Everything about Latvian Rublis totally explained
The
rublis was the name of the
currency of
Latvia from
1919 to
1922 and from
1992 to
1993.
First rublis
After the proclamation of the Republic of
Latvia in
1918, a large variety of different currencies were in circulation -
ostrubles,
ostmarks,
German Papiermark, the so-called
Tsar rubles, kopecks, the so-called
Money of Duma and
kerenkas, as well as
promissory notes of several town municipalities.
On
March 22,
1919, the Provisional Government of Latvia authorized the Minister of Finance to issue the first currency notes of the Republic of Latvia - Treasury notes. They were denominated in
rublis (plural:
rubļi or
rubłı) and
kapeikas (plural:
kapeiku), with 1 rublis = 100 kapeiku. The Latvian rublis was worth 1½
Russian rubles. In the period from April
1919 to September
1922, currency notes were issued in denominations of 5, 10, 25 and 50 kapeiku and 1, 5, 10, 25, 50, 100 and 500 rubłı. No coins were issued.
The first state currency notes were printed in
1919 by
Andrievs Niedra's government, which was considered pro-German and illegal, and was overthrown in the same year. The legal government of
Kārlis Ulmanis printed quite similar notes but with different signatures on them. This government recognized the previously printed banknotes as a legal payment means. The designer of these banknotes was Jūlijs Madernieks.
On
August 3,
1922, the Cabinet of Ministers approved the "Regulations on Money" which introduced the
lats as
Latvia's national currency. The lats was equal to 50 rubłı. The rublis remained in circulation alongside the lats for a time.
Second rublis
Latvia regained independence in
1991 and in the first four months of the year
1992, Latvia was adversely affected by inflation of the
Russian ruble. In addition, the outgoing cash payments surpassed the incoming money amounts by 122 million rubles (5.9%) in February, but in April by 686 million rubles (29.2%), thus causing a very serious shortage of cash.
Since the money was issued by
Russia, the
Bank of Latvia was unable to improve the cash circulation in the country. The situation completely depended on the possibility for receiving or buying cash and credit resources from the Russian central bank. It was evident that a crisis could develop by the end of May, when the Bank of Latvia wouldn't be able to execute even the most necessary payments.
To resolve the problem, on
4 May,
1992, the Monetary Reform Commission of the Republic of Latvia passed a resolution "On Introduction of the Latvian rublis". From
7 May,
1992, a temporary currency, the Latvian rublis (LVR), was put into circulation as a legal tender parallel to the existing ruble notes. It was declared equal in value to the Russian ruble. The denominations of the Latvian rublis notes (widely known as
repšiki, after then-governor of the Central Bank,
Einars Repše) were 1, 2, 5, 10, 20, 50, 200 and 500 rubļi. The national currency - the
lats - was introduced in
1993, replacing the rublis at the ratio of 1 lats = 200 rubļi.
Further Information
Get more info on 'Latvian Rublis'.
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