bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 25.07.2017 | Name days: Jēkabs, Žaklīna

New 50 euro note to be released into circulation next year

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUEuropean Central Bank and European central banks plan to release a new 50 euro note in spring 2017. The design of the new note will be presented on 5 July.

ECB and manufacturers of banknote machinery and the European Central Bank have signed an understanding memorandum, emphasizing the commitment to ensure trade and ticket machines, as well as other equipment that accepts notes, will be able to process the new 50 euro notes from day one. They also expressed commitment to inform clients, partners and other involved sides about the new note, as reported by the Bank of Latvia.

«We – the Eurosystem and industry partners – have begun preparations for the introduction of the new 50 euro note to ensure companies and residents are fully prepared to start using new notes from day one,» – notes ECB Banknote Directorate manager Ton Roos.

50 euro note is the most often used note in Europe. 50 euro notes form approximately 45% of the total number of notes.

«The new 50 euro note will be the fourth European series note. Its introduction will be carried out in a progressive and carefully weighted manner. The new note will enrich Latvia and Eurozone with a renewed design and improved security measures. Entrepreneurs have been given enough time to prepare for the release of the new note. Nevertheless, the Bank of Latvia urges no delays in preparing equipment for the new note. Although the introduction of previous series of European notes was carried out quickly and without complications, it is necessary to perform preparations in advance in order to avoid problems with money processing equipment and customer service,» – comments the bank’s expert on bank notes Aleksandrs Antins.

Latvian entrepreneurs are asked to contact money processing equipment manufacturers about the necessary software updates and the Bank of Latvia to apply for a test supply of new banknotes to properly adapt equipment (call these numbers 67022391, 67022326, 67022638).

«It can be expected that the introduction of a new 50 euro note will not cause any significant problems in Latvia. Money processing machinery used in Latvia (including money processing machinery used by commercial banks, petrol stations, automatic drink machines, parking machines and ticker machines) are mostly procured in Western Europe. With that, it is expected all preparations for the new notes will have been made by manufacturers by the time new notes arrive in Latvia. Any required changes can be performed by accessing the software and adding the necessary updates. It is important for residents to know that they do not have to do anything – there is no need for them to go to banks and change notes. The new 50 euro note will be added to the circulation gradually,» – said Antins.

Preparations are also currently underway to ensure smooth introduction of notes with larger nominal value (100 and 200 euro).

Ref: 102.109.109.7962


Leave a reply

Government allows Bite Lietuva to become the owner of TV3, LNT and Star FM

On Tuesday, 25 July, the Cabinet of Ministers permitted Lithuanian company UAB BITE Lietuva to acquire decisive influence in Latvian media companies TV 3 Latvia, LNT and Star FM.

Latvia put on 34th place in global pension index

Latvia is on the 34th place of Natixis Global Asset Management global pension index. It is two places lower than last year, according to the index report for 2017.

Experts predict nearly half of beer consumed in Estonia will be procured in Latvia

Estimates of Estonian alcohol producers and retail traders show that nearly half of all beer and one-third of vodka that will be consumed in the country next year will be procured in Latvia. According to experts, this way Estonia will lose up to EUR 170 million in tax revenue, Postimees reports.

Latvia had the sixth smallest new vehicles registration index in Europe

Compared with the same period of 2016, Latvia has had the sixth lowest registration index for new commercial vehicles in Europe in January-June period, according to data published by European Automobile Manufacturers Association.

LAR proposes reducing micro-enterprise tax to 12%

Latvian Association of Regions proposes establishing micro-enterprise tax rate at 12% instead of 15%, as well as state that calendar year turnover for micro-enterprises is not to be reduced to EUR 40,000, as it is proposed by the government, but to be kept at the current restriction – under EUR 100,000.

Court dismisses Krums from the last of his supervised insolvency process

On Monday, 24 July, Riga Pardaugava Court dismissed the currently arrested insolvency administrator Ilmars Krums from the last one of the insolvency processes currently under his supervision, as confirmed by Insolvency Administration’s representative.

49 «quota refugees» away from Estonia for over 90 days

49 people of the refugees accepted by Estonia as part of the European Union's refugee relocation programme have exceeded the 90-day period of being allowed be away from the country.

