LV: Latvia bids for Eurozone accession.

By bne IntelliNews March 5, 2013
PM Valdis Dombrovskis, FinMin Andris Vilks, and head of the Bank of Latvia Imars Rinkevics on Monday signed a bid to EC for a Eurozone accession convergence report. The report is supposed to check Latvias readiness to become the 18th Eurozone member by assessing compliance with Maastricht criteria for euro adoption. Last week PM Dombrovskis told the press that governmental coordination council for euro adoption decided to submit a request for extraordinary convergence report to the EC and the ECB. To remind, previously in February month president Andris Berzins approved the law on euro adoption earlier passed by Latvian Saeima in the end of January 2012. The law regulates the transition period of new currency adoption, setting a period of bi-currency circulation, exchange and withdrawal rules, etc. As reported, the government and the central bank are determined to enter Eurozone as of January 1 2014, despite a wide public debate on the benefits of euro adoption. According to the latest data by TNS pollster, support for euro adoption in January 2013 stood at 33%, while FinMin Vilks is hopeful that it will reach 50% in the summer. IMF previously believed that euro adoption will remove currency risks and strengthen the banking system. In its latest outlook EBRD seed Latvia on a sure track to adopting euro. To remind, LVL rate is pegged to EUR at a rate of LVL 0.702804 since January 1 2005, prior to that being pegged to the SDR currency basket since 1994.

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