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Just like us: Latvia will be using the euro from 1 January next year

The decision was confirmed by the European Council yesterday and will give the Baltic state six months to prepare for the changeover.

A reproduction of a Latvian euro coin is displayed, as Latvian Prime Minister Valdis Dombrovskis addresses the media on the adoption of the euro, at the European Council building in Brussels yesterday
A reproduction of a Latvian euro coin is displayed, as Latvian Prime Minister Valdis Dombrovskis addresses the media on the adoption of the euro, at the European Council building in Brussels yesterday
Image: Yves Logghe/AP/Press Association Images

THE EUROPEAN COUNCIL has signed off on the decision to allow Latvia to become the eurozone’s 18th member when it adopts the currency on 1 January 2014.

The council confirmed yesterday that the Baltic country had fulfilled all the criteria allowing it to join the euro with the European Commission, European Parliament and the European Central Bank having already signed off on the decision.

It means that euro notes and coins will be issued in Latvia from next January with the conversion rate set at at 0.702804 Latvian lats to one euro. Ireland’s conversion rate when it adopted the currency in 2002 was one euro to 0.787564 Irish punts.

Latvia is the first country to join the euro since its fellow Baltic nation Estonia in 2011 and the sixth of the 12 newer EU members to adopt the currency.

More: Latvia gets the green light to join the euro next year

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Hugh O'Connell

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