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Monday 21.08.2017 | Name days: Linda, Janīna
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Latvians could keep several millions of lat as mementos

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUMemory and sentimental value is one of the main reasons why people tend to keep coins and banknotes of old currencies. This is mentioned by the Bank of Estonia in its explanation as to why approximately EUR 50 million worth of Estonian kroon remain unaccounted for.

Many residents in Latvia also want to keep some lats as mementos of the old currency. Therefore, it is expected that several million lats might never be exchanged for euro, Latvian Radio reports.

Unique coins are likely the ones residents will want to keep as mementos. Some residents have nearly every single special lat coin ever released in Latvia. Residents are likely to keep banknotes as well, so that they have something to show their grandchildren.

The same thing happened in Estonia in 2011. Three years later, a total of EUR 50 million worth of Estonia’s currency remain in residents’ hands. ‘In the first days of 2011, when residents started using euro, there was a total of EUR 370 million worth of cash of Estonia’s kroon in circulation. Half of this amount was exchanged later on in the following months of the transition period. And since then the amount of money that comes back to the bank has been significantly reducing,’ – said Bank of Estonia spokesman Viljars Rāsks.

After one year of using euro, the volume of Estonia’s old currency that remained in circulation dropped to 55 million. ‘We had ordered a survey to be carried out at the end of the first year after euro introduction. Results showed that four out of five residents of Estonia decided to keep some amount of our old currency. 80% of these people say they keep coins and banknotes as mementos. Only 3% of respondents said they have more than EUR 60 worth of coins and banknotes. This means most residents have relatively small amounts and they keep them as mementos,’ – said the representative of the Bank of Estonia.

With that, it can be concluded that it is more or less clear how much money Latvia’s residents will decide to keep for themselves.

Ref: 102.109.109.8535


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