Brussels, 03/12/2013 (Agence Europe) - The European Commission says that Latvia is progressing well with its preparations for joining the single currency, but a little extra work will be needed in the final haul this month before it joins the euro on 1 January 2014.
The European Commission asks the Latvian authorities to focus on the first fortnight of January 2014, when the euro will be in circulation alongside the lats. A special information campaign will reassure consumers who are fearful of price increases and abuse in the changeover period and the Commission says “this is a very important initiative and efforts to increase its coverage and impact should be kept up in the remaining weeks before the changeover”.
The first euro notes and coins will come from Germany, coins from the Staatliche Münzen Baden-Württemberg mint and the notes from Deutsche Bank. Latvian banks got their first euro coin deliveries in November, and the banks' major customers will get their first euro deliveries on 10 December. On 10 December, the authorities will start distributing 800,000 starter kits of euro coins amongst the general public.
On 1 January 2014, the Latvian central bank will change money at the rate of one euro for 0.702804 lat. Retail banks and post offices will change money free of charge for six and three months respectively. Latvia has not had a government since Prime Minister Valdis Dombrowskis resigned at the end of November (see EUROPE 10972). (MB/transl.fl)