The five years Latvia has spent as a member of the eurozone have benefited the Baltic country's economy by boosting stability and offsetting geopolitical risks, Martins Kazaks, a member of the Bank of Latvia Council, said on public radio Wednesday.

The official of the Latvian central bank compared membership in the eurozone to the insulation of a house, adding that good insulation does not mean that the tenants can forget about heating, namely, health care, education and other essential areas affecting the economy and its growth.

The stronger the Latvian economy the better it will be doing both in good and bad times for the global economy, Kazaks said.

Being a part of the eurozone also means that money costs less and borrowing and investing are less expensive, the Bank of Latvia official said, adding that currency exchange operations have also become cheaper for Latvia as an eurozone country, allowing to save up to 70 million euros a year, according to the central bank's estimates.

Kazaks also projected that the European Central Bank's rates might be raised in the fall if the state of the economy is found to be strong enough.

The Bank of Latvia representative said that like elsewhere in the world, economic growth in Latvia is expected to become more moderate in the following years.

Latvia switched from its national currency, the lats, to the euro on Jan. 1, 2014.