(RIGA, Latvia) — On Wednesday, Latvia became the 18th member of the eurozone to adopt the euro as its currency.
The BBC News reports that the country hopes to reduce dependency on Russia by attaching itself economically to the European Union. Latvia, over the past few years, emerged from a financial crisis and adopting the euro is expected to bring “stability and certainty,” the governor of the Latvian central bank, Ilmars Rimsevics, told BBC News.
The circulation of Latvia’s existing currency, Lats, will continue for two weeks, at which point the euro will become the sole legal tender.
Copyright 2014 ABC News Radio
Kathryn Vasel, CNN
Doug Criss, CNN
Ralph Ellis, CNN