Latvian lats

Infobox Currency
currency_name_in_local = Latvijas lats lv icon
image_1 = 1Lats salmon.png image_title_1 = The standard version of 1 lats coin bears a salmon
iso_code = LVL
using_countries = LVA
inflation_rate = 10.1%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2007 est.
ERM_since = 2 May 2005
ERM_fixed_rate_since = 1 January 2005
euro_replace_cash = 1 January 2012 tentative
ERM_fixed_rate = Ls 0.702804
ERM_band = pegged in practice, 15% "de jure"
subunit_ratio_1 = 1/100
subunit_name_1 = santīms
symbol = Ls (before numerals)
symbol_subunit_1 = s (after numerals)
plural = "lati" (nom. pl.) or "latu" (gen. pl.)
plural_subunit_1 = "santīmi" (nom. pl.) or "santīmu" (gen. pl.)
used_coins = 1, 2, 5, 10, 20, 50 santīmu, 1, 2 lati
used_banknotes = 5, 10, 20, 50, 100, 500 latu
issuing_authority = Bank of Latvia
issuing_authority_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").

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 and 50 santīmu, 1, 2 and 5 lati. Denominations of 1 lats and 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.

econd 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 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 from gold and silver.

Banknotes

Euro

The euro ( _lv. eiro) is expected to replace the lats in 2012 at the earliest. [cite news | title= Don’t look for the Euro until after 2012 | url= http://www.neurope.eu/view_news.php?id=76779 | publisher= New Europe | date= 2007-08-18 | accessdate=2007-12-27] The currency entered the Exchange Rate Mechanism II on May 2, 2005, and must be maintained in a 15% band around the pivot value of 0.702804 LVL per euro. In practice, the lats has been floated within 1% of the central rate since 1 January 2005. [cite web | author= European Central Bank | url= http://www.ecb.eu/stats/exchange/eurofxref/html/eurofxref-graph-lvl.en.html | title= Euro exchange rates LVL | accessdate=2007-12-27] Before that, it was pegged to the SDR currency basket.

Other updated currency rates: [http://www.bank.lv/eng/main/finfo/notvalkur/] . The lats is the fourth highest valued currency unit after the Kuwaiti dinar, Bahraini dinar, and the Omani rial. Additionally, the 500 latu note is the highest valued banknote in regular circulation in the world, ahead of the 1000 Swiss francs note.

ee also

* Latvian euro coins
* Economy of Latvia

References

External links

Standard numismatics external links
world_coin_gallery_1_url = Latvia
world_coin_gallery_1_name = Latvia
banknote_world_1_url = latvia
banknote_world_1_name = Latvia
dollarization_1_url =
dollarization_1_name =
gfd_1_url = Latvia
gfd_1_name = Latvia
gfd_data_1_url = 4547
gfd_data_1_name = Latvia Lat (sic)
show_gfd_excel = Y
* [http://www.bank.lv/eng/main/all/lvnaud/latnaud/latvmoney/ Latvian Money]
* [http://coins.russian.ru/indexe.htm Coins of former Soviet republics]