Latvian rublis
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The rublis was the name of the currency of Latvia from 1919 to 1922 and from 1992 to 1993.
[edit] First rublis
After the proclamation of the Republic of Latvia in 1918, a large variety of different currencies were in circulation - ostrubles, ostmarks, German Papiermark, the so-called Tsar rubles, kopecks, the so-called Money of Duma and kerenkas, as well as promissory notes of several town municipalities.
On March 22, 1919, the Provisional Government of Latvia authorized the Minister of Finance to issue the first currency notes of the Republic of Latvia - Treasury notes. They were denominated in rublis (plural: rubļi or rubłı) and kapeikas (plural: kapeiku), with 1 rublis = 100 kapeiku. The Latvian rublis was worth 1½ Russian rubles. In the period from April 1919 to September 1922, currency notes were issued in denominations of 5, 10, 25 and 50 kapeiku and 1, 5, 10, 25, 50, 100 and 500 rubłı. No coins were issued.
The first state currency notes were printed in 1919 by Andrievs Niedra's government, which was considered pro-German and illegal, and was overthrown in the same year. The legal government of Kārlis Ulmanis printed quite similar notes but with different signatures on them. This government recognized the previously printed banknotes as a legal payment means. The designer of these banknotes was Jūlijs Madernieks.
On August 3, 1922, the Cabinet of Ministers approved the "Regulations on Money" which introduced the lats as Latvia's national currency. The lats was equal to 50 rubłı. The rublis remained in circulation alongside the lats for a time.
[edit] Second rublis
Latvia regained independence in 1991 and in the first four months of the year 1992, Latvia was adversely affected by inflation of the Russian ruble. In addition, the outgoing cash payments surpassed the incoming money amounts by 122 million rubles (5.9%) in February, but in April by 686 million rubles (29.2%), thus causing a very serious shortage of cash.
Since the money was issued by Russia, the Bank of Latvia was unable to improve the cash circulation in the country. The situation completely depended on the possibility for receiving or buying cash and credit resources from the Russian central bank. It was evident that a crisis could develop by the end of May, when the Bank of Latvia would not be able to execute even the most necessary payments.
To resolve the problem, on 4 May 1992, the Monetary Reform Commission of the Republic of Latvia passed a resolution "On Introduction of the Latvian rublis". From 7 May 1992, a temporary currency, the Latvian rublis (LVR), was put into circulation as a legal tender parallel to the existing ruble notes. It was declared equal in value to the Russian ruble. The denominations of the Latvian rublis notes (widely known as repšiki, after then-governor of the Central Bank, Einars Repše) were 1, 2, 5, 10, 20, 50, 200 and 500 rubļi. The national currency - the lats - was introduced in 1993, replacing the rublis at the ratio of 1 lats = 200 rubļi.
[edit] External links
- The Latvian Ruble versus the Russian Ruble - by Bank of Latvia
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