On 31 December 2013, the six-month-long period of ensuring euro cash supply for purposes of money circulation without disruptions after the 1 January changeover came to an end. The preparatory work for the interbank payment systems to resume smooth functioning on 2 January was also completed.
Euro starter kit sales to begin in Latvia
The starter kit's value is 10 lats or 14.23 euro, which matches the irreversibly fixed changeover rate.
The starter kits of Latvian euro coins will be distributed to the local population from 10 December 2013, maximum 5 pcs per person.
If still left in stock, they will be sold for numismatic purposes after the changeover date, 1 January 2014.
Euro Conference Latvia
On 1 January 2014 Latvia will become the 18th member of the euro area. To mark this occasion and to reflect on the progress achieved so far in the economic governance of the euro area, as well as discuss the remaining challenges and the best way forward, Bank of Latvia in collaboration with the European Central Bank, the European Commission and the Ministry of Finance of the Republic of Latvia hosted the Euro Conference Latvia on 12 September 2013 in Riga, Latvia. As part of the event, the President of the ECB Mr. Draghi presented the Governor of the Bank of Latvia Mr. Rimšēvičs with a Euro Star, a symbolic key to the euro area.
On the irrevocably fixed exchange rate of the lats to the euro
As the Bank of Latvia has already notified before, the changeover to the euro as of 1 January 2014 will be based on the current exchange rate of the lats to the euro set by the Bank of Latvia (0.702804), whereby each lats equals 1.42 euro. The irrevocable fixing of the lats conversion rate at this level will increase the support to the euro changeover in Latvia in the coming months.
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.
As a result of a national competition of ideas, it was decided that the Latvian 1 euro and 2 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.
Effective from 13.11.2013
|Marginal lending facility Fixed rate||0.75%|
|Main refinancing operations||0.25%|