The ministers of economy and finance of 28 EU countries approved Latvia's accession to the eurozone. reports this Agence France-Presse .

Now Latvia can freely introduce the euro. It is assumed that the country will join the currency bloc on January 1 next year.

Prime Minister Valdis Dombrovskis tweeted that the transition to the euro will be carried out at the rate set by the country's Central Bank. It is expected that one euro will cost about 0.7 lats.

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On July 4, the European Parliament also supported the introduction of a single currency in Latvia. 613 deputies voted for this decision, 67 people voted “against”.

Latvia's entry into the eurozone was also supported by the European Central Bank. However, the regulator noted that the country’s participation in the monetary union may be under threat due to the instability of the country’s financial sector: Latvian banks receive a significant portion of their funds from deposits of non-residents.

Latvia has been discussing joining a monetary union since 2008. The country's entry into the eurozone has been postponed several times. At the same time, according to opinion polls, 60 percent of the country's population is against the transition to the euro.

Currently, the eurozone already includes 17 countries, Latvia will become the 18th country to switch to a single currency. Estonia has adopted the euro since 2011. Lithuania previously stated that it intends to join the eurozone by 2015.

Latvia is finally allowed to introduce the euro