Transition to euro a success, authorities say

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Latvia’s public sector has so far saved 2.1 million euros since introducing the common European currency and phasing out the lat, according to figures released Monday by the Ministry of Finance.

According to Ministry sources, all resources invested into the introduction of the euro have now paid for themselves.  Latvia’s introduction of the euro on January 1st of this year will be considered done as of June 30, when all of the defined tasks of the planned currency transition have been completed.  The Cabinet of Ministers will meet Tuesday to hear briefings regarding the final stages of this transition.

State Police authorities also revealed details of the extensive operations related to the physical transportation and security of the three billion (3bln) euros required for the transition to run smoothly throughout Latvia. Officials acknowledge that counterfeiting activity has not been high.

The prices of goods and services since the introduction of the euro have not changed significantly, in fact falling slightly in some categories, according to monitoring reports released this spring by the Ministry of Economics. 

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