Which country has recently joined Euro Zone as the 18th member?
Which country has recently joined Euro Zone as the 18th member?
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Sanjeev
The Baltic nation, Latvia joined the Euro Zone, with the expectation that the euro will lower its borrowing costs and encourage investors by eliminating currency risk. It became the 18th member of the European Union, which uses the Euro as its currency and the fourth smallest economy in the euro zone after Malta, Estonia and Cyprus.
The euro switchover ceremony took place at a site where Latvia’s crisis began – the former headquarters of the collapsed Parex bank, now headquarters of state-owned Citatele bank, which emerged from Parex’s ruins. The official conversion rate is 1 EUR = 0.702804 LVL.
Abhinav.arjun47
Latvia has begun the new year by joining the eurozone, becoming the 18th member of the group of EU states which uses the euro as its currency.