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 ?
This is important in order to withdraw the old Latvian lats from circulation as quickly as possible.
Since Wednesday, it has no longer been possible to make payments in Latvian lats, the two-week dual circulation period having ended on 14 January.
They also set the conversion rate at 0.702804 Latvian lats to one euro.

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