Latvian lats

1 EUR = 0.702804 LVL 1 LVL = 1.422872 EUR

The lats ( plural: lati, genitive plural: Latu ( according to numbers from 10 is the gene Pl ), 1 lats = 100 Santimu. ) Was until 31 December 2013, the currency of Latvia. He is the predecessor of the Latvian euro coins.

History

The lats was introduced in 1922 as a gold standard. Previously regarded Latvian rubles (paper currency), which were exchanged at a ratio of 1 lats to 50 rubles. Had 1 lats in 1928, a value of 0.81 Goldmark ( Reichsmarks in gold ). There were scores of 5, 10 and 20 Latu, silver coins of 1, 2 and 5 Lati, as well as copper and nickel coins.

The lats was replaced as a result of the annexation by the Soviet Union during the year 1940 by the Soviet ruble.

After the independence of Latvia in 1991, the Soviet ruble was initially replaced in the rate of 1:1 from the Latvian rubles. Then in October 1993, the exchange in Lat at the rate of 1 LVL to 200 Latvian rubles. Thus, Latvia had temporarily the highest quality currency unit. Einārs Repše 2003 confirmed an appropriate anecdote about the origin of the exchange ratio: The proportion was chosen so, so you also for 1 Santims something useful I can buy, and a matchbox was then traded for 2 rubles. The stability of the currency has since been assured by the coverage of foreign exchange and gold reserves and investments in a number of different foreign currencies.

On January 1, 2014, the lats was replaced by the euro as their national currency. On 9 July 2013, the Finance Ministers of the EU Member States blessed the accession of Latvia as a 18 euro country from their Heads of State or Government were doing this already at their summit in late June 2013. Exchange rate was fixed at 0.702804 lats per euro.

Exchange Rate Mechanism II

Latvia joined the EU on 1 May 2004. Since 1 January 2005, the lats with a small floating exchange rate was tied (maximum 1 % ) to the euro in preparation for joining the euro through a currency board. But in 2007 he withdrew more often by more than 1% of the standard value 0.696 LVL / EUR. Previously, the lats was pegged to the Special Drawing Rights of the International Monetary Fund ( IMF), a basket of currencies, which is mainly influenced by the U.S. dollar exchange rate, and thus could vary slightly against the euro. Together with Malta and Cyprus was the accession on 29 April 2005 on the exchange rate mechanism II

Cash

Mint there were in denominations of 1 and 2 lats Lati and Santims 1, 2, 5 Santimi, 10, 20 and 50 Santimu, banknotes of 5 Lati, 10, 20, 50, 100 and 500 Latu. The 500 - Latu bill was in general circulation exploiting dividend banknote with the Europe, after the 1000 Swiss franc note, second highest real value.

Mint

2 Santimi

5 Santimi

10 Santimu

20 Santimu

50 Santimu

1 Lats - Salmon (1992 )

2 Lati (1992 )

2 Lati (1999)

Special coins

• Other special coins

1 Lats - Hockey World Cup 2006 (2005)

Bills

With the pressure of the last series was started in 1992. Small changes of the security features in subsequent vintages should ensure the security of banknotes. All banknotes were 65 to 130 mm.