Latvia will join the eurozone on January 1, 2014, Prime Minister Valdis Dombrovskis said Tuesday after receiving the formal endorsement from European Union finance ministers meeting in Brussels. The lat will be converted into euros at a rate of 0.7028 lats per euro - the same exchange rate currently being used to peg the two currencies. The EU's leaders, the central bank, the executive and the parliament had already given their blessing to the accession, which will expand the eurozone to 18 members. "Latvia has done very well in reforming its economy, getting the financial sector back on track ... I welcome them very much in the eurozone," said Eurogroup President Jeroen Dijsselbloem at the start of the day, according to a report of DPA.
