A Brief History of the Bulgarian LevThe Lev was initially introduced in 1881. Its value matched that of the French Franc. The issuance of its gold and silver coins was regulated by stipulations that guided the Latin Monetary Union. Banknotes were also issued, but nonetheless, they were backed by silver and gold.In 1952, the Lev underwent its first major suspension following the wartime inflation that led to a drastic depreciation of its value. Coins were similarly issued in denominations of 25, 10, 5, 3, and one stotinki. The 50-stotinki coin was introduced in 1959. All these coins featured the state emblem and a head of wheat surrounding the denomination.Following the collapse of Communist in Eastern Europe, Bulgaria experienced inflation. The value of its currency depreciated. This forced authorities to peg the Lev to the Deutsche Mark, which was more stable. The country similarly introduced the currency board system besides backing the currency entirely using foreign reserves at the Bulgarian National Bank.Countries that Use the LevWhen Bulgaria joined the EU in 2007, its leadership promised to switch to the euro. However, this is yet to happen since the country is yet to join the exchange rate mechanism of the EU. Despite this, the Bulgarian Lev can be used in EU-member states.VolatilityThe Lev is a relatively stable currency. This is attested to by the fact that its exchange rate with the Sterling Pound closes at 1 to 2.268. The currency equally competes with other major world currencies such as the dollar and euro.