Latvia to adopt the euro, the government promised that price increases will not be
In March 2010, the Latvian government decided that from 1 January 2014 the country will introduce the euro. As predicted the bank president of Latvia, the country''s entry into the euro zone, will be accompanied by the most minimal price increases by 0.3-0.4 percent. Also in the interview, said that Latvia will go "to the big leagues," as evidenced by the national exchange rate that does not change, and remains at 0 702 804 lats to evru.
The head of the Central Bank indicated that the rate remains the old one, which remained in the days of the crisis, as the country is not going to manipulate the course of doing better or favorable terms to others.
As "Finmarket" international agency Fitch Ratings upgraded the long-term issuer default rating of Latvia in foreign currency from BBB to BBB +. Short-term IDR Latvia enhanced with F3 to F2. In Fitch''s said that the rating increase is due to the decision of eurozone finance ministers on Latvia''s accession to the currency bloc.
In 2008, Latvia was one step away from bankruptcy. For 2 years Latvia has lost some (or rather the fifth) of its economy, many civil servants have reduced, and those that remain continue to receive less than 40 percent of salary. At the time, left the country about 10 percent of the population. But with the help of a loan from the EU and IMF to 7.5 billion euros Latvia broke free from the crisis, compared with Greece.
Currently Latvia has quite the best indicators of economic growth across the European Union.