Opinion: EU agricultural policy is not equal to all member states

Latvian Association of Agricultural Cooperatives organized a meeting with Agriculture Ministry’s and State Plant Protection Service’s specialists to discuss and search for solutions for opportunities to sow fermented summer rapeseed.

In pictures: Corsica hit by widespread forest fires

Fire-fighters in the French Mediterranean island of Corsica continued on the night to July 25 to battle forest fires covering an area of some 900 hectares.

Can Latvia expect a more rapid rise of excise tax for alcohol and cigarettes?

Finance Ministry has plans to raise excise tax on alcoholic beverages and cigarettes even more rapidly, according to proposals prepared by the ministry to the Excise Tax Law. These proposals have been submitted to the Saeima for approval in the final reading.

LCCI: e-health system will help reduce the number of dishonest patients

«Healthcare Ministry has to secure full integration of e-health system and form a policy for healthcare specialists that is aimed at returning labourers back to work as soon as possible, not issuing countless sick leave certificates,» as noted by representatives of Latvian Chamber for Commerce and Industry.

Swedish government admits «disastrous» data leak

The government of Sweden has stated that one of its agencies has committed a massive leak of sensitive data in 2015, when it organised an information technology outsourcing procedure.

Vucans: there are plenty of proposals for tax reform laws

Around 350 proposals have been received by the Latvian parliament in relation to tax reform laws. Last week, the Saeima supported tax reform laws in the first reading. This week, on the other hand, it is planned to review them in the final reading.

Greece to return to financial markets after three-year pause

Greece, which has been suffering from severe and prolonged financial problems, is expected to return to international financial markets to borrow funds.

Duda to veto Polish judicial reforms

President of Poland Andrzej Duda has stated he would not announce the controversial reforms of the Polish Supreme Court and the National Council of the Judiciary passed in the Polish Sejm that have also sparked mass protests in the country.

Dairy product prices not expected to decline in Latvia soon

Prices of dairy products in Latvia will either remain on the current level or increase even more in the next couple of months. With that, there is no reason to expect price decline in the near future, predicts head of Agriculture Market Promotion Centre Inguna Gulbe.

Five insolvency administrators suspended due to criminal processes in Latvia

Five insolvency administrators have been suspended because of several criminal processes, said Director of Insolvency Administration Inese Steina in an interview to LNT 900 seconds.

Family doctors may change the form of strike if need be

Latvian Family Doctors Association could change the form of its strike of need be, as confirmed by the association’s representative Solvita Olsena.

Baltic animal rights organisations turn attention to fur farming ban in Czech Republic

Following the fur farming ban passed by the parliament of the Czech Republic, Latvian and Estonian animal rights organisations turn the attention of communities in Latvia and Estonia to the increasingly the ethical attitude of European countries to animal rights.

Toyota sales in Latvia up 25%

5,735 new Toyota cars were sold in Baltic States in the first six months of 2017, which is 33% more than last year. Toyota’s total market share in Baltics is 14.2%, BNN was informed by the company.

Number of accidents caused by tractors and size of claims on a rise

Over the course of the past several years, the number of traffic accidents caused by specialized agricultural vehicles and the size of insurance claims has grown in Latvia, as reported by Motor Insurers' Bureau of Latvia.

Businessmen offer to help fund railway works in Estonia rejected by minister

Entrepreneurs in Lääne County, Estonia, have offered the state to help with funding the reconstruction of a railway section, by attracting private money, but the offer has been rejected by Estonian Economic Affairs Minister Kadri Simson.

International Baltic Bikini military exercises to be organized in Latvia

Baltic Bikini 2017 military exercises will be taking place in Liepaja, Latvia, throughout 24 – 28 July. More than 100 Baltic and American troops will be participating together with State Border Guard and Emergency Health Service to practice survival skills, as reported by Defence Ministry.

SRS: envelope wages will be a priority this year

More than half of Latvian employers pay their employees wages below the minimal monthly amount, said Director of the State Revenue Service Tax Control Office Sandra Karklina Admine in an interview to Rīta panorama on Monday, 24 July.

Latvians hesitant to use electronic means to request benefits

So far, Latvia residents have been rather slow in the use of electronic tools to request benefits from the State Social Insurance Agency.