During the seven months since the introduction of the euro the number of one euro coins with the image of Milda in circulation has slightly decreased in Latvia suggests the monitoring carried out by Citadele Bank.
The Bank's data suggest that the image of Milda was on 90% of one euro coins in circulation in Latvia in early April; the proportion had decreased to 84% by July.
Monitoring of one euro coins in circulation in three cities of Latvia revealed that 16% of the total of 3,000 coins come from other Member States. The majority of foreign one euro coins in Latvia comes from Germany (4% of the total number of one euro coins), 3% come from Italy, and Spanish and Finnish one euro coins account for 2% each. A smaller amount of one euro coins in circulation in Latvia come from Estonia, Austria, Belgium, Greece, Ireland, Portugal, Luxembourg, the Netherlands, Cyprus and Slovakia.
"Perhaps the summer is the time when faster mixing of coins from Latvia and other EU Member States takes place because we are witnessing an influx of foreign visitors. Data of the Central Statistical Bureau suggest that the largest number of tourists in Latvia during the first quarter of the year came from Poland (56%), Germany (42%) and the UK (27%). Therefore German coins frequently end up in our wallets,” comments Santa Purgaile, Member of the Board of Directors of Citadele Bank.
Even though in the beginning of the year concerns were voiced that euro coins with the image of Milda might rapidly disappear from circulation as a result of mixing with coins from other EU Member States or arriving in numismatic collections, the study suggests that one euro coins with Milda's image on them still strongly dominate in the wallets of the residents of Latvia.
In order to clarify which euro coins are currently in circulation in Latvia a total of three sacks containing 1,000 euro coins each were checked in three cities – Valmiera, Ventspils and Riga – recording the issuing countries.
About Citadele Bank
Citadele is a local Latvian bank which offers banking, financial and asset management services. The principal market of operation for the Citadele Group is the Baltic States: Latvia, Lithuania and Estonia. Citadele Bank is the only cooperation partner of American Express® in Latvia and Estonia which is entitled to issue American Express payment cards. Citadele Bank received the highest evaluation and was recognized as the best managed state-owned enterprise in the Baltic States according to the "Management of State-Owned Enterprises in the Baltic States" study conducted by the Baltic Corporate Management Institute. Citadele's vision is to be the most valuable local financial group in the Baltic States. State joint stock company "Privatization Agency" possesses 75% minus one of Citadele Bank's shares whereas 25% plus one share are possessed by the European Bank for Reconstruction and Development.