European Commission - Directorate-General for Econ : A successful euro changeover in Latvia

European Commission

Press release

Brussels, 16 January 2014

A successful euro changeover in Latvia

Latvia's changeover from the lats to the euro has been smooth and successful. Since yesterday, it has no longer been possible to make payments in Latvian lats, the two-week dual circulation period having ended on 14 January. No major problems were encountered and banks, post offices and retailers coped well with the extra workload caused by the changeover process and the parallel handling of two currencies.

The amount of euro cash in circulation exceeded the amount of circulating lats cash (value in euro) on 10 January 2014.

According to a Commission survey, on Wednesday 14 January 2014, more than nine out of ten citizens made cash payments in shops in euro only. All customers were getting their change in euro. Nearly three out of four citizens polled said they carry only euro cash in their wallets.

Lats banknotes and coins can be exchanged at the official conversion rate (1 EUR = 0.702804 LVL) and free of charge at post offices until 31 March 2014 and at commercial banks until 30 June 2014. Thereafter, lats can be exchanged for euros without a service fee at the Bank of Latvia for an unlimited period of time.

Dual display of prices in euro and lats will continue until 30 June 2014.

For more information:

For more information on the Latvian changeover see:

http://ec.europa.eu/economy_finance/articles/euro/2013-12-06-latvia-getting-ready-euro_en.htm

Latvia's national changeover website:

http://www.eiro.lv/en/what-are-euros-/security-features/latvia-s-national-euro-changeover-plan

For more information on the euro:

http://ec.europa.eu/economy_finance/euro/index_en.htm

Contacts : Simon O'Connor([phone]) Audrey Augier([phone])