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Latvian lats: Wikis

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Latvian lats
Latvijas lats (Latvian)
The standard version of 1 lats coin bears a salmon
The standard version of 1 lats coin bears a salmon
ISO 4217 Code LVL
User(s)  Latvia
Inflation 10.1%
Source The World Factbook, 2007 est.
ERM
Since 2 May 2005
Fixed rate since 1 January 2005
Replaced by €, cash 1 January 2012 tentative
= Ls 0.702804
Band pegged in practice, 15% de jure
Subunit
1/100 santīms
Symbol Ls (before numerals)
santīms s (after numerals)
Plural lati (nom. pl.) or latu (gen. pl.)
santīms santīmi (nom. pl.) or santīmu (gen. pl.)
Coins 1, 2, 5, 10, 20, 50 santīmu, 1, 2 lati
Banknotes 5, 10, 20, 50, 100, 500 latu
Central bank Bank of Latvia
Website www.bank.lv
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

The 5 lats coin, used before WWII, became a popular symbol of independence during the Soviet era. The coin was designed by Rihards Zariņš.

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.

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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.

20 lats banknote issued 1935 (avers).

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.

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 from gold and silver.

Banknotes

Current Series
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
5 lati Green Oak tree
10 latu Purple River Daugava Sakt
20 latu Brownish-Green Traditional house
50 latu Blue Sailing-ship Keys
100 Latu Red Krišjānis Barons
500 Latu Brown Latvian folk-maid

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,[1] although the head of the National Bank of Latvia has suggested that 2013 may be a more realistic date.[2]

However, due to the current world financial crisis and the fact that Latvia is asking for help to the IMF, it is possible that the IMF will force Latvia to give up its currency peg as a precondition; taking officially Latvia out of the ERM II and possible moving the euro adoption date even further.[3]

Current LVL exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD LTL EEK
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD LTL EEK
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD LTL EEK
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD LTL EEK

Other updated currency rates: [1]. The lats is the fourth-highest-valued currency unit after the Kuwaiti dinar, Bahraini dinar, and the Omani rial.

See also

References

External links


Simple English

Latvian lats are the currency used in Latvia.


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