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until the euro introduction
The lats cash exchange to the euro
To provide Latvia's population with the euro coins and banknotes, and to convert cash reserves to the euro it will be possible to exchange money according to the fixed rate in banks - half a year or six months following the € day.
However, if during this period you will not manage to convert all the cash, it will be possible to exchange cash lats to the euro in the Bank of Latvia for unlimited period of time following the € day.
To avoid worries about the currency exchange it is advisable to put cash money reserves on your bank accounts. The lats reserves or remaining money on bank accounts will be automatically converted to the euro on the € day.
Whereas cash lats for daily expenditures will be possible to spend or exchange within two weeks following the € day paying for your purchases or services, as the euro changeover scenario provides two weeks dual circulation period of the lats and the euro.
Lats cash changeover will be carried out mostly through banks, foreign exchange purchase and sale offices, ATMs, trade network, service providers etc. During the dual circulation period of lats and euro traders will have to accept both lats and euro banknotes and coins.
The Bank of Latvia is obligated to provide market participants with cash euro throughout the entire territory of Latvia. Already before the euro changeover banks and trade points will be provided with the euro currency units. However, to ensure timely provision of euro banknotes to citizens from the euro changeover day all ATMs in the Republic of Latvia will be reprogrammed from the lats to euro dispensing regime and lats banknotes will not be issued from the euro changeover day anymore.
Non-cash changeover is the most convenient way of money exchange because it will be done automatically and free of charge already on the € day. Thus money owners will not feel the non-cash money exchange process - it will cause no inconveniences.
On the euro changeover day, all non-cash balances denominated in lats on accounts, as well as financial instruments will be converted to the euro, and all transactions and payments will be conducted in the euro. As of the euro changeover day, all settlements in the Bank of Latvia payment systems will be made in the euro only.