96% of Latvian lats banknotes, 39% of coins exchanged for euros by end November

RIGA, Dec 16 (LETA) - After Latvia gave up its national currency, the lats, and switched to euros on January 1, 2014, 96 percent of lats banknotes and 39 percent of lats coins were exchanged for euros by the end of November, Bank of Latvia spokesman Janis Silakalns reported.

The Latvian central bank reported that 39 percent of lats coins, worth LVL 28.3 million (EUR 40.3 million) and 96 percent of lats banknotes, worth LVL 938.4 million (EUR 1.335 billion), has been taken out of circulation by the end of November 2018. Altogether 147 million coins and 47.1 million banknotes have been taken out of circulation.

At the end of November, 341.9 million lats coins weighing 785 tons still had not been exchanged for euros. Most of the lats coins not yet exchanged are of the smallest denominations – one-santims coins and two-santims coins, altogether 240.1 million coins. The number of the remaining one-lats coins is 24.2 million, including special design coins.

Most of the lats banknotes that had not yet been exchanged are five-lats banknotes (1.7 million banknotes) and 20-lats banknotes (826,000 banknotes).

Latvia joined the euro area on January 1, 2014, becoming its 18th member.