A important stage in the introduction of the euro in Latvia, the dual circulation period of lats and euro ended on January 14, 2014. Thus, we can say that the most difficult and responsible period is behind us. Last week Latvia’s government thanked the banks for the work done.
In the first weeks after the euro changeover in Latvia, TKB proved to be able to provide its customers with maximally convenient, cheap and easy transition to the euro, minimizing service disruptions and facilitating cashless and remote banking services. Thanks to the careful preparation, there were no queues in the Bank by the turn of the year and during the dual circulation period from January 1st to 14th. TKB customers were well informed about the courses of the transition period, received the necessary consultations, advance supply of euro cash, and acted rationally, maximizing the use of electronic payment means. Many thanks to you all for it!
The Latvian Association of Commercial Banks, where TKB is also a member, as the organization representing the banking sector has received from Prime Minister the Certificate of Appreciation for its significant contribution to the euro changeover in Latvia. “All banks and all their staff that worked to ensure a comfortable, smooth and effective transition from the lats to the euro deserve this Certificate of Appreciation. These people worked hard, they did not count their office hours and looked for the best possible solutions. Besides, banks ensured a very successful cooperation with the government by providing all the necessary information and fulfilling the top goals and challenges," said Mārtiņš Bičevskis, President of the Latvian Association of Commercial Banks.
The last phase of the euro changeover will continue half a year after the euro day. Prices of all goods and services will remain displayed in euro and lats, but the exchange of lats banknotes and coins to the euro will be available in banks at the official exchange rate until June 30, 2014. After this date, Latvijas Bankas will do it free of charge for an indefinite period of time.