Latvian rublis
Encyclopedia
The rublis was the name of the currency
of Latvia
from 1919 to 1922 and from 1992 to 1993.
in 1918, a large variety of different currencies were in circulation - ostrubles, ostmark
s, German Papiermark
, the so-called Tsar rubles, kopecks, the so-called Money of Duma and kerenkas, as well as promissory note
s 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 ruble
s. 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.
. 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.
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...
from 1919 to 1922 and from 1992 to 1993.
First rublis
After the proclamation of the Republic of LatviaLatvia
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...
in 1918, a large variety of different currencies were in circulation - ostrubles, ostmark
German ostmark
Ostmark is the name given to a currency denominated in Mark which was issued by Germany in 1918 for use in a part of the eastern areas under German control at that time, the Ober Ost area. The currency consisted of paper money issued on 4 April 1918 by the ‘Darlehnskasse’ in Kowno and was equal to...
s, German Papiermark
German papiermark
The name Papiermark is applied to the German currency from the 4th August 1914 when the link between the Mark and gold was abandoned, due to the outbreak of World War I...
, the so-called Tsar rubles, kopecks, the so-called Money of Duma and kerenkas, as well as promissory note
Promissory note
A promissory note is a negotiable instrument, wherein one party makes an unconditional promise in writing to pay a determinate sum of money to the other , either at a fixed or determinable future time or on demand of the payee, under specific terms.Referred to as a note payable in accounting, or...
s 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 ruble
Russian ruble
The ruble or rouble is the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia. Formerly, the ruble was also the currency of the Russian Empire and the Soviet Union prior to their breakups. Belarus and Transnistria also use currencies with...
s. 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
Andrievs Niedra
Andrievs Niedra was a Latvian writer, Lutheran pastor and the Prime Minister of the German puppet government in Latvia between April and June 1919, during the Latvian War of Independence.Niedra's first collection of poems was published...
's government, which was considered pro-German and illegal, and was overthrown in the same year. The legal government of Kārlis Ulmanis
Karlis Ulmanis
Kārlis Augusts Vilhelms Ulmanis was a prominent Latvian politician in pre-World War II Latvia during the Latvian period of independence from 1918 to 1940.- Education and early career :Ulmanis studied agriculture at the Swiss Federal Institute of Technology Zurich and...
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
Latvian lats
The lats is the currency of Latvia. It is abbreviated as Ls. The lats is sub-divided into 100 santīmi ....
as 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...
's national currency. The lats was equal to 50 rubłı. The rublis remained in circulation alongside the lats for a time.
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 rubleRussian ruble
The ruble or rouble is the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia. Formerly, the ruble was also the currency of the Russian Empire and the Soviet Union prior to their breakups. Belarus and Transnistria also use currencies with...
. 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
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, the Bank of Latvia
Bank of Latvia
The Bank of Latvia is the central bank of Latvia. It is one of the key public institutions and carries out economic functions as prescribed by law. The principal objective of the Bank of Latvia is to regulate currency in circulation by implementing monetary policy to maintain price stability in...
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
Latvian lats
The lats is the currency of Latvia. It is abbreviated as Ls. The lats is sub-divided into 100 santīmi ....
- was introduced in 1993, replacing the rublis at the ratio of 1 lats = 200 rubļi.
| 1992 Series | |||
|---|---|---|---|
| Image | Value | Main Colour | |
| Obverse | Reverse | ||
| 1 Rublis | Yellow | ||
| 2 Rubļi | Brown | ||
| 5 Rubļi | Blue | ||
| 10 Rubļu | Red | ||
| 20 Rubļu | Violet | ||
| 50 Rubļu | Turquoise | ||
| 200 Rubļu | Green | ||
| 500 Rubļu | Orange | ||
External links
- The Latvian Ruble versus the Russian Ruble - by Bank of Latvia