OREANDA-NEWS. July 01, 2014. The introduction of the euro in Latvia has changed the payment habits of the country’s residents. During the first five months, people used payment cards to make payments 31% more than during the same period last year, data about Citadele payment cards show. People have also paid a considerably higher sum of money with their cards.

“The euro has changed the habits of Latvia’s residents, who increasingly appreciate the convenience of electronic services that involve payments with cards,” says Citadele board member Santa Purgaile. “We have seen a 31% increase in the use of payment cards in comparison to the same period of last year. In comparison to 2012, payments with Citadele cards have increased by as much as 48%.”

Purgaile adds that the total amount of money that has been spent via payment cards has increased substantially: “During the first five months of the year, people spent 22% more with their cards than during the same period in 2013. Many people deposited cash into bank accounts during the latter half of the year, and that money was automatically converted at the turn of the year. People who use their payment cards for everyday purposes appreciate the benefits of the cards, and they are continuing to use them.”

Exchanging lats for euros
Please remember that until June 30, Citadele Bank will continue to exchange lats for euros, and during the month of June, an average of 200 transactions has occurred every day, with an average of EUR 30,000 being exchanged.

During the first half of January, several thousand currency exchange transactions occurred every day, with several million lats being exchanged into euros. In February, the number of transactions declined to an average of 400 a day, with an average sum of EUR 150,000. Since the beginning of the year, people have converted nearly 40 million euros from lats to euros.

Citadele reminds its clients that cash can be exchanged for euros on the basis of the official exchange rate and without any commission fees until June 30 at commercial banks. The same will remain true at the Bank of Latvia for all time to come.