Status

Latvia joined the euro area on 1 January 2014.

Fixed conversion rate

€1 = 0.702804 Latvian lat.

Adoption of the euro

The Latvian lat joined the Exchange Rate Mechanism (ERM II) on 2 May 2005, and observed a central rate of 0.702804 to the euro with standard fluctuation margins of ±15, but Latvia unilaterally maintained a 1% fluctuation band around the central rate. Latvia adopted the euro on 1 January 2014

Exchange of former national currency

The Latvijas Banka (Bank of Latvia) will continue to exchange lat notes and coins for an unlimited period.

Institutions