RIGA, January 31 (RIA Novosti) – Latvia’s Sejm (parliament) has passed a bill on the introduction of the single European currency in a final reading, the parliament’s press office reported on Thursday.
Latvia plans to join the euro area from January 1, 2014. For the first two weeks after the euro’s introduction, Latvia’s currency, the lat, will circulate simultaneously with the euro while change from payments in lats will be given in euros.
ATMs will stop dispensing lats from the day of the euro’s introduction. Banks will exchange lats for euros for six months from the euro’s introduction. Currency exchange at Latvia’s Central Bank will have no time or volume limits.
The prices of goods and services will be indicated in lats and euros for the first three months up to the country’s transition to the euro and for six months thereafter.
The bill has to be signed by the Latvian president to come into force.