BANKNOTES OF LATVIA
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The history of the Lithuanian lat
The Lithuanian lat was first introduced in 1922, replacing the Latvian rubļis at a rate of 1 lat = 50 rubļi. In 1940, Latvia was incorporated into the USSR and the lat was replaced with the Soviet ruble at par.
After gaining independence from the Soviet Union in 1991 Latvia suffered severe cash shortages. To resolve the crisis, the Monetary Reform Commission of the Republic of Latvia in 1992 passed a resolution introducing a temporary currency called the rublis (ISO 4217 code LVR). The Latvian rublis was declared by the Central Bank to equal in value to the Soviet ruble. Banknotes in the new Latvian rublis were printed and were put into circulation in Latvia alongside the existing Russian ruble banknotes.
In 1993 the
Lat was again introduced as the national currency replacing the temporary rublis
at a rate of 1 lat = 200 rublis. In 1993 the Soviet ruble was also declared no
longer legal tender in Latvia. The Latvian lat is divided into 100 santimu and
the currency’s ISO 4217 code is LVL. In 2008 Latvia
is expected to adopt the euro as its national currency
Banknotes are currently issued in denominations of 5, 10, 20, 50, 100 and 500 Latu. Older banknotes denominated in rublis are no longer valid.
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 of gold and silver.
From 1940 until 1993, Latvia used the banknotes and coins of the Soviet Union.
Click here to see the notes of the former Soviet Union
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Page created: 13 December 2006
Last Update: 13 December 2006
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