20/12/2013

Latvia´s changeover to the Euro

Banking, Latvia, NewsBy Michael Maton 20/12/2013

On July 9th this year the ECOFIN Council approved the Latvian participation in the Economic and Monetary Union (EMU) from January 1st 2014. The Bank of Latvia fixed the exchange rate at 0.702804 already in 2005, one lat being equivalent to €1.42. As of January 1st 2014, financial institutions and stock exchanges will convert electronic…

Additional fees for working on public holidays

Estonia, NewsBy Michael Maton 20/12/2013

Bank holidays this year are from Tuesday to Thursday, December 24th-26th. Working on a bank holiday is based on an agreement between the parties and for double wages. Unlike for bank holidays the law does not require additional payment for working on the weekends. Working on days intended for the employees to rest normally creates…