Thousands of euro starter kits sell in Latvia

Several dozen thousand Latvian euro starter kits were sold yesterday as they went on sale in Latvia, reports nozare.lv.

More than 17,000 bags of euro coins were sold at SEB bank branches by 4 p.m. yesterday. Starter kits were also in great demand in Salaspils, Aluksne and Cesis.

The Citadele bank reported they sold more than 13,000 euro starter kits all over Latvia yesterday, the Bank of Latvia branches in Riga and the regions sold about 5,600 kits, and "Nordea" about 2,000 kits.

The banks have observed that, on the average, a customer usually buys three kits, although there are some who buy just one, and then some who buy five kits.

Swedbank press secretary Kristine Jakubovska said that it was mostly senior citizens who bought the euro starter kits. 

Swedbank reminds that the starter kits' meaning is to acquaint residents with the euro coins. Other than that, they have little practical significance, because all lats will be exchanged for euros next year, and the most convenient way for residents to do this is to have their savings in their bank accounts. The starter kits for legal entities, however, is another matter altogether as companies will need to have cash so they could continue to serve their customers at the beginning of next year.

The starter kit's value is 10 lats or 14.23 euros, which matches the irreversibly fixed changeover rate, and the kits can be bought at the branches of commercial banks, 302 post offices, as well as the Bank of Latvia and its branches.

Each euro starter kit includes: two 2-euro, four 1-euro, seven 50 euro cent, eight 20 euro cent, seven 10 euro cent, five 5 euro cent, six 2 euro cent and six 1 euro cent coins.

Latvia joins the euro on Jan. 1, 2014.