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Latvia's banking system operations in euro stable

Xinhua, January 2, 2014

• Latvia said its banking system operations in euros have been stable and smooth since entering the eurozone and became the bloc's 18th member early Wednesday.

  Dace Kalsone, a finance ministry official in charge of the euro adoption project, told a press conference that the banking system, including ATM, credit card terminals, and Internet banking, went smoothly in the country's adoption of the euro.

  Residents can easily swap currencies through the country's banking system, and failure in banking services was not observed, the official said.

  The whole process of transition of the national currency from Latvian lat to euro will take half a month, and during this dual currency circulation period prices will be indicated in both currencies.

  Latvia joined the eurozone on Wednesday as its 18th member, when the New Year fireworks cracked in the sky at midnight in the Latvian capital of Riga.

  Latvia is the second Baltic country to adopt the euro after Estonia in 2011.

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