Latvia Euro Changeover Diary | Latvijas Eiro Monētas 2014

Here you will find all the news related to the euro changeover in Latvia

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Latvia is still willing to join the eurozone on 1st January 2014, however, before joining, it must comply with the strict Maastricht criteria, namely;


  1. Inflation rate should be no more than 1.5 percentage points above the rate for the three EU countries with the lowest inflation over the previous year;
  2. Budget deficit must generally be below 3% of gross domestic product (GDP);
  3. National debt should not exceed 60% of GDP;
  4. Long terms rate should not be more than two percentage points above the rate in the three EU countries with the lowest inflation over the previous year;
  5. National currency's exchange rate should have stayed within +/-15% margins set within the Exchange Rate MechanismIIfluctuation for two years before joining the euro area.


According to the statistics based on the situation last June, Latvia is passing 2 out of the 5 criteria. Although, Latvia still has a long way to go, year after year, the statistics are getting closer to those requested by the EU.


Convergence criteria

Criteria in June 2012

Latvia's achievement in June 2012

Budget balance (% of GDP)

-3,0 -3,5

Government debt (% of GDP)

60,0 42,6

Average inflation over last 12 months (%)

3,0 3,5

Government securities long-term interest rate (%)

3,9 5,5

Currency exchange (%)





(C) Latvia Euro Changeover Website

Latvia just issued the tender for the minting of euro coins, the tender will become effective if in the coming spring, the ECOFIN gives Latvia the go ahead to adopt the euro. In tender's document it was revealed that Latvia is planning to mint 400,280,000 coins. Latvia will mint coins in 3 qualities;


400,000,000 coins for circulation including starter kits

240,000 coins for BU sets (30,000 coins of each denomination)

40,000 proof coins (5,000 coins of each denomination)


thereby, Latvia will issue 30,000 BU sets and 5,000 proof sets. The following is a breakdown of the volumes by denomination;


2 euro ............ 20,000,000
1 euro ............ 30,000,000
50 cent ........... 25,000,000
20 cent ........... 35,000,000
10 cent ........... 40,000,000
5 cent ............ 50,000,000
2 cent ............ 80,000,000
1 cent ............ 120,000,000

BU Coins .......... 30,000 of each denomination

Proof Coins ....... 5,000 of each denomination


Here you have more details regarding to the contents of the starter kits;





(C) Numismatic Visual

(C) Latvia Euro Coins Tender

(C) Employers' Confederation of Latvia - Presentation

Latvia has just presented the first designs of the Latvian euro coins dated 2014. All the other images available are from 2008. The new designs show that the date position for the 1c, 2c, 5c, €1 and €2 has been moved. The change for the €1 and €2 was done to comply with the new EU regulations.




Old Designs


All the 2 euro coins unlike all the other euro coins have an inscription on their edge. This inscription is unique to each country and the countries are obliged to use the same inscription on the 2 euro commemorative coins. The inscription on the Latvian 2 euro coins will be DIEVS *** SVETI *** LATVIJU *** meaning GOD *** BLESS *** LATVIA



Latvia Euro Changeover

Photoshop Made


According to the blog Numismatic Visual, the Mint of Stuttgart in Germany won the tender to mint the Latvian euro coins. The German euro coins that are minted in this mint carry the mint mark F, thus, we expect to see the same mint mark on the Latvian euro coins. The Latvian euro coins should be available for the first time in December 2013, in starter kits and then in circulation from 1st January 2014, only if the EU gives thumbs up - to read more about the Latvian euro starter kits >> click here



(C) Numsimatica Visual




































Latvia Euro Coins - Latvia has once again slightly modified some of its future euro coins designs - as you can see from the images above, the top part of the head of the Latvian maiden has been changed.


(C) Latvia Euro Changeover Website

On March 4, the government of Latvia will turn to the European Commission requesting a convergence report on Latvia's move toward the euro and capability of fulfilling the Maastricht criteria in the future, Finance Minister Andris Vilks (Unity) said during today's conference on Latvia's preparations for the introduction of the euro, writes LETA.


Latvia is prepared to request the European Commission's convergence report. "We are ready to be assessed," pointed out the minister.

Latvia applied to join the eurozone on the 5th March 2013

Euro coin starter kits to the public will be available from 10 December

Latvian euro coin starter kits for general public will be available from December 10. They will be available from the Latvian banks, credit institutions and the Latvian Post office. They are planning to issue 800,000 kits.


Swedbank will take a risk and will use a five-euro notes in ATMs, 26.03.2013

Swedbank will take a risk and will use put a five-euro notes in ATMs.

The five-euro notes are smaller in size and thus may lead to congestion in ATM. However, the technology has developed and the representatives of Swedbank said: "It looks like we will take the risk and use the five euro notes".

Full article in Latvian available

Commission: Latvia meets the conditions for adopting the euro

Commission: Latvia meets the conditions for adopting the euro

The European Commission has published its Convergence Report on Latvia and concludes that the country fulfils the conditions for adopting the euro on 1 January 2014.

The European Commission has today published its Convergence Report on Latvia. It concludes that Latvia has achieved a high degree of sustainable convergence with the euro area. Therefore the Commission proposes that the Council decide on Latvia’s adoption of the euro as from 1 January 2014. Finance Ministers are expected to take the formal decision on 9 July.



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