Latvian lats being equivalent to 1 lats. The 5 lats banknote was introduced at first, and the last banknote to be introduced was the 500 lats banknote on 20 July 1998. The lats was replaced on 1 January 2014 by the Euro, at the rate of 0.702804 Lats to 1 Euro. The second lats can be exchanged to euros at the official rate at the Bank of Latvia's cashier's office in Riga. Coins were issued in denominations of 1 santīms, 2 and 5 santīmi, 10, 20 and 50 santīmu, 1 lats and 2 lati. Besides standard coins in the list below and
Mark (currency) policy was not re-established, and the continuing loose money policy resulted in inflation, and in 1923, in hyperinflation. In late 1923, when the paper mark had become virtually worthless, it was replaced by a new currency, the (worth ). The new currency was issued by the newly established as credit to borrowers, but requiring collateral in the form of first-class claims to real estate. In 1924, the stopped providing unrestricted credit against worthless financial bills, and pegged its new currency, the , to the stable . The rationed its lending, so that the remained at par with the stable .