Monetary change in Latvia

2 Oct, 2013

Latvia will join Euro area on January 1, 2014 and thus adopt the euro as its official means of payment from then on. The prices and fees will be converted accordingly, but price or fee rise in clinical trial industry is not to be expected as the exchange rate of the lats against the euro is fixed since 2005, and Authorities are keeping to that. State Agency of medicines of Latvia was the first one announcing its new price list with converted fees.

Euro changover process will involve other activities, for example, 9 months long dual price display period (01 Oct 2013 – 30 Jun 2014) 2 week long parallel payment period (01 Jan 2014 - 14 Jan 2014). More details on this are laid out in official euro changeover site.

Image courtesy of (publicity photo).