Latvian Lats (LVL)

What Is the Latvian Lats (LVL)?

The Latvian lats (LVL) was the national currency of the Republic of Latvia, a Baltic nation that is a member of the European Union. The LVL was utilized somewhere in the range of 1993 and 2013. Toward the beginning of 2014, it was supplanted by the euro.

Figuring out the LVL

The Latvian lats was comprised of 100 subunits, called sant\u00efms. It was meant utilizing the symbol "Ls" before the numerals, while sant\u00efm are set apart with the symbol "s" after them. For instance, 100 Latvian lats would be alluded to as "Ls100," and 100 sant\u00efm would be set apart as "100s." The plural of lats is lati.

The lats originally entered circulation in Latvia in 1922, when it supplanted the Latvian ruble. Somewhere in the range of 1922 and 1940, its value was pegged to the gold standard, albeit this practice was interfered with by the control of Latvia by the Soviet Union in 1940. In 1993, when Latvia acquired its independence from the Soviet Union, the lats was reestablished as the country's official currency.

Prior to its replacement by the euro, the lats was printed in coins worth 1, 2, 5, 10, 20, and 50 sant\u00efms, as well as in coins worth 1 and 2 lati. Banknotes, in the mean time, were distributed in denominations of 5, 10, 20, 50, 100, and 500 lati. The lats was issued and controlled by Latvia's central bank, the Bank of Latvia.

Certifiable Example of the LVL

Latvia is some of the time alluded to with the epithet "Baltic tiger," which alludes to the noteworthy growth rates that the country appreciated somewhere in the range of 2000 and 2007. The country's economy arrived at a high of a 12% growth rate in 2006, yet was hit hard by the financial crisis in the years that followed. Somewhere in the range of 2008 and 2010, its gross domestic product (GDP) shrank by a combined rate of almost 22%. From that point forward, notwithstanding, it has progressively recuperated, with annual growth averaging 3.3% from 2011 through 2019.

Today, Latvia positions as one of the world's developed economies, with a per-capita GDP of generally $17,800. Almost 75% of Latvia's GDP is made out of administration area activities, with the greater part of the excess 25% made out of industries, for example, food processing, materials, gadgets, and drugs. Latvia's primary trading partners are close by nations, like Lithuania, Russia, Poland, and Germany.

Highlights

• Today, Latvia's economy is generally administration area based, with its residents partaking in a high average standard of living.
• The lats was presented in 1922, supplanting the Latvian ruble.
• The Latvian lats was the national currency of Latvia prior to its replacement by the euro in 2014.