The euro replaced Latvia’s lats when Latvia adopted the euro in 2014.
Latvia introduced euro banknotes and coins on 1 January 2014, becoming the 18th member of the euro area. The changeover followed a fixed conversion rate of €1 equal to 0.702804 Latvian lats. A two-week period of dual circulation allowed people to use both currencies.
The lats had been Latvia’s national currency since 1922, though it was replaced by the Soviet ruble after the country was incorporated into the USSR. Latvia restored the lats in 1993 after regaining independence. Joining the euro therefore represented another major stage in the country’s economic integration with the European Union.
Latvia’s euro coins have national designs, including the Latvian maiden, the coat of arms, and the Latvia landscape. The coins are legal tender throughout the euro area, while their national sides identify their Latvian origin.