Roadmap For Euro Adoption
A draft law was presented by the governments cabinet on 6 November 2012, which outlined these four key regulations for the introduction of the euro:
- ATM's will stop distributing lats from 1 January 2014
- Both Lats and Euros will subsequently be in full circulation for two weeks
- Post offices will offer free exchange for a month
- All shops need to have dual price displays in lats and euros for three months before until six months after the adoption.
The law was submitted to the Latvian parliament on 16 November and entered the commission stage at 22 November. Within a short while it will be subject to the parliaments 3 readings and a final approval vote. If the law gets approved, Latvia will be fully prepared to adopt the euro on 1 January 2014. For this indeed to happen, Latvia will however also need to comply with all five convergence criteria in the ECB evaluation report to be published in May 2013. Should this be the case, the Council will subsequently as a final step fix the euro-lats exchange rate and formally approve the adoption in July 2013.
Read more about this topic: Latvian Euro Coins
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