Effective January 1st, Latvia became the 18th country to switch from their own currency to the euro.
Effective January 1st, Latvia became the 18th country to switch from their own currency to the euro.
The changeover has been met with little enthusiasm by the citizens of the small nation, but the European commission is elated.
Said the organization’s president, "This is a major event, not only for Latvia, but for the euro area itself, which remains stable, attractive and open to new members."
The old money will be spendable until the 15th of January.
During the transition period both kinds will be circulated and traded at a fixed rate.
As Latvia’s former currency was valued similarly to the euro, it isn’t anticipated that there will be a significant disruption in the economy.
One thing Latvia will surely lose, however, is their singular distinction of having the 3rd most valuable bill in the world.
The country’s old 500-lat note was worth about a thousand dollars.
It will be replaced by the 500-euro bill, but some spending power will be lost, as that one is valued at under 700 bucks.
They’ll still have 3rd place bragging rights, but they’ll have to share them with the rest of the euro using countries.
