Latvian lats

Latvian lats Latvijas lats (Latvian)
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).

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 were 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 were 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.

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 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

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 15% 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]

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

• Latvian euro coins
• Economy of Latvia

References

External links

• Latvian Money
• Coins of former Soviet republics

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