Latvian lats

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For common abbreviations, see LAT (disambiguation)

Image:5lats used until WWII.png The lats (in Latvian: lats, plural lati, the ISO 4217 currency code: LVL) is the official currency of Latvia. It is abbreviated as Ls. Each lats is worth of 100 santims (in Latvian: santīms, plural santīmi; from French centime).

The lats was first introduced in 1922, replacing the Latvian ruble at a rate of 50 rubles = 1 lats. In 1940, Latvia was incorporated into the USSR and the lats was replaced by the Soviet ruble at par.

The lats was reintroducted in 1993 after Latvia regained its independence, replacing the Latvian ruble at a rate of 1 lat = 200 rubles.

Coins are issued in denominations of 1, 2, 5, 10, 20, and 50 santims, as well as 1 and 2 lats. Notes are issued in denominations of 5, 10, 20, 50, 100, and 500 lats. Also, there are Commemorative Coins in denominations of 2, 10, 20, 100 lats made from gold and silver.

The euro (eiro in Latvian) is expected to replace the lats in 2008. 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. Before that, it was pegged to the SDR currency basket.

Banknotes