is the fourth highest currency value in the world.
It is only one of the four currency that is highest then Sterling Pound,
which the other three is Kuwaiti Dinar, Bahraini Dinar and Omani Rial.
The currency is the highest within the European continent.
ISO 4217 Code: LVL
User(s): Latvia
Subunit: 1/100 - santīms
Symbols: Ls
Bank Notes available:
Ls 5, Ls 10, Ls 20, Ls 50, Ls 100, Ls 500
Coins available:
1 s, 2 s, 5 s, 10 s, 20 s, 50 s, Ls 1, Ls 2
Joining the Euro
From Wikipedia: Latvian Lats
Latvia has been a member of the European Union since 1 May 2004 and is a member of the Economic and Monetary Union of the European Union, but it has not completed the third stage of the EMU. The lats is in ERM II, and floats within 1% of the central rate, Ls 0.702804 = €1. Latvia had originally planned to adopt the euro as its official currency on 1 January 2008. It is now expected that Latvia will introduce the euro in 2012 at the earliest,[1] although the head of the National Bank of Latvia has suggested that 2013 may be a more realistic date.[2]
However, due to the current world financial crisis and the fact that Latvia is asking for help to the IMF, it is possible that the IMF will force Latvia to give up its currency peg as a precondition; taking officially Latvia out of the ERM II and possible moving the euro adoption date even further.[3]
References
1. "Don’t look for the Euro until after 2012". New Europe. 2007-08-18. Retrieved on 2007-12-27.
2. "Bank targets 2013 as Latvia’s ‘E-day’". baltictimes.com. 2007-10-26. Retrieved on 2007-10-28.
3. "€5bn question is whether IMF will force Latvia to give up currency peg". Business News Europe. Retrieved on 2008-12-03.
