Received ECOFIN (Economic and Financial Affairs Council) recommendation –Latvia is invited to join the euro zone. EU council makes a political decision – to invite Latvia to join the euro zone
ECOFINs final decision to invite Latvia to join the euro zone. EU councils confomation of irrvacably fixed exchange rate at which the national currency wil be replaced by the euro.
1 October, 2013 – 30 June, 2014
The period of the parallel price display – prices of goods and services are shown both in lats and euros. This will allow preparing on time for the change of payment currency and will facilitate comparison of the product value in euro and lats.
1 November, 2013 – 1 January, 2014
The Bank of Latvia issues the euro coins and banknotes for credit institutions and distributes euro starter kits.
1 January, 2014
Euro adoption date Businesses (including credit institutions) will no longer give change in lats starting from the euro adoption date.
1 – 14 January 2014
Period of simultaneous circulation of both LVL and EUR (LVL accepted but change given out only in EUR).
1 January – 31 June 2014
Cash exchange for free in commercial banks.
1 January – 31 March 2014
Cash exchange without commission fee in branches of “Latvijas Pasts VAS” in 302 populated not served by branches of commercial banks.
From 2014 onwards
Lats exchange to euros without any commission fee will be possible in the branches of the Bank of Latvia in Riga, Daugavpils and Liepaja.