- At what rate will the lats be exchanged to the euro?
Lats to euro will be exchanged without commission according to the rate hitherto used by the Bank of Latvia and irrevocably fixed by the member states of the European Union at 0.702804 lats per euro (1 lats = 1.42 euro). The lats peg rate to the euro has been beneficial for the Latvian economy, which fact has been recognized by the businessmen and the general population at like, therefore the rate will remain unchanged. So for one lats a person will get 1.42 euro. The lats has been pegged to the euro since 1 January 2005, and since May of the same year Latvia has been a participant in the Exchange Rate mechanism (ERM II). At least two years of membership in ERMII is one of five euro (Maastricht) criteria for assessing correspondence of the exchange rate of the national currency to the economy. Latvia has been in the mechanism for seven years, and the exchange rate of the lats has corresponded with the country’s economic development, so the Bank of Latvia considers the rate of 0.702804 LVL / EUR to be sound, and so on until the introduction of the euro, or a full-fledged participation in the Economic and Monetary Union (EMU), the lats peg will not change. This means that for 100 lats after the euro changeover one will receive 142.29 euro and for 1000 lats - 1422.87 euro.
Guidance for more information:
The Latvian participation in the Exchange Rate Mechanism II
- What are rounding principles when calculating amounts during the euro changeover?
The amount of money is rounded according to the normal mathematical principles. The amount of money is rounded to the nearest cent taking into account the third decimal place.
- If the third decimal place is between 0 and 4, the cent value does not change;
- If the third decimal place is 5 to 9, the cents are rounded a single value up.
For example, if an item costs 1 lats, at the official conversion rate it is 1.4228 ... euro, and then the price will be rounded down to 1.42 euro. If the product costs 3 lats, which amounts to 4.2686... euro using the official conversion rate, then the price will be rounded up to 4.27 euro.
Guidance for more information: The law on the introduction of the euro
- How long will people be able to exchange cash lats to the euro?
Lats to euro will be exchanged for an unlimited period of time without commission according to the rate hitherto used bythe Bank of Latvia and irrevocably fixed by the member states of the European Union at 0.702804 lats per euro (1 lats = 1.42 euro).
To wit: lats will be exchanged to euro for an unlimited period of time at the Bank of Latvia; for six months after the introduction of the euro it will be possible to exchange lats for euro at the credit institutions; for three months it will be possible at the 302 Latvian Post Offices.
Currency exchange offices, who will offer to change lats to euro, are obligated to do it at the official rate and without commission for six months after the introduction of the euro. According to after joining the euro area, it will be possible to exchange the Latvian lats in branches of credit institutions, some currency exchange offices throughout Latvia, at the 302 Latvian post offices and at the The Bank`s of Latvia offices in three cities. It will also be possible to withdraw euro from 1061 cash machines.
Guidance for more information: The law on the introduction of the euro
- How long will the simultaneous circulation of the lats and the euro last?
The lats and the euro will be in circulation at the same time for two weeks as of the euro introduction date, i.e. as of 1to 14 January 2014.
Guidance for more information: The law on the introduction of the euro
- How long it will be possible to pay in lats?
For the convenience of the population, a 2-week dual currency (lats and euro) use is planned. People will be able to make all payments in lats, receiving the change in euro.
Guidance for more information: The law on the introduction of the euro
- How long will the prices be shown in both lats and euro?
Prices must be shown in both lats and euro for months before and 6 months after the introduction of the euro, i.e. from 1 October 2013 to 30 June 2014. Vendors can show the prices in both lats and euro before and after this time, for the convenience of their customers.
Guidance for more information: The law on the introduction of the euro
- How long will lats be exchanged to euro?
Lats to euro will be possible to be exchanged in accordance with the enacted rate of the Bank of Latvia, which was irreversibly fixed by the EU member states, at 0.702804 lats per euro (1 lats = 1.42 euro), without comission and for an unlimited period of time. At the Bank of Latvia, lats will be changed to euro in perpetuity. For six months from the date of introduction of the euro, exchanges will be possible at credit institutions and for three months, at 302 Latvian Post offices.It will be possible to withdraw euros from 1061 ATMs.
