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The Latvian lats (plural: lati, plural genitive: latu, second Latvian lats ISO 4217 currency code: LVL) was the currency of Latvia from 1922 until 1940 and from 1993 until it was replaced by the euro on 1 January 2014. A two-week transition period during which the lats was in circulation alongside the euro ended on 14 January 2014. [3]
A tender for minting the Latvian euro coins began on 20 September 2012. [46] [51] On 10 December 2012, it was announced that Latvia will utilise the Baden-Württemberg Mint. [45] [52] The coins were minted in Stuttgart except the 1 cent, 10 cent and 1 euro coins, which were minted in Karlsruhe. The production of Latvian euros began in July 2013 ...
The 5 lats coin was a Latvian lat coin minted in 1929, 1931 and 1932. It became a popular symbol of independence during the Soviet occupation of Latvia.It was reproduced in several modern commemorative coins of Latvia and is used on the national sides of the Latvian 1 and 2 euro coins.
The Bank of Latvia (Latvian: Latvijas Banka, [3]) is the Latvian member of the Eurosystem and has been the monetary authority for Latvia from 1922 to 2013, albeit with a long suspension between 1940 and 1992. [4] It issued the Latvian lats (1922-1940), then a Latvian ruble (1992-1993) and second lats (1993-2013).
In 1922 Latvian lat and in 1924 Polish złoty adopted LMU standard. [21] The political turbulence of the early twentieth century which culminated in the First World War brought the Latin Monetary Union to its final end in practice, even though it continued de jure until 1927, when it came to a formal end. [citation needed]
The Latvian ruble (Latvian: Latvijas rublis) was the name of two currencies of Latvia: the Latvian ruble, in use from 1919 to 1922, and the second Latvian ruble, in use from 1992 to 1993. First Latvian ruble (no currency code)
The economy of Latvia is an open economy in Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO) since 1999, [ 33 ] a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. [ 34 ]
The United States first established diplomatic relations with the Baltic states (Latvia, Lithuania, Estonia) in 1922. One ambassador, resident in Riga , Latvia, was appointed to all three nations. Relations with the three nations were broken after the Soviet invasion of the republics in 1940 at the beginning of World War II.