Latvian lats

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Latvian lats
Latvijas lats (Latvian)
1Lats salmon.png
The standard version of 1 lats coin bears a salmon
ISO 4217 codeLVL
Central bankBank of Latvia
 Websitewww.bank.lv
User(s) Latvia
Inflation-0.4%
 SourceECB,[1] April 2013
ERM
 Since2 May 2005[2]
 Fixed rate since1 January 2005
 Replaced by €, cash1 January 2014[3]
=Ls 0.702804 (Irrevocable)
Subunit
 1/100santīms
SymbolLs (before numerals)
 santīmss (after numerals)
Plurallati (nom. pl.) or latu (gen. pl.)
 santīmssantīmi (nom. pl.) or santīmu (gen. pl.)
Coins1, 2, 5, 10, 20, 50 santīmu, 1, 2 lati
Banknotes5, 10, 20, 50, 100, 500 latu
 
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Latvian lats
Latvijas lats (Latvian)
1Lats salmon.png
The standard version of 1 lats coin bears a salmon
ISO 4217 codeLVL
Central bankBank of Latvia
 Websitewww.bank.lv
User(s) Latvia
Inflation-0.4%
 SourceECB,[1] April 2013
ERM
 Since2 May 2005[2]
 Fixed rate since1 January 2005
 Replaced by €, cash1 January 2014[3]
=Ls 0.702804 (Irrevocable)
Subunit
 1/100santīms
SymbolLs (before numerals)
 santīmss (after numerals)
Plurallati (nom. pl.) or latu (gen. pl.)
 santīmssantīmi (nom. pl.) or santīmu (gen. pl.)
Coins1, 2, 5, 10, 20, 50 santīmu, 1, 2 lati
Banknotes5, 10, 20, 50, 100, 500 latu

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; from French centime[citation needed]). In June 2013, Latvia was assessed to have met all the economic conditions for euro entry,[4] and the lats will be replaced by the euro on 1 January 2014.[3]

First lats, 1922–1940[edit source | edit]

The 5 lati coin, used before World War II, became a popular symbol of independence during the Soviet era. The coin was designed by Rihards Zariņš.
20 latu banknote issued 1935 (avers).

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

Coins[edit source | edit]

Coins were issued in denominations of 1, 2, 5, 10, 20 & 50 santīmu, 1, 2 & 5 lati. The 1, 2 & 5 santīmu were in bronze, the 10, 20 & 50 santīmu were nickel, while coins of 1 lats & above were in silver.

Banknotes[edit source | edit]

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, 1993–2013[edit source | edit]

The lats was reintroduced in 1993, replacing the Latvian rublis, which was used for a short period after Latvia regained its independence, at a rate of 1 lats = 200 rubļu.

Coins[edit source | edit]

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

Banknotes[edit source | edit]

All banknotes are 130 × 65 mm in size.

Current Series
ImageValueMain ColourDescription
ObverseReverseObverseReverse
Ls5 2007 averss.jpgLs5 2007 reverss.jpg5 latiGreenOak treeWoodcarving - sun on a distaff
102008latiav.jpg102008latirev.jpg10 latuPurpleRiver DaugavaSakta
2007-ls20a.jpg2007-ls20b.jpg20 latuBrownTraditional houseWoven linen
Ls50b.jpgLs50a.jpg50 latuBlueSailing-shipKeys (Historical seal of Riga)
Ls100b.jpgLs100a.jpg100 latuRedKrišjānis BaronsBelt from Lielvārde
Ls500b.jpgLs500a.jpg500 latuGreyLatvian folk-maidOrnamental brass crowns

Euro[edit source | edit]

Latvia has been a member of the European Union since 1 May 2004 and is a member of the Economic and Monetary Union of the European Union (EMU). The lats is in ERM II, and has now a fixed irrevocable rate of Ls 0.702804 = €1. Latvia had originally planned to implement the third stage of the EMU (i.e. adopt the euro) on 1 January 2008, and will happen on 1 January 2014.

Other updated currency rates:.[5] The lats is the fourth-highest-valued currency unit after the Kuwaiti dinar, Bahraini dinar, and the Omani rial. The 500-Latu note is the world's third most valuable banknote next to the $10,000 Singapore note and 1,000 Swiss franc note.[citation needed]

See also[edit source | edit]

References[edit source | edit]

External links[edit source | edit]