Guidance for more informations: The law on the introduction of the euro
- Will it be possible to pay with Latvian euro coins outside Latvia?
Yes, all issued euro coins by euro area countries are legal tender in other euro area countries. This means that, for example, the Latvian euro coins will be used for payment in Portugal and the Italian coins in Latvia. The exception is the euro collector’s coins, which will only constitute legal tender in the country which has emitted these coins.
- Will the Latvian euro coins and banknotes have different design?
All banknotes in the euro area have the same design, but, like any euro area country, Latvia will mint coins with its own national symbols on the national side.
Guidance for more information: http://www.bank.lv/en/eu-and-euro/latvian-euro-coins
- What will be featured on the Latvian euro coins?
From the national contest of ideas it emerged that the Latvian euro coins will feature images that are significant to us - the 1 and 2 euro coins will be graced by the portrait of the folk maiden from our five-lats silver coin. The 10, 20 and 50 cent coins will feature the large coat of arms of the Republic of Latvia and the 1, 2 and 5 cent coins, the country’s small coat of arms.
Guidance for more information: http://www.bank.lv/en/eu-and-euro/latvian-euro-coins
- Will in Latvia be available only Latvian euro coins?
All euro banknotes and coins are legal payment instruments in the euro area. Consequently, after the introduction of the euro in Latvia, different euro coins will be accepted as payment and will end up in their wallets. Mostly Latvian euro coins will be found in Latvia. The euro coins issued by other member states, will usually come to Latvia from tourists.
- What to do with one-and two-lats special design circulation coins, such as the ones featuring a stork, mushroom and other images? Will they be accepted as legal tender?
During the changeover to the euro, people will be able to exchange these coins like any other lats banknotes and coins. The special design lats circulation coins will be exchanged for euro at the Bank of Latvia, commercial bank and the Latvian Post Office. At the Bank of Latvia, lats banknotes and coins will be exchanged for an unlimited period of time after the euro introduction. Of course, there will be people who will want to keep the special circulation coins and collector’s coins as part of their collections.
- Where will Latvian euro banknotes be printed?
To meet Latvia’s needs for euro banknotes, an open competition among the printing works approved by the European Central Bank will be organized in collaboration with other national central banks. In the first year of euro changeover, we will borrow from other euro area countries.
- Where will Latvian euro coins be minted?
Latvian euro coins are minted by the Baden-Württemberg State Mint (Germany). It was selected in an open contest among five participants.
Guidance for more information: http://www.staatlichemuenzenbw.de/
- What will be the amount of new coinage and notes issued and held by banks going into 2014?
For the purposes changeover and the first year of circulation Latvia will acquire a total of 400 million coins of all denominations and a total of 110 million banknotes of all denominations. Commercial banks have time until November to apply for timely deliveries of euros from the central bank; banks in their turn will start early deliveries to businesses from 10 December (starter kits worth 10 lats will be offered to the public at large to purchase containing various denominations of Latvian euro coins (14 euros 32 cents) in banks, 302 branches of the Latvian Post as well as at the branches of the Bank of Latvia).
- Are there any euro collector’s coins? Will any of them feature Latvian scenes?
Even after the introduction of the euro, Latvia plans to release collector’s coins with national motifs.
Collector’s coins will be released every year in about the same amount as before. The mintage run will depend on the demand in the domestic and international markets. Such coins are the payment instruments only in the country of issue. Their value must be different from circulation coins.
Every year, each Member State has the right to mint two special commemorative2 euro coins, dedicated to an event of national, European or global significance. Additionally, any country can mint a commemorative 2-euro coin as part of a common EU project, for example, marking the anniversary of the EU or EMU.
- Will the minting manufacturing machinery and processes for the Lats be saved?
Artefacts related to the production of lats which have value for archives or museums will be preserved but not otherwise.
