| Description | The Latvian rublis (Latvian: Latvijas rublis) was the currency of Latvia from 1919 to 1922 and again from 1992 to 1993.
Latvia regained independence was recoqnized by the Soviet Union on 6 September 1991 and in the first four months of 1992, was adversely affected by inflation of the Soviet ruble. In addition, the outgoing cash payments surpassed incoming amounts by 122 million rubles (5.9%) in February, but in April by 686 million rubles (29.2%), thus causing a serious shortage of cash.
Since currency was issued by the Soviet Union, after 20 December 1991 by Russia, the Bank of Latvia was unable to improve cash circulation in the country. The situation completely depended on the possibility of receiving or buying cash and credit resources from the Central Bank of Russia, the successor of the State Bank of the Soviet Union. It was evident that a crisis could develop by the end of May, when the Bank of Latvia would not be able to execute even the most necessary payments.
To resolve the problem, on 4 May 1992, the Monetary Reform Commission of the Republic of Latvia passed a resolution "On Introduction of the Latvian rublis". From 7 May 1992, a temporary currency, the Latvian rublis (LVR), was put into circulation as a legal tender parallel to the existing ruble notes. It was declared equal in value to the Soviet ruble. The second Latvian rublis was withdrawn from circulation on 18 October 1993, but could still be exchanged to lats until 1 July 1994, when it lost validity.
The denominations of the Latvian rublis notes (widely known as repšiki, after then-governor of the Central Bank, Einars Repše) were 1 Rublis, 2 and 5 Rubļi, 10, 20, 50, 200 and 500 Rubļu. The previous national currency - the lats - was reintroduced in 1993, replacing the Rublis at the ratio of 1 lats = 200 Rubļu. The lats was replaced on 1 January 2014 by the Euro, at the rate of 0.702804 Lats to 1 Euro. |
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