Misplaced Pages

This is an old revision of this page, as edited by Heracletus (talk | contribs) at 21:24, 3 July 2010 (Undid revision 371596554 by Heracletus (talk)). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Latvian lats

Latvijas lats Template:Lv icon
The standard version of 1 lats coin bears a salmon
ISO 4217
Code	LVL
Unit
Plural	lati (nom. pl.) or latu (gen. pl.)
Symbol	Ls (before numerals)‎
Denominations
Subunit
1/100	santīms
Plural
santīms	santīmi (nom. pl.) or santīmu (gen. pl.)
Symbol
santīms	s (after numerals)
Banknotes	5, 10, 20, 50, 100, 500 latu
Coins	1, 2, 5, 10, 20, 50 santīmu, 1, 2 lati
Demographics
User(s)	Latvia
Issuance
Central bank	Bank of Latvia
Website	www.bank.lv
Valuation
Inflation	10.1%
Source	The World Factbook, 2007 est.
EU Exchange Rate Mechanism (ERM)
Since	2 May 2005
Fixed rate since	1 January 2005
Replaced by euro, cash	2014-2018
1 € =	Ls 0.702804
Band	pegged in practice, 15% de jure

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).

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 & 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

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 a short period after Latvia regained its independence, at a rate of 1 lats = 200 rubļu.

Coins

Coins are issued in denominations of 1 santīms, 2 & 5 santīmi, 10, 20 & 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.

Banknotes

Euro

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, but it has not completed the third stage of the EMU. The lats is in ERM II, and floats within 1% of the central rate, Ls 0.702804 = €1. Latvia had originally planned to adopt the euro as its official currency on 1 January 2008. It is now expected that Latvia will introduce the euro in 2012 at the earliest, although the head of the National Bank of Latvia has suggested that 2013 may be a more realistic date.

Other updated currency rates: . 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 second most valuable banknote next to the $10,000 Singapore note.

Currency Exchange in Latvia - Latvian currency exchange market comparison.

See also

• Latvian euro coins
• Economy of Latvia

References

1. http://www.baltic-course.com/eng/finances/?doc=22518
2. "Don't look for the Euro until after 2012". New Europe. 2007-08-18. Retrieved 2007-12-27.
3. "Bank targets 2013 as Latvia's 'E-day'". baltictimes.com. 2007-10-26. Retrieved 2007-10-28.

External links

• Latvian Money
• Latvian coins (catalog and gallery)

• Currencies with ISO 4217 code
• Currencies of Latvia
• Economy of Latvia
• Fixed exchange rate