Bulgaria and the euro a stable ERM-II member for a minimum of two years. While Bulgaria has not formally joined the exchange rate mechanism, the ±15% floating band permitted within ERM II is less restrictive than Bulgaria's current strict peg of 1.95583 BGN to 1 EUR. The lev has been pegged to the euro since its launch, and prior to that was pegged on par to the German Mark. While the currency board which pegs Bulgaria to the euro has been seen as beneficial to the country fulfilling criteria so quickly, the ECB has pressured Bulgaria to drop it as it did not know
Armenians in Bulgaria First Bulgarian Empire in the 9th century. After both Bulgaria and Armenia were conquered by the Ottoman Empire, many Armenian settlers from Armenia, Crimea, the Polish-Lithuanian Commonwealth and Asia Minor arrived in what is now Bulgaria due to internal migration. Those coming from Armenia were forced to seek a new homeland because of their country's devastation by Arabs, Persians, and Turks. With Bulgaria gaining autonomy in the aftermath of the Russo-Turkish War of 1877-78, many Armenians fled the Ottoman Empire because of the Hamidian massacres in the 1890s and settled in the country, particularly in the major cities of Plovdiv