OREANDA-NEWS. August 20, 2013. Although Latvian law says that the prices of goods and services must be reflected both in lats and in euros beginning on October 1 of this year, the Citadele Bank has decided to present prices in both currencies starting today so as to serve the interests of tis clients.

“We want our clients and other residents of the country to become accustomed to the new currency as quickly as possible, and that is why we have decided to begin presenting prices both in lats and euros today,” says Citadele board member Kaspars Cikmacs. “We will gradually present prices in both currencies. From today, part of price lists on the bank’s homepage are shown in both currencies, and over the next few weeks we will be supplementing the system. Both currencies will also be gradually introduced in other materials which the bank produces.”

Prices are being shown in accordance with the official exchange rate of the European Union’s Economic and Financial Council (ECOFIN) – EUR 1 = LVL 0.702804.

As has been reported in the past, Latvia’s residents will continue to make payments in lats until the end of the year. Between January 1 and 14, 2014, retailers will accept both lats and euros, but after January 14, all payments will be made in euros.

“The most convenient way for people to transfer to the euro will be to deposit cash in a banking account in a timely way, because on the night of December 31, we will automatically be converting lats into euros in accordance with the ECOFIN rate and without a commission fee,” says Cikmacs. “That means that people will not have to go to the bank and stand in a queue to exchange cash.”