Latvian lats
Encyclopedia
The lats 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
).
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.
s of 1, 2, 5, 10, 20 & 50 santīmu, 1, 2 & 5 lati. The 1, 2 & 5 santīmu were in bronze, the 10, 20 & 50 santīmu were nickel, while coins of 1 lats & above were in silver.
, which was used for a short period after Latvia regained its independence, at a rate of 1 lats = 200 rubļu.
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 1% 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 2014 at the earliest.
Other updated currency rates:. The lats is the fourth-highest-valued currency unit after the Kuwaiti dinar
, Bahraini dinar
, and the Omani rial
. The 500-Latu note is the world's third most valuable banknote next to the $10,000 Singapore note
and 1,000 Swiss franc
note.
Currency Exchange in Latvia - Latvian currency exchange market comparison.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of Latvia
Latvia
Latvia , officially the Republic of Latvia , is a country in the Baltic region of Northern Europe. It is bordered to the north by Estonia , to the south by Lithuania , to the east by the Russian Federation , to the southeast by Belarus and shares maritime borders to the west with Sweden...
. It is abbreviated as Ls. The lats is sub-divided into 100 santīmi (singular: santīms , plural also santīmi; from French
French language
French is a Romance language spoken as a first language in France, the Romandy region in Switzerland, Wallonia and Brussels in Belgium, Monaco, the regions of Quebec and Acadia in Canada, and by various communities elsewhere. Second-language speakers of French are distributed throughout many parts...
centime
Centime
Centime is French for "cent", and is used in English as the name of the fraction currency in several Francophone countries ....
).
First lats, 1922–1940
Latvian rublis
The rublis was the name of the currency of Latvia from 1919 to 1922 and from 1992 to 1993.-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,...
at a rate of 1 lats = 50 rubļi. In 1940, Latvia was incorporated into the USSR
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
and the lats was replaced by the Soviet ruble
Soviet ruble
The Soviet ruble or rouble was the currency of the Soviet Union. One ruble is divided into 100 kopeks, ....
at par.
Coins
Coins were issued in denominationDenomination (currency)
Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. See also Redenomination.-Subunit and super unit:...
s of 1, 2, 5, 10, 20 & 50 santīmu, 1, 2 & 5 lati. The 1, 2 & 5 santīmu were in bronze, the 10, 20 & 50 santīmu were nickel, while coins of 1 lats & 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 reintroduced in 1993, replacing the Latvian rublisLatvian rublis
The rublis was the name of the currency of Latvia from 1919 to 1922 and from 1992 to 1993.-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,...
, which was used for a 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 & 5 santīmi, 10, 20 & 50 santīmu, as well as 1 lats and 2 lati. Also, there are commemorative coins in denominations of 2, 10, 20, 100 latu made of gold and silver.Banknotes
| Current Series | |||||
|---|---|---|---|---|---|
| Image | Value | Main Colour | Description | ||
| Obverse | Reverse | Obverse | Reverse | ||
| 5 lati | Green | Oak tree | Latvian art | ||
| 10 latu | Purple | River Daugava | Sakt | ||
| 20 latu | Brownish-Green | Traditional house | Woven linen | ||
| 50 latu | Blue | Sailing-ship | Keys (Historical seal of Riga) | ||
| 100 Latu | Red | Krišjānis Barons Krišjanis Barons Krišjānis Barons is known as the "father of the dainas" thanks largely to his systematization of the Latvian folk songs and his labour in preparing their texts for publication in Latvju dainas. His portrait appears on the 100-lat banknote, the only human face of a living person on modern Latvian... |
Belt from Lielvārde | ||
| 500 Latu | Brown | Latvian folk-maid | Ornamental brass crowns | ||
Euro
Latvia has been a member of the European UnionEuropean Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
since 1 May 2004 and is a member of the Economic and Monetary Union of the European Union
Economic and Monetary Union of the European Union
The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of members of the European Union in three stages so as to allow them to adopt a single currency, the euro. As such, it is largely synonymous with the eurozone.All member states of the...
, but it has not completed the third stage of the EMU
Economic and Monetary Union of the European Union
The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of members of the European Union in three stages so as to allow them to adopt a single currency, the euro. As such, it is largely synonymous with the eurozone.All member states of the...
. The lats is in ERM II
European Exchange Rate Mechanism
The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System , to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of...
, and floats within 1% of the central rate, Ls 0.702804 = €1. Latvia had originally planned to adopt the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
as its official currency on 1 January 2008. It is now expected that Latvia will introduce the euro in 2014 at the earliest.
Other updated currency rates:. The lats is the fourth-highest-valued currency unit after the Kuwaiti dinar
Kuwaiti dinar
The dinar is the currency of Kuwait. It is sub-divided into 1000 fils. It is the highest-valued currency unit in the world.-History:...
, Bahraini dinar
Bahraini dinar
The dinar is the currency of Bahrain. It is divided into 1000 fils . The name dinar derives from the Roman denarius. The dinar was introduced in 1965, replacing the Gulf rupee at a rate of 10 rupees = 1 dinar. The Bahraini dinar is abbreviated .د.ب or BD...
, and the Omani rial
Omani rial
The rial is the currency of Oman. It is divided into 1000 baisa .-History:Before 1940, the Indian rupee and the Maria Theresa Thaler were the main currencies circulating in Muscat and Oman, as the state was then known, with rupees circulating on the coast and Thaler in the interior...
. The 500-Latu note is the world's third most valuable banknote next to the $10,000 Singapore note
Singapore dollar
The Singapore dollar or Dollar is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies...
and 1,000 Swiss franc
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...
note.
Currency Exchange in Latvia - Latvian currency exchange market comparison.