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Saeima committee approves euro bill in principle; final reading scheduled for January 31

Janis Reirs. Photo: Evija Trifanova/LETA.
 RIGA, Dec 4 - The Saeima Budget and Finance Committee today approved the euro implementation bill in principle; the parliament is to vote on the bill in the final reading on January 31, as the committee's chairman Janis Reirs (Unity) told LETA.

Ruling coalition members of the committee voted for the bill, the opposition members were against, said Reirs.

Before the bill is reviewed in the second and final reading, MPs may submit their proposals regarding the bill, added Reirs.

As reported, Saeima group of All For Latvia!-For Fatherland And Freedom/LNNK will decide whether to support the bill during a meeting on December 12.

LETA already reported, the euro introduction bill stipulates the period when euros and lats will circulate simultaneously, cash exchange and other related matters.

The bill also stipulates that price tags will include prices in both euros and lats three months before the introduction of the euro and six months after that.

Both currencies will circulate simultaneously two weeks after the adoption of the euro. When receiving payments after the introduction of the euro, change will be given in euros. In addition, all ATMs will cease to dispense lats.

When the period of simultaneous circulation will expire, the euro will become the only legal instrument of payment.

As reported, Latvia is planning to adopt the euro on January 1, 2014.

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