FX.co ★ UK sets up Pound Area

Despite the membership of the EU, the United Kingdom has started the creation of the pound zone. Latvia is going to be the first to join a new currency bloc. Lithuania seems to be the one to follow. This is what was announced as an April Fool's Day hoax on one of the news portals.
The position of the UK in the European Union has recently aroused much discussion at the political level. Moreover, this issue is also the centre of mass media attention. London succeeded in getting certain privileges from the EU, so the UK enjoys membership of the union bypassing some EU regulations. The Prime Minister of the United Kingdom is now determined to hold referendum on the role of Great Britain in Europe.
As to the Pound Area, it actually already exists on the islands of Jersey and Guernsey, Saint Helena, Tristan da Cunha, Gibraltar, Ascension Island, the Isle of Man, and the Falkland Islands. Latvia is likely to join them on January 1, 2014.
The draft law on introduction of the pound instead of the national lats was considered at the private session of the country’s government. Before coming into effect, the bill is to be approved by the President and the Parliament of the Republic of Latvia (the Saeima). Experts say there are no apparent obstacles to pound adoption in Latvia. Moreover, the British Parliament and citizens are ready to provide comprehensive support.
Latvia is expected to unveil its final decision until April 14. During six months since October 1, the date of pound adoption, prices for goods and services in Latvian stores will be specified in both lats and pounds.
It will be possible to exchange lats for pounds half a year before Latvia enters the Pound Area. Lats will be removed from the ATMs on January 1, 2014. According to the preliminary estimates, a lat will be equivalent to 1.2 pounds.