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until the euro introduction
Latvia's Euro Changeover Plan has been developed to enhance effectiveness of this process. From the first day of the euro changeover two weeks dual circulation period of the lats and the euro will be introduced. It means that during this period it will be possible to use the lats in cash without their exchange to the euro.
Larger amounts of cash will be possible to exchange within half a year (six months) in all commercial banks, the Bank of Latvia and three months in Latvian Post. It will be possible to exchange unlimited amount of money according to the fixed rate.
However, to avoid any concerns regarding cash changeover it is recommended to put all cash savings in the bank accounts or deposit in the bank. On the euro changeover date money in the bank accounts will be automatically and free of charge converted according to the fixed rate, so people will not feel the money changeover process.
In order to ensure that citizens are timely accustomed with prices in the euro already three months before the euro changeover a compulsory period of dual price display will be set and it will continue for half a year after the euro changeover. During this period it will be compulsory for all traders and service providers to display prices both in the lats and the euro.
With the euro changeover date coming closer ads on TV and other mass media will inform about the visual appearance and security features of the euro coins and banknotes. You can have a look at the euro coins and banknotes on the this web site.
Exchange to the euro will make it easier to compare prices of goods and services in different countries, and this fact, in its turn, facilitates competition among traders and service providers.
Common currency - the euro - is convenient for tourists. When travelling to the euro area countries it will not be necessary to exchange one currency to another anymore. It will make travelling more convenient and cheaper because there will be no need to exchange money and pay commission for it.