Latvia successfully adopted the Euro – Soon it will be known if Lithuania will also join to the Euro zone

Latvia successfully adopted the Euro instead of the Lats

Latvian Bank announced that Latvia quickly and successfully switched to Euro.

In Friday (January 10th), during the day there was about 570 million Euro cash and lats cash worth 526 million Euro in circulation in Latvia.

Up to and including January 14th, the parallel circulation of the Euro and Lats cash currency will continue. Lats will be exchanged for Euro in the all regional branches of the Latvian Post Office until March 31st while in the commercial banks the exchange will be open until June 30th. At the Bank of Latvia, this exchange is set to take place in perpetuity reported “4-traders.com”.

As Latvia integrates with the Euro area, the Bank of Latvia as a participant in the Eurosystem will continue to provide for smooth circulation of cash currency in the country.

 

Soon it will turns out, would be allowed to Lithuania to join the Euro zone

During the upcoming spring it will be known if Lithuania will join to the Euro zone and will use Euro as the main and single coin in the country.

 

Meanwhile, in Vilnius Museum of money it is already presented the samples of the new coins. In case that Lithuania will be allowed to join to Euro zone, then in this summer will be minted the new Lithuanian Euro coins.

algirdas_butkeviciusLithuanian Prime Minister Algirdas Butkevičius argues that  he continues to believe that the Euro will be introduced in the country in 2015:

My position has not changed , and I raised this issue just because in 2015 the Euro should be introduced, and I do not understand the certain political nuances that were recently expressed  that the Euro should not be introduced in 2015. Lithuania, if the country wants to introduce the Euro, primarily should to prove that conducts coordinated economic policies , and it is very important if we talk about the success of our state

The vice president of the European Commission, Olli Rein, who is located in Vilnius, said that the decision if Lithuania will use Euro as the single coin in the country in 2015, will be taken by the European Commission in June:

The 2014  will be a crucial year for Lithuania, which wants to join the union of 18 countries with a common currency.

Aleksejus Podpruginas
Aleksejus Podpruginas is The Baltic Review author based in Israel