Currency in Latvia now. Currency in Latvia. Country currency

The national currency of Latvia is the Latvian lat, which is divided into 100 centimes. The Latvian Bank acts as the issuing bank. In cash circulation there are banknotes in denominations of 5, 10, 20, 50, 100 and 500 lats.

Latvia is a member state of the European Union.

Lat - the currency of Latvia in 1922-1940. and since 1993 (after the restoration of independence, the Latvian ruble was issued in 1992).

On the front side of the 5 lats banknote measuring 130 x 65 mm there is an image of an oak tree, and on the reverse side there is a national ornament in the form of a stylized image of the sun.

The banknote has a watermark in the form of a portrait of a girl. A security strip with repeating microtext “Ls 5” runs along the bill to the right of the center. A holographic metallic diving security stripe appears on the reverse of the note.

On the front side of other Latvian banknotes are depicted: 10 lats - the Daugava River; 20 lats - national log house; 50 lats - sailing ship; 100 lats - writer Krisjanis Baron (1835-1923); 500 lats - a girl in Latvian clothes.

When starting a conversation about the currency of Latvia, we should mention the country itself, its ethnic past, history and status.

A little history

The country got its name thanks to the ethnic name of the people living there - Latvieshi. Latvia is located on a territory of almost 65 thousand square kilometers, on the eastern coast. It is divided into 26 counties and has 7 municipalities. This is a country of parliamentary government. It is headed by the President, elected by Parliament for a term of no more than three years. Almost two and a half million people live in the country.

During the existence of the country, the system, its history, and Latvia itself changed. The currency also underwent changes.

Repshik

In Soviet times, when Latvia was in the country, the monetary unit was the ordinary Soviet ruble. After the collapse of the state and gaining the status of an independent state, a temporary monetary unit appeared in Latvia - the Latvian ruble.

The Latvian ruble was popularly nicknamed “repshik”. It was printed on plain paper, without any special security symbols. Even the ink on the number blurred when printed. Those banknotes were named after the head of the National Central Bank of Latvia, Einar Repse.

In those days, it was believed that Latvia was protected from counterfeiting banknotes; the currency was signed by Repshe. Now it looks ridiculous and funny. It was easy to counterfeit the Latvian ruble from 1992-1993 by printing “reps” on ordinary printers. However, surprisingly, the Latvian ruble was counterfeited infrequently - it was not a means of international payments.

Despite these facts, in those days the national currency of Latvia was stable, unlike the Russian one and there was no strong inflation in Latvia at that time. In those days, former Soviet rubles were loaded into wagons and taken out to an unknown destination, thereby giving birth to new oligarchs in the Russian Federation.

Lat

The age of “rep” was short-lived. In 1993, the local currency was changed to lats. They were exchanged at the rate: 1 lat = 200 Latvian rubles. The exchange took place smoothly, without crisis situations, from March 5 to June 28, 1993.

Latvian currency consisted of banknotes and coins of different denominations. These were coins with different values: from 1 centime to 2 lats. were national currency with denominations ranging from 5 to 500 lats. Each lat consisted of 100 centimes. Latvia owes ten years of stability to the lat; this currency was able to survive difficult situations. During this ten-year period, commemorative anniversary coins made of precious and base metal alloys were put into circulation in the country.

These were coins made of silver, cupronickel, gold and a mixture of silver and niobium. During the decade of “circulation” of the lat, 99 coins were minted in the country, which are already unique.

In 2004, Latvia was admitted to NATO, at the same time it became a full-fledged

Since 2005, the lat exchange rate has been completely pegged to the euro, which has remained unchanged for a long period. This lasted until the European exchange rate support mechanism became operational. As a result, the actual deviation of the national currency exchange rate from the given one was only 1%.

Euro

What is the currency in Latvia now? Since mid-January 2014, Latvia has completely switched to cash payments in euros. The transition was almost painless and took place from the end of 2013 until January 14, 2014. And from January 1, at retail outlets and other places of payment, payments were made in parallel in two currencies: lats and euros.

Now the “period of rule” of Lat is behind us. Throughout the country, the euro has long been used in calculations - the common monetary unit of the countries of the European Community. During the first half of 2015, Latvia holds the Presidency of the Council of the European Union. In honor of this event, coins dedicated to Latvia were issued. What Latvia can be proud of at the moment is the currency, which is the euro, unshakable and solvent in every corner of planet Earth.

Almost any state at some period of its existence underwent all kinds of reforms, including monetary ones.

The Republic of Latvia was no exception. There have been changes in the history of its economy, and in particular in the circulation of monetary currencies.

What monetary units were relevant in Latvia many years ago and how do the population pay today?

First Latvian money

Despite the fact that Latvia began its existence as an independent state in 1918, the first national monetary currency appeared only 4 years later, namely on August 3, 1922.

