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Latvian lats

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Latvian lats
Latvijas lats Template:Lv icon
The standard version of 1 lats coin bears a salmon
ISO 4217
CodeLVL
Unit
Plurallati (nom. pl.) or latu (gen. pl.)
SymbolLs (before numerals)‎
Denominations
Subunit
 1/100santīms
Plural
 santīmssantīmi (nom. pl.) or santīmu (gen. pl.)
Symbol
 santīmss (after numerals)
Banknotes5, 10, 20, 50, 100, 500 latu
Coins1, 2, 5, 10, 20, 50 santīmu, 1, 2 lati
Demographics
User(s) Latvia
Issuance
Central bankBank of Latvia
 Websitewww.bank.lv
Valuation
Inflation10.1%
 SourceThe World Factbook, 2007 est.
EU Exchange Rate Mechanism (ERM)
Since2 May 2005
Fixed rate since1 January 2005
Replaced by euro, cash1 January 2012 tentative
1 € =Ls 0.702804
Bandpegged in practice[citation needed], 15% de jure
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 & 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 from gold and silver.

Banknotes

Current Series
Image Value Main Colour Description
Obverse Reverse Obverse Reverse
File:5 lati Latvia 1992 avers.png File:Ls5 2007 reverss e.gif 5 lati Green Oak tree
File:Ls10 2000 aver.gif File:Ls10 2000 rever.gif 10 latu Purple River Daugava Sakt
File:Ls20a-2007-e.gif File:Ls20b-2007-e.gif 20 latu Brownish-Green Traditional house
File:Ls50be-1992.gif File:Ls50ae-1992.gif 50 latu Blue Sailing-ship Keys
File:Ls100-2007-av.jpg File:Ls100-2007-rev.jpg 100 Latu Red Krišjānis Barons
File:Ls500be-1992.gif File:Ls500ae-1992.gif 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 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 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]

Current LVL exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD LTL EEK
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD LTL EEK
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD LTL EEK
From OANDA: AUD CAD CHF CNY 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.

See also

References

  1. ^ "Don't look for the Euro until after 2012". New Europe. 2007-08-18. Retrieved 2007-12-27.
  2. ^ "Bank targets 2013 as Latvia's 'E-day'". baltictimes.com. 2007-10-26. Retrieved 2007-10-28.
  3. ^ "€5bn question is whether IMF will force Latvia to give up currency peg". Business News Europe. Retrieved 2008-12-03.
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