Citadele Bank

Resolution on Latvia joining the Euro zone adopted

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On 9 July 2013 the member states of the EU adopted an official resolution to permit Latvia join the Euro zone as of 1 January 2014. EU Economic and Financial Affairs Council (ECOFIN) resolved that transition to the Euro currency will take place by means of applying the current exchange rate of the Bank of Latvia, i.e. 0.702804 Lats for 1 Euro.

Citadele Bank has also been preparing for the transition to Euro actively since 2012 in order to ensure that the introduction of the new official currency is simple and convenient.

It is clear already that depositing one's cash into their bank account duly will be the promptest and most convenient way of transferring to the Euro. The bank will make sure that the money in bank accounts is converted to Euros automatically and free of charge in accordance with the official exchange rate determined by the ECOFIN. Likewise, clients’ deposits, loans, savings and funds in other shapes deposited with the bank will be transferred from Lats to Euros for free applying the set exchange rate.

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