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Latvian Lats (LVL) Profile

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Currency name: 
Currency code: 
Currency symbol: 

Ls

Subunit: 
1/100, santīms  (plural: santīmi, santīmu)
Coins freq used: 
1 lats, 2 lati, 10 lati, 100 lati, 1 santīms, 2 santīmi, 5 santīmi, 10 santīmu, 20 santīmu, 50 santīmu
Coins rarely used: 
 
Banknotes freq used: 
5 lati, 10 lati, 20 lati, 50 lati, 100 lati, 500 lati
Banknotes rarely used: 
 
Central bank: 
Bank of Latvia (www.bank.lv)
Currency users: 
Currency notes: 
Currency user map: 

Latvian lats users

Latvian lats is the official currency of Latvia (officially the Republic of Latvia).

Latvia, Estonia and Lithuania are known as the three Baltic States. They are all members of European Union. Regarding the relationship with the euro, only Estonia has adopted the euro in 2011 at the rate of 1 EUR=15.6466 EEK (Estonian kroon). Both Latvia and Lithuania have planned to introduce the euro as their official currency and the euro adoption dates might be expected in 2014 at the earliest.

Latvia is one of the fifteen post-Soviet states which declared to secede from the Union of Soviet Socialist Republics (or the Soviet Union, USSR) in its dissolution in December of 1991. The 15 post-Soviet states are usually divided into five groupings which are Russia, three Baltic states (Lithuania, Latvia, Estonia ), five Central  Asia states (Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Turkmenistan), three Eastern Europe states (Ukraine, Belarus, Moldova), and three Southern Caucasus states (Georgia, Armenia, Azerbaijan).

Latvian lats history

The first Latvian lats was introduced in 1922 replacing the Latvian rublis. During the year of 1940-1991, Latvia used Soviet ruble instead of Latvian lats. Latvia declared its independency in 1991 later then reintroduced Latvian lats as its official currency in 1993 at a rate of 1 lats=200 ruble.

Latvian lats coins and banknotes

Latvian lats is subdivided into 100 santīmi. Frequently used coins are in denominations of 1, 2, 5, 10, 20, 50 santīmu and 1, 2, 5 lati. Banknotes in circulation are in denominations of 5, 10, 20, 50, 100, 500 latu

Latvian lats and the highest-valued currency units

Latvian lats is the fourth highest-valued currency unit, following after the Kuwaiti dinar, Bahraini dinar and the Omani rial.

The highest-valued currency unit is the currency in which a single unit buys the highest number of any given other currency. The commonly used calculation method is to find out the exchange rate against major reserve currencies such as the United States dollar (USD), the Pound Sterling (GBP) or the euro (EUR). However, a high-valued currency is different from a hard currency which is expected to represent a liable and stable store of value. Currently most recognized hard currencies are the United States dollar (USD), Euro (EUR), Swiss franc (CHF), British pound sterling (GBP), Japanese yen (JPY), the Canadian dollar (CAD) and Australian dollar (AUD).  

List of High-valued currency units (As of date: Jan-29th-2013)
Currency name Code to USD - to Euro - to GBP - Currency users Notes
Kuwaiti dinar KWD 3.5549 2.6367 2.2565 Kuwait  
Bahraini dinar BHD 2.6521 1.9671 1.6834 Bahrain  
Omani rial OMR 2.5970 1.9262 1.6485 Oman  
Latvian lats LVL 1.9291 1.4308 1.2245 Latvia  
British pound GBP 1.5753 1.1684 1.0000 1. United Kingdom
2. British Crown dependencies: The Isle of Man; The Channel Islands of Jersey and Guernsey.
3. Certain British Overseas Territories: South Georgia and the South Sandwich Islands; the British Antarctic Territory, Tristan da Cunha,  and  British Indian Ocean Territory.
British Indian Ocean Territory uses British Pound Sterling (GBP) as official currency, but US dollars are used more often than not.
Falkland Islands pound FKP 1.5753 1.1698 1.0000 Falkland Islands
(British overseas territory)
Falkland Islands pound is pegged with Pound Sterling(GBP) at par.
Gibraltar pound GIP 1.5753 1.1698 1.0000 Gibraltar
(British overseas territory)
Gibraltar pound is pegged with Pound Sterling(GBP) at par.
Saint Helena pound SHP 1.5753 1.1698 1.0000 Saint Helena, Ascension
(British overseas territories)
Saint Helena pound is pegged with Pound Sterling(GBP) at par.
Jordanian dinar JOD 1.4112 1.0467 0.8958 Jordan  
Euro EUR 1.3482 1.0000 0.8558 1. 17 Eurozone- Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
2.Outside the EU, official users: Monaco, San Marino, Vatican City, Akrotiri and Dhekelia (UK Sovereign Base Areas),  Clipperton Island (France territory), French Southern and Antarctic Lands (France territory), Saint Pierre and Miquelon (self-governing territorial overseas collectivity of France), Mayotte (France dependency).
3. Unofficial Users: Andorra, Kosovo, Montenegro, Zimbabwe
 
Azerbaijani manat AZN 1.2747 0.9454 0.8091 Azerbaijan  
Cayman Islands dollar KYD 1.2195 0.9045 0.7741 Cayman Islands
(British overseas territory)
Cayman Islands dollar is pegged with the U.S. dollar (USD), 1 KYD = 1.2 USD.
Swiss franc CHF 1.0850 0.8047 0.6887 1. Officially used in Switzerland, Liechtenstein and Italy exclave Campione d'ltalla.
2. Also widely used in German exclave Büsingen whose sole legal currency is the euro.
 
Australian dollar AUD 1.0466 0.7763 0.6643 Australia  
Canadian dollar CAD 0.9972 0.7397 0.6330 Canada  
Cuban Convertible Peso CUC 1.0000 0.7417 0.6348 Cuba Cuban convertible peso is pegged with the U.S.dollar(USD) at par.
United States dollar USD 1.0000 0.7417 0.6348 1.Officially used by the United States of America and its unincorporated organized territories including Puerto Rico, Northern Mariana Islands, U.S. Virgin Islands, Guam, American Samoa and its unincorporated unorganized territories of United States Minor Outlying Islands.
2.Officially dollarized economies of EI Salvador, Panama and Ecuador
3.Certain unofficially (semiofficially and exclusively) dollarized economies.
 
Bahamian dollar BSD 1.0000 0.7417 0.6348 Bahamas The Bahamian dollar is pegged with the U.S. dollar (USD) at par. The U.S. dollar(USD) is widely accepted in the Bahamas.
Bermuda dollar BMD 1.0000 0.7417 0.6348 Bermuda
(British overseas territory )
The Bermudian dollar is pegged with the U.S. dollar (USD) at par and normally only traded inside Bermuda.
Panamanian balboa PAB 1.0000 0.7417 0.6348 Panama The Panamanian balboa has been pegged with the U.S. dollar (USD)at par since 1904. The U.S. dollar (USD) is legal tender in Panama.
Libyan dinar LYD 0.7961 0.5909   Libya