The Commission stresses the need to step up measures to decrease the amount of Latvian lat
(LVL) cash in circulation wherever possible.
The Latvian lat
has been stuck at the maximally weak end of its band against the euro, but other regional currencies have suffered less from contagion fears than when Latvia faced similar problems with its budget in mid-2009.
Speculation over a devaluation of the Latvian lat
has led to a freezing up of Latvian money markets and hit Swedish banking stocks in recent weeks, because Swedish banks are exposed to the Latvian economy..
I know that moaning city-types are about as relevant to Fermanagh folk as last week's Latvian Lat
exchange rate (0.88 to the pound, incidentally), but what about these bedamned traffic jams, eh?
The euro to Latvian lat
(LVL) exchange rate is also likely to be set during the meeting.
On January 1, 2014, its currency, the Latvian Lats
, was replaced by the Euro.
Since Wednesday, it has no longer been possible to make payments in Latvian lats
, the two-week dual circulation period having ended on 14 January.
They also set the conversion rate at 0.702804 Latvian lats
to one euro.
The official conversion rate of the Latvian lats
to the euro was set at 0.702804 lats per euro.
"We understand that people like using the Latvian lats
and that it is an important symbol," he said.
Once Latvia substitutes its Latvian Lats
for the Euro, it will be economically even more dependent from the EU and its regulations, but it would also present new trade opportunities for Latvian companies and therefore cultivate the economy and increase human well-being.