The Latvian currency was called lat (short for the name of the country). 1 lat was equivalent to 0.2903226 grams of gold.

At the end of autumn 1922, the first paper money with a value of 10 lats was put into circulation. But coins made of bronze and nickel began to be issued in 1923. They are called centimes.

In 1922, silver coins worth 1, 2 and 5 lats came into circulation.

Where was Latvian money minted?

At the very beginning of the formation of the national currency of Latvia, there were no mints on the territory of the country. Therefore, production took place in Switzerland and England until 1940.

In 1937, the first national mint was opened on the territory of Latvia, or more precisely in Riga, but it issued “small” coins - 1 and 2 centimes. Major currency continues to be issued in England.

Currency of Latvia as part of the USSR

When a country experiences major political events, be it its collapse or unification with another country, such changes are reflected in all vital aspects of the state. A significant event also occurred in the fate of Latvia - joining the greatest state - the USSR.

So, August 5, 1940 is marked by the accession of Latvia to a number of USSR countries. This event also affected the country's national currency. Of course, there was no drastic change, so the lat remained a popular currency for some time.

Since November 1940, the ruble has been introduced into circulation, which acts on a par with the lat, the equivalence of these currencies is 1 to 1.

In the same 1940, the Bank of Latvia became a regional branch of the State Bank of the USSR.

In 1941, the lat ceased to exist as the national monetary currency, and was replaced by the Soviet ruble.

New armor

In the summer of 1990, the country again acquired the status of an independent state, so it is not difficult to guess which currency in Latvia again becomes the main one. A new armor appears, returned to circulation in 1993. True, a year before his return, in 1992, the national ruble, called the repshik, appeared in circulation.

What kind of money can you pay in modern Latvia?

From the first day of 2014, a change has been taking place in the country's economy - a new monetary unit is being introduced - the euro, the cent is represented by a smaller currency. This financial reform is associated with Latvia’s accession to the ranks of the European Union countries.

However, state mints, along with the world euro, introduced the Latvian currency, which is endowed with national distinctive features. For example, the 1 and 2 euro coins feature a portrait of a woman dressed in folk costume; the large and small coats of arms of Latvia are depicted on 10, 20 and 50 cents and 1, 2, 5 respectively.

From the first day of the existence of the state, the Latvian people have nurtured in their descendants the spirit of patriotism and commitment to their country. In this regard, national symbols are manifested in cash coins and banknotes.

Even on the edge of all coins there is an inscription in Latvian, which translates as “God bless Latvia.” This phrase is a line from the hymn.

By the way, the production of coins is carried out outside the country, in Germany. Minting of Latvian money started in 2013.

Of course, it is also possible to pay in the generally accepted, international euro on the territory of Latvia.

Exchange rates in Latvia

Since the lat has been the national currency of the country for many years, it will be more relevant to talk about its condition in the foreign exchange market.

At the beginning of 2014, when the euro was introduced in Latvia, the exchange rate of the Latvian currency to the ruble looked like this: 1:64.32. This is the state of the armor as of January 11, 2014.

Over three years, the situation has changed significantly, and today 1 lat is equal to 91.25 rubles.

In relation to the euro, 1 lat is currently equal to 1.4284 euros.

The dollar is also not alien to the Latvian monetary system. 1 lat is equal to 1.6115 US dollars.

Those who are planning to visit this country should take care in advance of exchanging Russian rubles for Latvian currency, and it is more profitable to do this in Russia, since in exchange offices in Latvia you can make the exchange at a loss for yourself.

Chronology of monetary units

Summing up the historical changes in Latvian banknotes and coins, we can say that significant monetary reforms took place during the period of Latvia’s accession to the USSR.

Below is a brief chronology of monetary changes within the state.

• 1922 - the first national money of Latvia - lats - appears;
• 1923 - minting of coins - centimes - begins;
• 1940 - printed armor appeared in denominations of 10, 20, 25, 50, 100, 500 units, coins in denominations of 1, 2 and 5 lats, as well as 1, 2, 5, 10, 20, 50 centimes;
• 1941 - the Soviet ruble appears;
• 1992 - the Latvian ruble acts as the main currency;
• 1993 - Latvian armor of new coinage;
• 2014 - euro.

Over its history, Latvia has undergone several monetary transformations and innovations. Residents of the state used national lats and centimes, and Soviet rubles, and Latvian rubles, and euros, and cents, and Latvian euros.

The lat only once lost its dignity and was excluded from circulation, but over time it resumed its status as the state currency.

