25 million lats exchanged for euros at 302 Latvijas Pasts post offices over 3 month period; exchange process receives positive assessment from officials

08.04.2014

25 million lats exchanged for euros at 302 Latvijas Pasts post offices over 3 month period; exchange process receives positive assessment from officials

From January 2 to March 31, 2014, a total of 130,000 exchange transactions were made and 25 million lats were exchanged at the 302 Latvijas Pasts post offices that offered exchange of lats for euros. On overage, the amount exchanged was LVL 192 per transaction and the activity was most prominent at the post offices in Zemgale region. The free exchange of lats for euros at Latvijas Pasts post offices in areas where bank services are not available, established by the Cabinet of Ministers, went on for three months.

The greatest activity was observed in January when 19.4 million lats were exchanged at Latvijas Pasts post offices. In February, 2.6 million lats were exchanged and in March - 3 million. The maximum amount exchanged in one day during the most active day of each month was 2 million lats on January 6; 190,500 lats on February 5 and 120,000 lats on March 21.

The exchange activity was most prominent in Zemgale region where close to 6 million lats were exchanged for euros. In Kurzeme, 5.3 million lats were exchanged, in Vidzeme - 4.9 million, in Riga region - 4.8 million and in Latgale - 4 million. The biggest amount exchanged in one transaction was almost 23,000 lats in Zemgale region. The second largest transaction was the exchange of 20,000 lats which also took place in Zemgale.

Anrijs Matīss, Minister for Transport, has given a positive assessment to the efforts made by Latvijas Pasts to ensure the exchange of lats for euros in areas where bank services are not available. "I would like to say a big thank you to all Latvijas Pasts employees who, on top of their direct duties and in a short period of time, learned the new functions similar to banking services and managed to put the whole process into practice. It was Latvijas Pasts that provided an opportunity for the people from different regions in Latvia to buy euro coin starter kits and exchange lats for euros at more than 300 post offices. Latvijas Pasts employees were the ones who used their expertise to help the rural people understand the practical issues of the introduction of the euro. Therefore, we can now share the knowledge and experience of Latvijas Pasts with the Lithuanian colleagues. The postal services representatives from our neighboring country have already visited Latvia to learn about the practices used by Latvijas Pasts in money exchange and successful transition to the euro," A.Matīss points out.

Arnis Salnājs, Chairman of the Board at Latvijas Pasts, notes: "Taking into consideration that money exchange is not one of the regular services provided by Latvijas Pasts, we believe that the amount exchanged at out post offices is quite impressive. The employees had to undergo special training in a very short time, implement increased safety standards and new exchange ways, keep maximum concentration and work longer hours. Interestingly, when we conducted a public opinion poll to find out the best employees of the company, it turned out that the most efficient post office operator of each region was actually the one from the post office which ensured the exchange of lats for euros. This means that the pieces of advice which these employees gave to the customers were very necessary and useful."

Latvia is the third European Union country after Estonia and Slovenia where the changeover to the euro took place, involving the state postal company. Compared to Estonia, the money exchange period in Latvia was much longer and the number of the post offices involved was bigger. The exchange in Latvia went on for three months at 302 Latvijas Pasts post offices, whereas in Estonia only 178 post offices were involved in the exchange and only for two weeks. The total amount exchanged in Latvia was EUR 35.5 million in a three-month period, while in Estonia it was EUR 6.5 million in a two-week period. On average, the amount exchanged per transaction was EUR 273 in Latvia and EUR 154 in Estonia. Latvijas Pasts post offices sold 100,000 euro coin starter kits, while Estonian post offices sold 63,400 kits.

The free exchange of lats for euros at the 302 Latvijas Pasts post offices was possible from January 2, which was the first working day in 2014, until March 31. These offices were established with the Cabinet of Ministers regulation on the postal service locations for exchange of lats for euros in places where bank services and ATMs are not available. The biggest amount of the post offices offering the exchange was in Vidzeme region with 83 offices, followed by Zemgale with 73 offices, Kurzeme with 69 offices, Latgale with 56 offices and Riga region with 21 offices.

The infographic showing the amounts of lats exchanged for euros can be viewed here.

About SJSC Latvijas Pasts

Latvijas Pasts ensures the widest availability of postal services throughout Latvia by maintaining more than 600 post offices. The primary function of the company is provision of the universal postal service; Latvijas Pasts also provides commercial transport, express mail, payment, press subscription, retail and philatelic services. Latvijas Pasts is a wholly State-owned company with more than 4,200 employees.

Additional information:
Gundega Vārpa,
Head of the External Communications Department
Phone: +371 67608505
E-mail: gundega.varpa@pasts.lv
twitter.com/latvijas_pasts; facebook.com/latvijas.pasts