Analytics, EU – Baltic States, Financial Services, Latvia

"I was surprised how smoothly and rapidly it happened," Rimsevics said, explaining that before the introduction of euro, other European countries' experience in the transition process was carefully analyzed and the potential risks were taken into consideration, thus allowing Latvia to successfully avoid any problems upon transitioning.

During the first six months after the transition, Latvia has saved more than EUR 100 million due to price cuts and the reduction of state debt, thus, compared to 2012, Latvia's budget has economized about EUR 140-150 million.

"We can rejoice, as Latvia is not in the "gray zone" anymore and the risk for devaluation is gone," Rimsevics said.

As for disadvantages, Rimsevics mentioned the sentimental side, indicating that people were emotionally attached to the former currency, thus, it was difficult to part from it.

As reported, yesterday was the last day when price tags in stores had to show prices in both lats and euros, and starting today, merchants and shopkeepers are neither obliged to show prices in lats, nor must they indicate the sum of purchase in lats on the receipt.