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Encyclopedia > Latvian ruble

After the proclamation of the Republic of Latvia in 1918, a large variety of different currencies were in circulation - ostrubles and ostmarks, German reichsmarks, the so-called Tsar rubles and kopecks, the so-called Money of Duma and kerenkas, as well as promissory notes of several town municipalities.

On March 22, 1919, the Provisional Government of Latvia authorized the Minister of Finance to issue the first money notes of the Republic of Latvia - Treasury notes; they were named Latvian rubles(Latvijas rubļi) and Latvian kopecks. In the period from April 1919 to September 1922, money notes were issued in denominations of 1, 5, 10, 25, 50, 100 and 500 rubles, and in denominations of 5, 10, 25 and 50 kopecks.

On August 3, 1922, the Cabinet of Ministers approved "Regulations on Money". The national currency of Latvia was named the lats(in similar manner as Lithuania's national currency litas, formed from first 3 characters of state), and the hundredth part of a lats was named santims. The Latvian ruble remained in circulation alongside the lats.

After the Second World War, Latvia was again incorporated into the Soviet financial system. The State Bank of the USSR (Gosbank) both issued money and functioned as the State Treasury. The monetary system of the Latvian Soviet Socialist Republic was entirely controlled by the Gosbank

Image: The first state cash billet of official Latvia government. This actual money note was printed in 1919 by A.Niedra's government which was considered pro-German and illegal, and was overthrown in the same year. The legal government of K.Ulmanis printed quite similar notes but with other signatures on them. This government recognized the previously printed banknotes as a legal payment means. At that time Latvian currency was called the Latvian Rouble. The designer of these banknotes was Jūlijs Madernieks.

Latvia regained independence in 1991 and in the first four months of the year 1992 Latvia was adversely affected by the Russian ruble inflation. In addition, the outgoing cash payments surpassed the incoming money amounts by 122 million rubles (5.9%) in February, but in April by 686 million rubles (29.2%), thus causing a very serious shortage of cash.

Since the money was emitted by Russia, the Bank of Latvia was unable to improve the cash circulation in the country. The situation fully depended on the possibilities to receive or buy cash and credit resources from the central bank of Russia. 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 May 4, 1992 the Monetary Reform Commission [1] of the Republic of Latvia passed a resolution "On Introduction of the Latvian Ruble". From May 7, 1992, temporary currency Latvian rubles (LVR) were put into circulation in Latvia as a legal tender parallel to the existing ruble notes of the FSU (SUR). It was declared equal in value with the Russian ruble. The nominal values of the Latvian rubles(slang term Repsīši) were l, 5, 20, 50, 200 and 500 (later also 2 and 10) rubles. The national currency - the lats - was introduced in 1993, replacing latvian rubles in ratio 200:1.

more info:[1] (http://www.bank.lv/eng/main/pubrun/lbgadaparsk/lb1992gadparsk/valstekon1992/?PHPSESSID=a30aa4952a8ef37bb6f023ecba50c4d1)

  Results from FactBites:
Latvian rubÅ‚i - Wikipedia, the free encyclopedia (548 words)
Latvian ruble was the name of the currency used in Latvia from 1919 to 1922 and from 1992 to 1993.
The Latvian ruble remained in circulation alongside the lats.
From 7 May 1992, temporary currency Latvian rubles (LVR) were put into circulation in Latvia as a legal tender parallel to the existing ruble notes of the FSU (SUR).
Latvian lats - Wikipedia, the free encyclopedia (269 words)
The lats (in Latvian: lats, plural lati, the ISO 4217 currency code: LVL) is the official currency of Latvia.
The lats was first introduced in 1922, replacing the Latvian ruble at a rate of 50 rubles = 1 lats.
The lats was reintroducted in 1993 after Latvia regained its independence, replacing the Latvian ruble at a rate of 1 lat = 200 rubles.
  More results at FactBites »



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