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| Latvian lats Latvijas lats (Latvian) |
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| ISO 4217 Code | LVL | ||
|---|---|---|---|
| User(s) |  Latvia |
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| 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).
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First lats, 1922-1940
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.
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 | |||||
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| Image | Value | Main Colour | Description | ||
| Obverse | Reverse | Obverse | Reverse | ||
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5 lati | Green | Oak tree | |
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10 latu | Purple | River Daugava | Sakt |
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20 latu | Brownish-Green | Traditional house | |
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50 latu | Blue | Sailing-ship | Keys |
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100 Latu | Red | Krišjānis Barons | |
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500 Latu | Brown | Latvian folk-maid | |
Euro
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.
| 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. Additionally, the 500 latu note is the highest valued banknote in regular circulation in the world, ahead of the 1000 Swiss francs note.
See also
References
- ^ "Don’t look for the Euro until after 2012", New Europe (2007-08-18). Retrieved on 27 December 2007.
- ^ European Central Bank. "Euro exchange rates LVL". Retrieved on 2007-12-27.
External links
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Wikipedia content modification information:
- This page was last modified on 6 November 2008, at 01:00.
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