Yesterday, on July 9, the Economic and Financial Affairs EU Council (ECOFIN) has finally approved Latvia to join the euro on 1 January 2014. Therefore, Latvia will become 18th eurozone member.
The final decision has also been made regarding the exchange rate – it is 0.702804 lats for one euro. All lats in bank accounts will be automatically converted to euros at the set exchange rate on the night of 31 December to 1 January 2014.
Former national banknotes and coins can be exchanged at all commercial banks at the official exchange rate and without any commission charges until 30 June 2014. There will be no time limits for exchanging lats in the Latvian Central bank.
It will be possible to make payments both in lats and euro at all trade venues in in the first two weeks of the next year. Salaries in Latvia will be paid in euros starting from January 1, 2014.
The bank will inform its clients and partners about essential details and arrangements related to the transition to the euro. Eleonora Gailisha Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
E-mail:
egailisha@rietumu.lv
