Latvian Money- Lats
The national currency of the Republic of Latvia is the lats consisting of 100 santims. The Council of the Bank of Latvia determines the description of banknotes and coins, their numbering, registration and monetary backing.
Banknotes and coins denominated in lats have been gradually put into circulation starting with March 5, 1993 when the first renewed lats banknote - 5 lats by the Bank of Latvia - appeared. The currency reform in Latvia has been fully completed as of July 20, 1998 when the 500 lats banknote was put into circulation. At present, banknotes with nominal values of 5, 10, 20, 50, 100 and 500 lats, as well as coins with nominal values of 1, 2, 5, 10, 20 and 50 santims and 1, 2 and 100 lats are in circulation.
The Council of the Bank of Latvia also establishes procedures for withdrawing banknotes and coins from circulation and for replacing damaged banknotes and coins.
The Bank of Latvia is entitled to issue commemorative coins, including those made of precious metals.
The Bank of Latvia disseminates its banknotes and coins via its branches and credit institutions. The central bank is continuously monitoring the amount of currency in circulation, which is one of the key economic indicators of any country. These data are summarised and published on a regular basis.