LATVIAN LATS

:''For common abbreviations, see LAT (disambiguation)''
The 'lats' (plural: ''lati'', ISO 4217 currency code: LVL or 428) is the currency of Latvia. It is abbreviated as ''Ls''. The lats is sub-divided into 100 ''santīmi'' (singular: ''santīms'' , plural also ''santīmi''; from French ''centime'').

Contents

First lats, 1922-1940

Coins

Banknotes

Second lats, 1993-

Coins

Banknotes

Euro

See also

External links

First lats, 1922-1940

The lats was first introduced in 1922, replacing the Latvian rublis at a rate of 1 lats = 50 rubļi. In 1940, Latvia was incorporated into the USSR and the lats was replaced by the Soviet ruble at par.

Coins

Coins were issued in denominations of 1, 2, 5, 10, 20 and 50 santīmu, 1, 2 and 5 lati. Denominations of 1 lats and above were in silver.

Banknotes

The Latvian Bank issued notes from 1922 in denominations of 20, 25, 50, 100 and 500 latu. They also issued 10 latu notes which were 500 rubli notes overprinted with the new denomination. The government issued currency notes from 1925 in denominations of 10 and 20 latu.

Second lats, 1993-

The lats was reintroducted in 1993, replacing the Latvian rublis, which was used for short period after Latvia regained its independence, at a rate of 1 lats = 200 rubļu. At that time, the lats had the highest par value in Europe.

Coins

Coins are issued in denominations of 1 santīms, 2 santīmi, 5 santīmi, 10 santīmu, 20 santīmu, and 50 santīmu, as well as 1 lats and 2 lati. Also, there are commemorative coins in denominations of 2, 10, 20, 100 latu made from gold and silver.

Banknotes

★ 5 lati: oak-tree

★ 10 latu: River Daugava and oak-leaf

★ 20 latu: Traditional house

★ 50 latu: sailing-ship and oak-leaf

★ 100 latu: Krišjānis Barons and oak-leaf

★ 500 latu: Latvian folk-maid and oak-leaf

Euro

The euro (''eiro'' in Latvian) is expected to replace the lats in 2011. The currency entered the Exchange Rate Mechanism II on May 2, 2005, and must be maintained in a 15% band around the pivot value of 0.702804 LVL per Euro. In practice, the lats has been fixed at that rate since 1 January 2005. Before that, it was pegged to the SDR currency basket.
other updated currency rates: [1]

See also

★ Latvian euro coins

★ Economy of Latvia

External links

★ Latvian Money

★ Coins of former Soviet republics