Latvia plans to be ready to introduce the euro in 2014
The euro is not medicine for all economic maladies, but it provides the economy with an opportunity of faster growth and cheaper payback of the debt accumulated during the crisis.
Latvia set to meet the Maastricht criterion in the evaluation period
Over the year, inflation continued to drop, annual prediction for the year made in December still valid
Budget deficit in the last 3 years has been brought under control, but have to proceed with caution
GDP will grow slower in 2012, possibly requiring additional budget consolidation.
Latvijas Banka ensures euro payments in Europe
Latvijas Banka, in advance to euro introduction, ensures safe and effective infrastructure, which will be used by the system's participants for the everyday payments of their customers – businesses and consumers.
As a result of a national competition of ideas, it was decided that the Latvian 1 euro and 2 euro coins would feature a historic symbol: the profile of a Latvian folk maid, an image used on the silver 5 lats coin. 10 cent, 20 cent and 50 cent coins would feature the large coat of arms of the Republic of Latvia, whereas 1 cent, 2 cent and 5 cent coins would depict the small coat of arms of the Republic of Latvia.
The Bank of Latvia, the country's central bank, is an independent institution that sets and executes monetary policy, manages the foreign currency and gold reserves, emits cash currency and ensures the functioning of the interbank settlement systems, and aggregates financial statistics. The Bank of Latvia is a participant in the system of European Central Banks.