Latvia reintroduces the lats as the national currency

5 lats, the first restored lats banknote, was put into circulation and used in parallel with Latvian rubles at the exchange rate 1 lats = 200 Latvian rubles. Expressed in lats, prices for goods and services were 200 times lower.

1 lats coins, 2 lats coins and 50 santims coins were issued on 25 March, 15 April and 22 April respectively, whereas 1, 2, 5, 10 and 20 santims coins as well as 10 and 20 lats banknotes were issued on 28 June. 50 and 100 lats banknotes were issued on 2 May 1994, and, finally, 500 lats banknotes were issued on 20 July 1998.

The lats banknote was created by artists Imants Žodžiks and Valdis Ošiņš, and the coin was designed by artists Gunārs Lūsis and Jānis Strupulis.