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The Bulgarian National Bank is one of the oldest national institutions established right after the restoration of the Bulgarian state, on January 25, 1879, and on 6 of June of the same year the first banking operation was conducted.

The BNB is an independent issuing institution of the State reporting to the National Assembly. It plays a key role in the Bulgarian economy and takes care of maintaining the stability of the Bulgarian currency, and of strengthening and development of the banking and credit system in the country.

The BNB’s independence is guaranteed by its organic Law (LBNB), and by the Treaty on the functioning of the European Union. Since January 1, 2007 the bank is a full member of the European System of Central Banks and actively participates in the decision making process in the area of banking and finance in the European Union. The BNB Governor is a member of the General Council of the European Central Bank.

lev, 1881–1952

The lev was introduced as Bulgaria's currency in 1881 with a value equal to the French franc. The gold standard was suspended between 1899 and 1906 before being suspended again in 1912. Until 1916, Bulgaria's silver and gold coins were issued to the same specifications as those of the Latin Monetary Union. Banknotes issued until 1928 were backed by gold ("leva zlato" or "zlatni", "лева злато" or "златни") or silver ("leva srebro" or "srebarni", "лева сребро" or "сребърни").

In 1928, a new gold standard of 1 lev = 10.86956 mg gold was established.

During World war II, in 1940, the lev was pegged to the German Reichsmark at a rate of 32.75 leva = 1 Reichsmark. With the Soviet occupation in September 1944, the lev was pegged to the Soviet ruble at 15 leva = 1 ruble. A series of pegs to the U.S. dollar followed: 120 leva = 1 dollar in October 1945, 286.50 leva in December 1945 and 143.25 leva in March 1947. No coins were issued after 1943; only banknotes were issued until the currency reform of 1952.

Second lev, 1952–1962

In 1952, following wartime inflation, a new lev replaced the original lev at a rate of 1 "new" lev = 100 "old" leva. However the rate for banking accounts was different, ranging from 100:3 to 200:1. Prices for goods were replaced at a rate of 25:1.The new lev was pegged to the U. S. dollar at a rate of 6.8 leva = 1 dollar, falling to 9.52 leva on July 29, 1957.

Third lev, 1962–1999

In 1962, another redenomination took place at the rate of 10 to 1, setting the exchange rate at 1.17 leva = 1 U. S. dollar, with the tourist rate falling to 2 leva on February 1, 1964. The ISO 4217 code was BGL. After this, the lev remained fairly stable for almost three decades. However, like other Communist countries' currencies, it was not freely convertible for Western funds. Consequently, black market rates were five to ten times higher than the official rate . During the period, until 1989 the lev was backed by gold, and the banknotes have the text stating: "The bank note is backed by gold and all assets of the bank" ("Банкнотата е обезпечена със злато и всички активи на банката").

After the fall of communism, Bulgaria experienced several episodes of drastic inflation and currency devaluation. In order to change this, in 1997, the lev was pegged to the Deutsche Mark.

 Fourth lev, 1999–today

On 5 July 1999 the lev was redenominated at 1000:1 with 1 new lev equal to 1 Deutsche Mark. The ISO 4217 currency code for the new Bulgarian lev is BGN. The currency was no longer backed by gold and silver, this was made evident by the banknotes loosing the text stating the lev was backed by gold or bank assets.

With the replacement of the Deutsche Mark by the euro, the lev's peg effectively switched to the euro, at the rate of 1.95583 leva = 1 euro, which is the Deutsche Mark's fixed exchange rate to euro. Since 1997, Bulgaria has been in a system of currency board and all Bulgarian currency in circulation has been backed 100% by the foreign exchange reserves of the Bulgarian National Bank (BNB). The rate is unlikely to change before the lev's retirement. On 25 April 2005, when Bulgaria's EU accession treaty was signed, the BNB issued a commemorative coin with the face value of 1.95583 leva. The lev was expected to be replaced by the euro on 1 January 2012, however some recent analysis says that Bulgaria will not be able to join earlier than 2015, due to their inflation problems and the impact of the global financial crisis of 2008. However, in February 2009, The Economist suggested accelerating Bulgaria's path to the euro, or even letting it be adopted immediately.

First lev

  

Between 1881 and 1884, bronze 2, 5 and 20 stotinki, and silver 50 stotinki, 1, 2 and 5 leva were introduced, followed, in 1888, by cupro-nickel 2½, 5, 10 and 20 stotinki. Gold 10 and 20 leva were issued in 1894. Bronze 1 stotinka were introduced in 1901.

Production of silver coins ceased in 1916, with zinc replacing cupro-nickel in the 5, 10 and 20 stotinki in 1917. In 1923, aluminum 1 and 2 leva coins were introduced, followed by cupro-nickel pieces in 1925. In 1930, cupro-nickel 5 and 10 leva and silver 20, 50 and 100 leva were introduced, with silver coins issued until 1937, in which year aluminium-bronze 50 stotinki were issued.

In 1940, cupro-nickel 20 and 50 leva were issued, followed, in 1941, by iron 1, 2, 5 and 10 leva. In 1943, nickel-clad-steel 5, 10 and 50 leva were struck. These were the last coins issued for this version of the lev.

 Second lev

In 1952, coins (dated 1951) were introduced in denominations of 1, 3, 5, 10 and 25 stotinki, with the lower three denominations in brass and the higher three in cupro-nickel. Cupro-nickel 20 stotinki dated 1952 were also issued, followed by 50 stotinki in 1959 and 1 lev in 1960 (both also in cupro-nickel).

 Third lev

In 1962, brass 1, 2 and 5 stotinki, and nickel-brass 10, 20 and 50 stotinki and 1 lev were introduced.

In 1992, a new coinage was introduced in denominations of 10, 20 and 50 stotinki, 1, 2, 5 and 10 leva. All were struck in nickel-brass except for the cupro-nickel 10 leva. In 1997, nickel-brass 10, 20 and 50 leva were introduced.

 Fourth lev

In 1999, coins in denominations of 1, 2, 5, 10, 20 and 50 stotinki were introduced. A 1 lev coin in 2002 replaced the 1 lev banknote introduced in 1999. The 1, 2 and 5 stotinki are struck in brass-plated steel, and the 10, 20 and 50 stotinki in cupro-nickel; each depicts the Madara horseman on its obverse. The 1 lev coin is bimetallic and depicts St. Ivan Rilski on its obverse.

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