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International Internet Magazine. Baltic States news & analytics Saturday, 04.07.2020, 08:16

96% of Latvian lats banknotes, 39% of coins exchanged for euros by end July

BC, Riga, 10.07.2018.Print version
After Latvia gave up its national currency, the lats, and switched to euros on January 1, 2014, 96% of lats banknotes and 39% of lats coins were exchanged for euros by the end of March, Bank of Latvia spokesman Janis Silakalns reported, informs LETA.

The Latvian central bank reported that 39% of lats coins, worth LVL 28.2 mln (EUR 40.1 mln) and 96% of lats banknotes, worth LVL 937.8 mln (EUR 1.334 bln), has been taken out of circulation by the end of June 2018. Altogether 146.7 mln coins and 47 mln banknotes have been taken out of circulation.

At the end of June, 342.1 mln lats coins weighing 785 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 240.2 mln coins. The number of the remaining one-lats coins is 24.2 mln, including special design coins.

Most of the lats banknotes that had not yet been exchanged are five-lats banknotes (1.7 mln banknotes) and 20-lats banknotes (841,000 banknotes).

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

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