History of Latvia forests were another export revenue source. On March 27, 1919 the Latvian rublis was introduced with an exchange rate of 1 Latvian rublis equal to 1 ostruble, 2 German marks and 1,5 czar rubles. On March 18, 1920 Latvian rublis was made the only legal currency. Due to high inflation, the new Latvian lats currency was introduced at a rate 1 lat to 50 rublis. In 1923 the Bank of Latvia was established and lats replaced rublis in 1925. Between 1923 and 1930 state budget was with a surplus. On average 25,5% went to defense, 11,2% to education and 23,4%
Baltic Way (mathematical contest) Baltic Way (mathematical contest) Originally, the three Baltic states participated, but the list of invitees has since grown to include all countries around the Baltic Sea; Germany sends a team representing only its northernmost parts, and Russia a team from St. Petersburg. Iceland is invited on grounds of being the first state to recognize the newfound independence of the Baltic states. Extra "guest" teams are occasionally invited at the discretion of the organizers: Israel was invited in 2001, Belarus in 2004 and 2014, Belgium in 2005, South Africa in 2011 and the Netherlands in 2015. Responsibility for organizing the contest