Timeline

• 09.12.1916
• Ordinance [No. 223] of the Warsaw General Command of the German-Austrian army on the creation of an issuing institute for the occupied territories, Credit Bank for the East (Darlehnskasse Ost); effective immediately ] introducing currency (payments in German or Russian currency remain permissible); effective (when Landes-Darlehenskasse begins business) Dec. 13, 1916.
• 13.12.1916
• Start of currency exchange:
  - 13.12.1916: Start of banknote issuance by the Darlehnskasse Ost, they are denominated in German Mark (1871) but not exchangeable into German notes and therefore called "Ostmark" (Eastern Mark) or "Ost-Rubel" (Easter Ruble) at ½ "Ostmark"
  - 26.04.1917: Demonetization of German banknotes at 1 : 1 and Russian banknotes at 1 : 2.16; the latter could not be implemented
• 28.12.1918
• Ordinance on the rating of the circulating Russian paper money: 1 "Ost-Rubel" = 1 "Tsar Ruble" (issued before 1917) = 1.15 "Duma/Kerensky" Rubles" (issued 1917-1918)

Timeline

• 22.03.1919
• Government resoulution on the introduction of a national currency; effective immediately
• 22.03.1919
• Rating of the circulating Russian paper money: 1 Latvian Ruble = 1 "Ost-Rubel" = 1.5 "Tsar Ruble" (issued before 1917) = 2.25(?) "Duma/Kerensky/Lenin" Rubles" (issued 1917-1919)
• ??.04.1919
• Start of currency exchange:
  - Start of issuance of the new banknotes
  - 12.09.1919: Rating of the circulating Russian paper money: 1 Latvian Ruble = 1 "Ost-Rubel" = 1.5 "Tsar Ruble" (issued before 1917)
  - 12.09.1919: Demonetization of the "Duma/Kerensky/Lenin" Ruble" (issued 1917-1919)
  - 13.03.1920: Demonetization of all Russian currencies.

Valuation Regimes

• 1919-1922
• Variable rate, highly inflationary

Timeline

• 03.08.1922
• Currency act on the currency reform; effective 01.11.1922
• 01.11.1922
• Start of currency exchange:
  - 01.11.1922: Start of issuance of the new banknotes and coins
  - ??.??.1922: End of exchange period demonetization of the former currency.
• 25.11.1940
• Start of currency exchange after the Soviet annexation:
  - 25.11.1940: Start of issuance of Soviet banknotes and coins at a rate of 1 Latvian Lat = 1 Soviet Ruble (1924)
  - 25.03.1941: End of exchange period and demonetization of the Latvian currency.

Valuation Regimes

• 1922-1936
• Fixed rate against gold, gold standard was suspended on 28.09.1936
• 1936-1940
• Fixed rate against British Pound
• 1940-1941
• Fixed rate against Soviet Ruble (1924) after the annexation

Timeline

• 04.05.1992
• Central bank resolution (?) on the introduction of a transitional currency to decouple from the Russian Ruble; effective immediately
• 07.05.1992
• Start of currency exchange:
  - 07.05.1992: Start of issuance of the new banknotes
  - 19.07.1992: End of exchange period and demonetization of the Russian currency.

Valuation Regimes

• 1992-1993
• Variable rate, inflationary

Timeline

• 31.08.1992
• Currency act; effective 28.06.1993
• 05.03.1993
• Start of currency exchange:
  - 05.03.1993: Start of issuance of the new banknotes and coins (before the currency act becomes effective)
  - 17.10.1993: End of exchange period and demonetization of the transitional currency.

Valuation Regimes

• 1993-2004
• Variable rate
• 2005-2013
• Fixed rate against European Euro

Timeline

• 09.07.2013
• Decision of the European Council [No. 2013/387/EU] to admit Latvia to the European Monetary Union; effective 01.01.2014
• 09.07.2013
• Ordinance of the European Council [No. 870/2013], determines the conversion rate; effective 01.01.2014
• 01.01.2014
• Start of currency exchange:
  - 01.01.2014: Start of issuance of banknotes and coins denominated in Euro at a rate to the Latvian Lat of 1 : 0.702804
  - 15.01.2014: Demonetization of the banknotes and coins in Latvian Lat.