On 1-1-14, the people of Latvia traded all their cash (currency in lats) for euros at a rate of one euro for 0.7 lats. Latvia is hoping its conversion to the euro will boost economic growth by attracting more foreign investment to the country. With a population of two million people and annual gross domestic product (GDP) of $28 billion, Latvia’s prime minister, Valdis Dombrovskis, resigned in November 2013 amidst controversy. Latvia is now the fourth smallest member of the euro currency countries, ahead of Cyprus, Estonia, and Malta. Another Baltic country, Lithuania, plans to convert all of its currency to the euro in 2015.