Banks, EU – Baltic States, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Tuesday, 23.10.2018, 06:27

95% Latvian lats banknotes, 39% coins exchanged for euros by late 2017

BC, Riga, 04.01.2018.Print version
After Latvia gave up its national currency, the lats, and switched to euros on January 1, 2014, 95%of lats banknotes and 39%of lats coins were exchanged for euros by the end of 2017, Bank of Latvia spokesman Janis Silakalns reported LETA.

According to the Bank of Latvia data, abut LVL 2 million were exchanged into euros last year.

The Latvian central bank reported that 39%of lats coins, worth LVL 28 million (EUR 39.8 million) and 95%of lats banknotes, worth LVL 937 million (EUR 1.333 billion), has been taken out of circulation by the end of 2017. Altogether 146.4 million coins and 47 million banknotes have been taken out of circulation.

At the end of last year, 342.4 million lats coins weighing 786 tons still had not been exchanged for euros. Most of the lats coins not yet exchanged are of the smallest denominations – one-santims coins and two-santims coins, altogether 240.4 million coins. The number of the remaining one-lats coins is 24.2 million, including special design coins.

Most of the lats banknotes that had not yet been exchanged are five-lats banknotes (1.7 million banknotes) and 20-lats banknotes (860,000 banknotes).

Latvia joined the euro area on January 1, 2014, becoming its 18th member.

Search site