The national currency of Latvia is lats. World currency symbol LVL, symbol Ls. One lat contains 100 centimes. Lat can be freely exchanged at banks that are open from 9:00 to 17:00 (many of them are open even on weekends) or at ValutasMaina exchange offices. Modern banknotes have a high degree of protection against counterfeiting. Today in circulation there are banknotes in denominations of 5, 10, 20, 50, 100, 500 lats and coins in denominations of 1, 2, 5, 10, 20, 50 centimes and 1, 2 lats. In addition to ordinary coins, commemorative and anniversary coins are issued, as well as one-lat coins with an unusual design.

History of origin

With the advent of Soviet power, on November 18, 1918, Latvia was declared independent. Naturally, the need arose to issue its own currency. In February 1919, banknotes in denominations of 1, 3, 5, and 10 rubles came into circulation. Their total amount was 20 million rubles. 1 ruble = 100 Latvian kopecks. During the period 1919-1922, the following banknotes were issued: 5, 10, 25, 50 kopecks (instead of coins) and 5, 10, 25, 50, 100, 500 rubles.

Kopeks

Rubles

On the obverse of all banknotes, a red star, a hammer, a scythe and a cogwheel are depicted against the background of the rays of the sun (except for the 1 ruble denomination). All these elements symbolize the work of the people. On the reverse, in Latvian, it is written: “Forgery of a currency note, as well as the distribution of a counterfeit currency note, carries with it responsibility before the revolutionary tribunal and capital punishment.”

Latvian lats

On August 3, 1922, a new national currency, the Latvian lat, was introduced. 1 lat = 50 Latvian rubles.

Due to cash shortages, in May 1992 the decision was made to issue temporary currency units as a measure of the gradual transition to the main currency. Latvian rubles were unofficially called “repšik” (the surname of Einars Repše, the president of the bank). Monetary units were issued in the Riga printing house in denominations of 1, 5, 20, 50, 200, 500, and later - in 2 and 10 rubles. The design of the currency was carried out by K. Shmelkov. The Latvian ruble (“latvijas rublis”) was used as a means of payment on a par with the Russian ruble. On the obverse of all banknotes there was the inscription: “Temporary banknote of the Bank of Latvia.”

Modern Latvian lats

In March 1993, a constant monetary unit, the lat, was introduced into circulation. The currency was printed by the German company Giesecke&Devrient. Valdis Oshinsh and Imants Zhodzhik were involved in the design of the currency. The new banknotes display the coat of arms of the republic (author Richard Zarin). The three stars on the coat of arms symbolize the regions of Vidzeme, Kurzeme and Latgale, and the lion and vulture symbolize the ethnic regions of Kurzeme and Zemgale, Vidzeme and Latgale.

5 armor - century-old oak (on the obverse), ornament in the form of the sun. (on reverse);

The oak is one of the ancient symbols of Latvia. This tree dominates the Latvian landscape, and its oak bark is used to make medicinal products. The oak in Latvia personifies the masculine principle, and in pagan times the oak (“ozols”) was considered a sacred tree and often even replaced a temple.

10 lats - landscape with a view of the Daugava (on the obverse);

The Daugava has long been considered a fateful river influencing the history of the people. For centuries, the river has been a source of livelihood and a transport artery in Latvia.

20 lats - Latvian court (on obverse);

Later 50 and 100 lats were issued.

50 lats - an old sailing ship (on the obverse), an old symbol of Riga - a plan of the ancient city with keys (on the reverse);

The sailboat is a symbol of the fact that the ancient city was one of the influential cities of the Hanseatic Trade Union.

100 lats - Krishjan Baron (on the obverse);

Krisjan Baron is an outstanding public figure, writer, editor of the first newspaper in Latvia “Peterburgasavizes”, author of the collection “Latvian folk songs”.

500 lats - a girl in the national dress “Milda” (on the obverse);

This note is the third most valuable currency in the world after 10,000 Singapore dollars and 1,000 Swiss francs!!

Modern coins

Coins are produced in different countries (Germany, Norway, England, Finland) and are produced from copper, copper-nickel alloy, bimetal, aluminum bronze.

Anniversary and commemorative coins

The first collectible coins were issued in 1993. Such coins act both as a means of payment at face value and as a souvenir. For example, a rectangular lat costs 28 lats, but its purchasing power is only 1 lat.

In 2007, the circulation was 1 million. A 1 lat coin was issued, with a water lily depicted on it. Minting was done at the mint known as Rahapaja Oy. The coin was designed by Alexander Chkhaidze.

“Coin of Life” was released in an edition of 5,000 pieces and is dedicated to mother’s love. The coin is made of 925 silver and trimmed with gold. Her weight is 31.47 grams. Two heart-shaped leaves tied with a thread of silver symbolize mother and child.

A coin with the image of a chimney sweep is the “Coin of Happiness.” The circulation of the issue is 5000 copies.

The 1 lats silver basketball coin weighing 31.47 is dedicated to the 85th anniversary of the Latvian basketball society and the clubs TTT Riga and VEF Riga. Designed by Francesca Kirke.

