Changeover to euro running smoothly in Latvia

As of today, 1 January 2014, Latvia has successfully joined the European Economic and Monetary Union or the eurozone, and euro has become the national currency of Latvia. The preparation for this moment that started 10 years ago is a success – the first 14 euro hours in Latvia went according to plan.

“The New Year’s night and Latvia’s accession to euro area has probably been the most carefully planned event in the history of Latvia. Preparations for this moment started almost ten years ago, right after the EU membership referendum and accession to the Union. We have successfully reached the objective of ensuring that the changeover is simple, safe and convenient for the Latvian population,” said Ministry of Finance State Secretary Sanita Bajāre. “Let me, therefore, thank all those who spent the New Year’s night working – bank employees, policemen, public servants, mass media and all those who made sure that the transition a success.”

The banking sector transition to euro went as planned. Transactions by means of payment cards have not been disrupted. Cash machines were successfully switched from lats to euros at midnight and shortly after midnight all Latvians could withdraw their first euro banknotes. Internet banks resumed operation on the morning of January 1 and people are very actively using the services to check their account balance and manage other financial operations. Inter-bank payments will resume from 2 January, the first workday of 2014. However, most financial institutions have made sure that intra-bank payments are possible already now. Latvia has not only joined the eurozone, it has also become a part of the Single Euro Payments Area (SEPA). This means more convenient, cheaper and quicker bank transactions across the euro area for everyone in Latvia.

Businesses that work round the clock, such as retail outlets, hotels, restaurants, petrol stations and other commercial entities working, have confirmed that reprogramming of cash registers and POS terminals has been successful. Payments in lats ended at midnight and very shortly after the start of the New Year businesses started to accept card and cash payments in euro. Other commercial entities, such as shopping malls, markets and service companies are, as usual, closed on 1 January. Their cash registers were re-programmed on the last working day of 2013, after the last client was serviced, or will be re-programmed tomorrow before they restart their operation in 2014.

Already two-thirds of cash payments in euro only

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