1st of January - Eurozone joined Latvia!

Business

For enterprises the euro changeover will mean not only adopting their IT and accounting systems, but also envisages wider processes. Trading and service providing companies, as well as financial institutions will be directly involved in the currency changeover process.

Taking into account general euro changeover principles and scenario entrepreneurs will have to ensure compliance with the set requirements (dual circulation period of the lats and the euro, compulsory period of dual price display, consumer protection etc.); as well as they will have to consider revision of pricing policy or development of new one, and other aspects.

Eiro_Image_03 Therefore to ensure smooth and swift changeover to the euro and to work out internal action plans with clear tasks for individual companies entrepreneurs will have to consider timely development of internal euro changeover plan for their companies, and it is of special importance for large businesses. More detailed suggestions for preparation to currency changeover can be found in the brochure of the European Commission.

The euro changeover will significantly facilitate business and trade transactions with partners in other European countries. Its benefits include price stability, promotion of investments and tourism development.