Latvian lat which country

It was first introduced in and reintroduced in The lats was the fourth — highest valued currency unit after Kuwaiti dinar, Bahraini dinar and the Omani rial at the end of its circulation in It is well known around Europe that the euro notes share the same designs across all countries in the euro area.

But unlike notes, the coins have one common side and one specific side that represent one of the Eurozone member states. The design of the reverse of the Latvian euro coins was chosen at the all-Latvian competition of ideas in This idea is also retained, although, not so broadly as planned, in the approved coin models.

Personal Finance. Your Practice. Popular Courses. Key Takeaways The Latvian lats was the national currency of Latvia prior to its replacement by the euro in The lats was introduced in , replacing the Latvian ruble.

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This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. In the metical was re-issued as the new metical MZN. What Is the CZK? CZK is the abbreviation for the Czech Republic's currency, the koruna.

For centuries Latvia was primarily an agricultural country, with seafaring, fishing and forestry as other important economic factors. Like its Baltic neighbours, Latvia has made a rapid transition to the free market since the early s. More than a quarter of the population is primarily Russian-speaking, and Russian propaganda efforts in this community are a cause of concern for the Latvian authorities.

President: Raimonds Vejonis. Raimonds Vejonis was elected in June after five rounds of voting in Latvia's member parliament. Mr Vejonis's previous position as defence minister was seen as a possible advantage in dealing with heightened military and political tension with neighbouring Russia. Although generally a ceremonial post, Latvia's president can veto legislation, call referendums, and has some leeway in nominating the prime minister for parliamentary approval. Prime minister: Arturs Krisjanis Karins.

Arturs Krisjanis Karins became prime minister in January at the head of a coalition of five conservative and liberal parties, excluding the pro-Russia Harmony party that had emerged as the largest bloc in parliament after the October elections. Mr Karins was born in the US state of Delaware to Latvian emigre parents, and earned a doctorate in linguistics before emigrating to Latvia and going into business. He was elected to parliament in as an MP for the centre-right New Era Party, and went on to serve as economy minister before becoming a member of the European Parliament.

He was the conservative Unity party's candidate for premiership at the election. The media operate freely, with few legal restrictions.