Latvia: EUR adoption planned for 1 January 2014
The Euro adoption bill raised by the Latvian Finance Ministry to regulate the transition to the Euro in Latvia has now been approved by the Latvian parliament.
The new legislation has been drafted to ensure an effective and transparent transition to the Euro currency in Latvia, providing for a simultaneous switch to the Euro in cash, non-cash and electronic transactions.
Under the Euro adoption bill, both Latvian Lat (LVL) and Euro (EUR) will be legal tender in Latvia for two weeks after the switch to the EUR currency. The two-week period of simultaneous circulation has been set based on the example of other new Eurozone members (Estonia, Slovakia and Slovenia).
A convergence report will be drawn assessing Latvia’s compliance with the Maastricht criteria for EUR adoption in early February 2013.
| This Marketflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Marketflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Marketflash does not constitute legal or tax advice. |