Restoration of the Latvian National Currency

On March 2, 1990, the Supreme Council of the Latvian SSR passed the Resolution "On the Bank of Latvia". It stipulated that the Bank of Latvia, a local central bank, was established (actually restored) in the Latvian SSR. This was a central bank - an independent state bank, which had the exclusive right to issue the national currency. However, it was only after the declaration of independence of the Republic of Latvia on May 4, 1990 and the collapse of the USSR that in accordance with the Resolution of the Supreme Council of the Republic of Latvia "On Reorganization of Banks in the Territory of the Republic of Latvia" passed on September 3, 1991 the Bank of Latvia became a central bank with the right to issue the national currency. The Republic of Latvia Laws "On Banks" and "On the Bank of Latvia" reinforced the status of the Bank of Latvia as a central bank with whom the right to issue the national currency had been vested.

On July 31, 1990, the Supreme Council of the Republic of Latvia passed the Resolution "On Program of Creating Republic of Latvia Monetary System". The Bank of Latvia commenced the restoration of the national currency. The Monetary Reform Committee of the Republic of Latvia was established, and on May 4, 1992, it passed the resolution on introducing the temporary currency - the Latvian ruble. The national currency - the lats - was introduced in 1993.

1992

May 4 The Monetary Reform Committee of the Republic of Latvia passed Resolution No 1 "On Introduction of the Latvian Ruble". Resolution No 1 of the Monetary Reform Committee of the Republic of Latvia (first page of the document, in Latvian) May 7 The Latvian ruble was introduced. May 19 The Supreme Council of the Republic of Latvia passed the Law "On Banks" and the Law "On the Bank of Latvia". July 6 The Monetary Reform Committee of the Republic of Latvia passed Resolution No 2 "On Determination of the Latvian Ruble as the Only Legal Tender in the Republic of Latvia". July 13 Circulation of the USSR's small coins was stopped in Latvia. July 20 The Latvian ruble became the only legal tender in Latvia. 1 Latvian Rouble August 31 The Monetary Reform Committee of the Republic of Latvia passed Resolution No 4 "On Guarantees During Transition to the National Currency - the Lats". Resolution No 4 of the Monetary Reform Committee of the Republic of Latvia (in Latvian)

1993

February 12 The Currency Reform Committee of the Republic of Latvia passed Resolution No 5 "On Issuing the 5-Lats Note". March 5 The issue of the 5-lats note was commenced. Its value corresponded to 1 000 Latvian rubles; 1 LVL = 200 LVR. The withdrawal of the 500 Latvian ruble note was begun. March 16 The Monetary Reform Committee of the Republic of Latvia passed Resolution No 6 "On Issuing the 50-Santims, 1-Lats and 2-Lats Coins". March 25 The Bank of Latvia introduced the 1-lats coin. The withdrawal of the 200 Latvian ruble note was begun. April 15 The Bank of Latvia introduced the 2-lats coin. April 22 The Bank of Latvia introduced the 50-santims coin. May 27 The Monetary Reform Committee of the Republic of Latvia passed Resolution No 7 "On Transition to the Lats" and Resolution No 8 "On Settling All Payments of Taxes, Duties, and Non-Taxes in Lats and Santims". Confirmation that the Latvian lats was assigned the ISO official international code LVL in 1993 June 28 The Bank of Latvia introduced the 10- and 20-lats notes, and the 1-, 2-, 5-, 10- and 20-santims coins. The regulation that all prices, tariffs and balances of accounts shall be calculated in lats according to the rate 1 LVL = 200 LVR, as well as the prohibition for trade and service organizations to display prices quoted in foreign currencies came into effect. September 14 The Bank of Latvia passed Regulation No 11 "On Complete Withdrawal of Latvian Rubles" (effective October 18, 1993). October 18 The Latvian ruble ceased to be legal tender. The Bank of Latvia continued the exchange of Latvian rubles for lats without any restrictions.

1994
	April 8 The Bank of Latvia passed Regulation No 17 "On Issuing the 50-Lats and the 100-Lats Notes" (effective May 2, 1994). May 13 The Council of the Bank of Latvia passed a Resolution "On Ceasing the Exchange of the Latvian Ruble" (effective July 1, 1994).

1998
	July 16 The Council of the Bank of Latvia passed a resolution on introducing the 500-lats banknote as of July 20, 1998.