Post Office Helps Country Switch to New Currency

Currency conversion

Post Offices around the world have historically facilitated many monumental transitions. From one postal organization restoring postal services in a war ravaged country to another offering electronic Registered Mail to customers in a digital age, Post Offices have been instrumental in making sure that such important shifts are a smooth as possible. With a currency conversion currently underway in one particular country, the Post Office has helped smooth the historic shift.

In 2003, Latvian citizens held a vote on whether or not to join the European Union (EU), a block of 28 countries that have come together to pool their resources under one political umbrella. The measure was approved by more than 67 percent of the population, and the country joined the EU in 2004. For the next ten years that followed, Latvia made preparations to join the Eurozone, a group of 18 EU member countries that have adopted a single currency, the Euro. In January 2014, the currency switch to the Euro was made.

The conversion of Latvian currency to the Euro wasn’t likely to happen overnight, and many financial institutions could have found themselves overwhelmed by such demand if the Latvian Post Office hadn’t offered its assistance. To ease the transition, Latvian Post began offering currency conversion services for free from January 1, 2014 to the end of March at 302 Post Offices across the country. The additional facilities should help prevent holders of the Latvian lat currency from experiencing a loss in value, as the lat will no longer be accepted by banks beginning July 1.

With Post Offices playing instrumental roles in nearly every country throughout the world, their presence is likely to continue to be in great demand for many decades to come.

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