EU Member States have taken an official decision to admit Latvia to the euro area as of 1 January 2014. The transition to the euro will take place in accordance with the exchange rate set by the Bank of Latvia – 1 euro is 0.702804 lats. Money in bank accounts will be exchanged on the night of 1 January in accordance with the official exchange rate and without charge. Lats in cash will be exchanged for euros at banks without charge until 30 June 2014. The Bank of Latvia will exchange lats for euros in accordance with the official exchange rate and without charge permanently.
