency is called Bulgarian Lev (BGN). Being divided into 100 stotinki (a hundredth), the Bulgarian Lev has been a part of the currency board arrangement since 1997. Back then, the BGL was 1000 to DEM 1 with initially at a fixed rate of the Dutch Mark. In 1999, when the EUR was officially introduced to the world, the fixed rate to the EURO is BGN 1,95 to EUR 1. The European Exchange Rate Mechanism officially welcomed the Bulgarian Lev in 2020 and nowadays, it is expected that the Bulgarian Lev will be supplanted by the Euro by the beginning of 2024.