What affects exchange rates between the Canadian dollar and the Bulgarian lev?
The Bulgarian lev (BGN) today is pegged to the euro at a rate of 1.95583 lev to 1 euro. As a result, the CAD/BGN exchange rate depends only on the CAD/EUR exchange rate. If the euro is strengthening, so will the lev, and vice versa.
Owing to the image of a loon on the one-dollar coin, the Canadian dollar (CAD) is sometimes referred to as the “loonie”. Closely tied to the US economy, the CAD accounts for approximately 2% of all global reserves, superseded only by the U.S dollar (USD), the euro (EUR), the yen (JPY), and the Great Britain pound (GBP). With its extreme sensitivity to movements in crude oil and other products, traders often use the CAD to speculate on trends related to these commodities.
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Bulgaria joined the EU in 2007, but its currency, the lev, has been pegged to the euro (EUR) since 1997. Bulgaria has wanted to adopt the euro currency since its inception into the EU, and was expected to join the eurozone in 2015, but has been continuously blocked from replacing its currency until it can implement economic reforms. Bulgaria is currently the poorest EU member state, with a GDP at 49% of the EU average.
How does the CAD dollar trade against the Bulgarian lev historically?
Throughout history, there have been many different exchange rate regimes in place in Bulgaria. The first edition of the lev was introduced in 1881, and had an equal value to the French franc. During the 1940s, the lev was pegged to the German reichsmark, followed by the Russian ruble during the Soviet Union’s occupation of Bulgaria in 1944. From 1945 to 1952, the Bulgarian lev was pegged to the US dollar a number of times. When the current edition of the lev was introduced in 1995, it was pegged to the euro. It’s assumed that this will remain the case until Bulgaria eventually adopts the euro as its currency. Currently, the Bulgarian lev is trading around 1.27 to the CAD dollar (as of 30 Jan. 2018). The Bulgarian lev (BGN) today is pegged to the euro at a rate of 1.95583 BGN to 1 euro.
Canadian Dollar to the Bulgarian lev for the last 10 years
1 CAD =
Canadian Dollar to the Bulgarian lev for the last 10 months
1 CAD =
Canadian Dollar to the Bulgarian lev for the last 10 days
1 CAD =
Send money from Canada to Bulgaria
Rates last updated March 29th, 2020
How can I predict future exchange rates between the Canadian dollar and Bulgarian lev?
The current peg to the euro of 1.95583 lev to 1 euro will likely remain in place until Bulgaria finally adopts the euro, a process currently in the works. Bulgaria has indicated (on 15 Jan. 2018) that it will begin talks on replacing the lev with the euro, adding that the Balkan country may join the preliminary exchange-rate mechanism for eurozone entry by the end of 2018. Anyone looking to make large transactions or deposits in Bulgarian lev should be sure to stay updated on Bulgaria’s progress in joining the eurozone to predict future exchange rates.
Market rate for common transfer amounts CAD to BGN
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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