From Lats to Euros: Understanding Latvia's Currency Journey
Latvia, a proud Baltic nation with a rich history, has experienced significant transformations in its currency landscape. While today it is firmly integrated into the Eurozone, its monetary past tells a compelling story of national identity, economic resilience, and European integration. For anyone engaging with Latvia – whether through tourism, business, or simply out of curiosity – understanding its currency evolution is key.
The Current Currency: The Euro (€)
Since January 1, 2014, the official currency of Latvia has been the Euro (€). As the latvia phone number list 18th country to adopt the common European currency, Latvia completed a significant step in its economic integration with the European Union. The Euro is divided into 100 cents.
When visiting Latvia, you'll encounter Euro banknotes in denominations of 5, 10, 20, 50, 100, 200, and 500 (though the higher denominations are less common in daily transactions). Euro coins come in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 Euros. Notably, Latvian Euro coins feature distinct national designs on one side, including the iconic image of a Latvian folk maiden (Milda) on the 1 and 2 Euro coins, and the country's coat of arms on the cent coins, providing a subtle nod to its rich heritage within the unified European currency.
The Pre-Euro Era: The Latvian Lats (LVL)
Before the Euro, Latvia's national currency was the Latvian Lats (LVL). The lats held a special place in the hearts of Latvians, often seen as a symbol of their regained independence after the Soviet occupation.
First Lats (1922-1940): The lats was first introduced in 1922, replacing the Latvian ruble. It was a strong and stable currency, even pegged to the gold standard for a period. Its banknotes and coins were celebrated for their artistic design, often featuring national symbols and cultural icons. The five lats coin, with the profile of a folk maid, became particularly iconic.