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Latvian lats
Latvijas lats (Latvian) |
 |
| The standard version of 1 lat coin bears a salmon |
|
| ISO 4217 Code |
LVL |
| User(s) |
 Latvia |
| Inflation |
6.3% |
| Source |
The World Factbook, 2006 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).
[edit] 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.
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.
20 lats banknote issued 1935 (avers).
[edit] 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.
[edit] 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 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.
5 lati banknote issued 1993 (avers).
[edit] Banknotes
- 5 lati: oak-tree
- 10 latu: River Daugava and oak-leaf
- 20 latu: Traditional house
- 50 latu: sailing-ship and oak-leaf
- 100 latu: Krišjānis Barons and oak-leaf
- 500 latu: Latvian folk-maid and oak-leaf
The euro (Latvian: eiro) is expected to replace the lats in 2012 at the earliest.[1] 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.[2] Before that, it was pegged to the SDR currency basket.
Current LVL exchange rates
Other updated currency rates: [1]. The lats is the fourth highest valued currency unit after the Kuwaiti dinar, Bahraini dinar, and the Omani rial.
[edit] See also
[edit] References
[edit] External links
Microsoft Excel format)
