Author Topic: Latvia to join the euro area on 1-Jan-2014  (Read 11815 times)

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Offline chrisild

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #15 on: July 09, 2013, 03:43:20 PM »
And now the Council has made its decision too. Here is the press release:
http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137884.pdf

Christian



Latvia to adopt euro on 1 January 2014
Brussels, 9 July 2013

The Council has today [1] adopted a decision allowing Latvia to adopt the euro as its currency as of 1 January 2014. This decision will extend the euro area to 18 member states, and gives Latvia almost six months to prepare for the changeover. (...) Euro notes and coins will be issued in Latvia on 1 January 2014. The conversion rate is set at 0.702804 Latvian lats to one euro, which corresponds to the current central rate of the lats in the EU's exchange rate mechanism (ERM II).

[1] The decision was taken at a meeting of the Economic and Financial Affairs Council.

Offline augsburger

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #16 on: July 09, 2013, 06:07:01 PM »
RIP the Lats, possibly the BEST coin series in the WORLD...... and no more. While I only have two of these coins, I do enjoy seeing the new issues.

 :'( :'( :'( :'( :'(

Offline chrisild

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #17 on: July 09, 2013, 06:47:21 PM »
While I only have two of these coins, I do enjoy seeing the new issues.

Simply buy whatever has been issued so far and will be issued before 31 Dec, and you should be happy. ;)

Christian

Offline chrisild

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #18 on: July 20, 2013, 12:28:24 PM »
Here are the coins. :) This is a video (from Latvian TV) about the production of the new euro and cent coins. And no, I do not understand the language; came across this in another forum:


Christian

Offline chrisild

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #19 on: July 24, 2013, 11:37:50 AM »
The European Commission has just published a report regarding the euro changeover in Latvia. (See the press release; further details in the PDF document which can be downloaded from that page.) The report also addresses issues such as public opinion regarding the euro. Here are a few "clips" regarding cash and specifically coins from the report:

* Latvia plans to have a dual (lats/euro) circulation period of two weeks (first half of January).
* 400 million coins will be minted; this initial supply is produced in Stuttgart.
* 110 million euro notes will be issued, which the Latvian central bank will initially "borrow" from the Eurosystem.
* Frontloading of euro cash (to banks etc.) will begin on 1 November; sub-frontloading (to major companies) starts on 10 December.
* There will be about 800,000 starter kits for citizens (10 latu, worth 14.23 each). The EC considers the starter kit planned for retailers (value 200, about 70,000 kits) to be a little oversized. The starter kits for citizens will be available as from 10 Dec; there will also be 35,000 kits or sets for collectors.
* Cash exchange (LVL > EUR) will be possible at commercial banks for six months (1 Jan - 30 Jun 2014), and at least for three months at about 300 post offices in the country. The central bank will exchange lats into euro, free of charge, for an unlimited period of time.

Christian

Offline Figleaf

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #20 on: July 24, 2013, 12:01:30 PM »
Thanks, Christian. Very interesting reading, especially reading how Latvia is "cash-oriented". I would have expected the opposite, especially in rural areas, reflecting the situation in the Nordic countries.

Addressing the fears of a price rise is an excellent idea. I am also personally interested in how you can quite often have a popular perception of a price rise not borne out by price stats. Having only 38 monitors for the whole country will cost credibility, though. The reporters' idea of enlisting volunteers is solid. This idea should feature in all other countries introducing the euro.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline chrisild

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #21 on: August 01, 2013, 01:25:06 AM »
Today (31 July) was the day of the ceremonial first strike in Stuttgart. A press release in English, along with a few photos and background information, is here: http://www.bank.lv/en/for-media/press-releases/latvia-begins-minting-euro-coins/8650

Christian


Offline chrisild

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #22 on: August 06, 2013, 05:59:06 PM »
More coin and mint photos. :) In a German forum, rufuszufall just posted this link:
http://www.flickr.com/photos/latvijasbanka/sets/72157634887967308/

Christian

Offline chrisild

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #23 on: December 09, 2013, 01:41:32 PM »
As from tomorrow (Tue 10 Dec) the euro starter kits can be had in Latvia. One bag "costs" 10 LVL and contains coins worth 14.23 euro, the equivalent of 10 latu:

2 x 2 euro
4 x 1 euro
7 x 50 cent
8 x 20 cent
7 x 10 cent
5 x 5 cent
6 x 2 cent
6 x 1 cent

More information about where to get the kits is here:
http://www.bank.lv/for-media/press-releases/euro-starter-kit-sales-to-begin-in-latvia-on-tuesday/8831

Christian
« Last Edit: December 09, 2013, 02:29:09 PM by chrisild »

Offline Bimat

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Latvia to join the euro area on 1-Jan-2014
« Reply #24 on: December 09, 2013, 04:18:56 PM »
Picture of the starter kit...(Source)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Ukrainii Pyat

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #25 on: December 09, 2013, 05:10:38 PM »
I am glad to see Latvijan maiden continues her reign on these new coins - nothing like continuity - when you have popular design you keep it.
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Offline Bimat

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Latvia to join the euro area on 1-Jan-2014
« Reply #26 on: December 11, 2013, 04:56:53 AM »
Euro coins a hit with Latvians ahead of eurozone entry

10 DECEMBER 2013

AFP - Latvians queued up Tuesday to be among the first to get their hands on the euro coins that will replace the Baltic state's lats currency on January 1.

The high level of enthusiasm for the coin sets was at odds with opinion polls suggesting nearly 60 percent of the population of two million people oppose eurozone entry.

Unfazed by the eurozone's lumbering debt crisis, the post-Soviet nation will become its 18th member.

Banks and post offices said euro starter packs containing a mixture of coins sold like hot cakes on Tuesday, the first day they were made available to the public.

Ilze Soncika, a bank manager in the central town of Cesis, told AFP that many clients had "wanted to buy several starter packs to give to friends and family as Christmas presents".

Each set sells for 10 lats and contains 14.23 euros ($19.57) in coins. Many bought the maximum five packs permitted per person.

Staff at the Marupe post office near the Riga airport said they sold out of the packs by the afternoon.

"The idea is only to familiarise people with the coins -- this does not mean they can be exchanged yet," Latvian central bank spokesman Martins Gravitis told AFP.

Prices at shops and businesses have been displayed in both currencies since October.

Source: France24

Image Caption: Linda Grabouska shows an euro starter pack, containing a mixture of euro coins, she picked up with her daughter Jasmina at the Marupe post office near the Riga airport, on December 10, 2013.
« Last Edit: December 11, 2013, 06:17:03 AM by Bimat »
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Offline Bimat

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Latvia to join the euro area on 1-Jan-2014
« Reply #27 on: December 11, 2013, 04:58:18 AM »
I am glad to see Latvijan maiden continues her reign on these new coins - nothing like continuity - when you have popular design you keep it.

Agreed, it indeed gives those coins a rich look! 8)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline chrisild

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #28 on: December 13, 2013, 01:38:22 PM »
Latvia will become a really big country in a couple of days. ;)  See the attached screenshot from the Euro Changeover website ...

Christian

Offline augsburger

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Re: Latvia to join the euro area on 1-Jan-2014
« Reply #29 on: December 13, 2013, 03:14:11 PM »
Kind of sounds like Chinglish, what with the Eurozone joining Latvia.