BRUSSELS, Jan 1 (KUNA) -- Latvia Wednesday became the 18th EU member state out of 28 EU member states to share the same currency, euro.
European Commission President Jose Manuel Barroso said in press statements "I am delighted to welcome Latvia as the eighteenth member of the euro area. This is a major event, not only for Latvia, but for the euro area itself, which remains stable, attractive and open to new members." On his part, Olli Rehn, EU Commissioner for economic and monetary affairs said "I want to very warmly welcome Latvia to the euro. Joining the euro marks the completion of Latvia's journey back to the political and economic heart of our continent, and that is something for all of us to celebrate." "On behalf of the Governing Council of the European Central Bank (ECB), I welcome this further enlargement of the euro area. Latvia has earned its position as an integrated part of the Economic and Monetary Union," said Mario Draghi, President of the ECB.
From today the euro will gradually replace the lats as the currency of Latvia. There will be a dual circulation period of two weeks, during which the two currencies will circulate alongside each other in order to allow for a progressive withdrawal of Latvian lats.
The Bank of Latvia will change unlimited amounts of lats into euro at the official conversion rate (1 EUR = 0.702804 LVL) for an unlimited period of time and free of charge.
Commercial banks will provide unlimited cash exchange services free of charge until June 30th, 2014 and post offices until March 31st, 2014. (end) nk.gta KUNA 011316 Jan 14NNNN