Latvian Lats


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Latvian Lats

The currency of Latvia. It was introduced in 1993, replacing the Latvian rublis, which replaced the Soviet ruble. Since 2005, the lats has been pegged to the euro in a band set by the European Exchange Rate Mechanism; this is in preparation for replacement of the lats with the euro at some point during or after 2012.
References in periodicals archive ?
Since yesterday, it has no longer been possible to make payments in Latvian lats, the two-week dual circulation period having ended on 14 January.
The Latvian lats (LVL) joined the Exchange Rate Mechanism (ERM II) on 2 May 2005, and Latvia unilaterally maintains a 1% fluctuation band around the central rate - which is 0.
The Bulgarian lev, the Cypriot pound, the Estonian kroon, the Maltese pound and (after some sharp swings) the Latvian lats are still at the same level as when the Euro came into force in 1999.

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