16-01-2014

RIGA: Latvian Accession to Eurozone Embraced by Film Industry

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RIGA: Film professionals don't see Latvia's accession to the Eurozone on 1 January 2014 as a radical change for the local film industry and market, both foreign and domestic.

Producer Guntis Trekteris, establisher of the local independent film production company Ego Media is positive about the introduction of Euro. He told FNE: “It will simplify international business deals. All financial settlements with foreign partners are already being transacted in Euros, even with Russia, so it will save transaction fees.”

Similar opinions are shared by Vilnis Kalnaellis, producer and head of RIJA Film studio, which currently is working on a coproduction with Lithuania and has distributed European films in local theaters for the past year.

For Trekteris joining the Eurozone means a clearer comparison of rates among foreign and local service providers as well as increased competitiveness for the local industry. It’s unclear if the introduction of the Euro will cause costs to rise. That will depend on external factors including the rate of inflation.