The coin “Latvia-90” was made by Aigars Bikše. On the obverse is the first coat of arms of the state (by Burkard Dzenis), triply bordered by the rays of the sun. This was the badge of the Latvian riflemen. On the reverse are children holding hands as a symbol of the future. The red and white flag represents the Daugava River, and the red banks represent those who fell in battles and exiles.

The “Time Coin” is made of niobium and silver. Laimonis Šenbergs designed the coin. The reverse of the coin depicts the signs of the zodiac, and on the obverse there is a rose with the initials of Heinrich Rose (the first to discover niobium). The coins were minted in Austria, at Münze Österreich.

Another version of the coin was minted in 2010. Its reverse depicts the phases of the moon, as a symbol of ancient timekeeping, and various elements of the landscape.

An interesting coin is “The windows are crying, the fog” (Miglā asaro logs) - this is the first line of the famous song “Confession” based on the words of Chuck. “The window is watering in the fog. I don’t deny it, it’s not worth it, I only loved you...”

The “Alien Powers” ​​coin is also interesting. The obverse depicts the country's coat of arms, split into three parts and the letters Latvijas Republika scattered. On the reverse - "DIEVS, TAVA ZEME DEG!" This is a quote from a poem by the author Andris Eglitis and translated means “Lord, your land is burning!”

The most popular coin is “Destiny”. It is made of two metals - the silver side symbolizes the Moon, and the gold side symbolizes the Sun. It is also customary to guess on this coin.

The Millennium coin (or button coin, as it is also called) received the main prize for innovation at the international coin competition World Coins. The design was made by Maya Barzdinya - a mathematics teacher.

On June 15, 2011, a coin from the “Hanseatic Cities” series was released. It depicts the seal of Riga and a panorama of the Hanseatic era. Its author is Gunar Collis.

On January 1, 2014, Latvia became the eighteenth country on whose territory the European currency Euro is in circulation. The Latvian armor, which for more than 20 years was one of the symbols of the country's independence, has sunk into oblivion.

General information about the Euro

There are 100 cents in one Euro (also called eurocents).

All euro coins have the same image on the obverse, which indicates the denomination of the coin. The second side is “tuned” by each member country of the Eurozone. All coins have free circulation, regardless of the issuing state.

Euro coins are issued in denominations of 2 €, 1 €, 0.50 €, 0.20 €, 0.10 €, 0.05 €, 0.02 € and 0.01 €.

Euro banknotes are issued in a single design in denominations of 500 €, 200 €, 100 €, 50 €, 20 €, 10 € and 5 €.

Appearance of Euro banknotes

How to pay in Riga stores

All mutual settlements take place only in euros. Other currencies are not accepted; Latvian lats, if you still have them, can be exchanged indefinitely at the Central Bank of Latvia, as well as at the central banks of the eurozone member countries.

In most retail outlets, restaurants and hotels you can also pay by cards - the most common are Visa, MasterCard, Maestro and American Express.

Finally, we have never seen such a number of ATMs as in Riga either in Paris, or in London, or in Rome...

Currency exchange in Riga

Currency exchange can be done both at bank settlement centers and at exchange offices, which you will encounter literally at every step, at least in the center. Just look for the sign “Valūtas maiņa”, next to it there will be a sign with courses, where two words are indicated

"Pērk" - purchase
"Pārdod" - sales

However, some exchangers do not indicate the exchange rate on the stand - and this is a reason to be wary. Not that they will definitely cheat you, but they may not offer you the best course. Exchange commissions or different rates for different amounts, as is popular in Prague, are extremely rare here, and even then in the very, very center of the old city.

There are no private traders offering exchange services in any subdivision in Riga.

If you want 100% security when exchanging, look into the settlement center of any bank - however, the exchange rate will be slightly worse than at the exchanger.

By the way, they must give you a cash receipt - you can safely demand it, it will discipline you!

Finally, you do not need to present a passport or other document when exchanging.

Please note that the import and export from the European Union of amounts exceeding 10 thousand euros requires mandatory declaration at the border!

But in general, we must pay tribute to the Riga Duma, which in the last couple of years has been doing a lot to make tourists feel as safe as possible in the city. As a result, the situation has changed significantly for the better, and the risk of becoming a victim of fraud in exchange offices, restaurants and bars is now negligible.

Latvian lat exchange rate

The Latvian lat, which these days has joined the club of “dead currencies”, which includes the glorious German mark, the cheap Italian lira, and the little-known Dutch guilder, was at one time a very expensive currency. Its exchange rate was strictly tied to the euro: 1 euro = 0.702804 lats, while the fluctuation corridor was only 2%.

Rounding up, the rate was as follows:
1 lat = 1.4 euros = 2 dollars = 60 rubles.