Einars Repše During this period, he oversaw the introduction of the Latvian rublis, Latvia's temporary transition currency, and the Lats, independent Latvia's new currency. Under Repše, the Bank of Latvia pursued a tight monetary policy, implementing a de facto currency board for the Lats. As a result, the exchange rate of the lat has been stable since the early 1990s till now. The success of the Lats made Repše very popular in Latvia. In 2001, Repše resigned from the Bank of Latvia to return to politics. He founded the New Era Party, a Populist anti-corruption party. After the 2002 elections, Repše became
Currency Currency A currency (from , "in circulation", from ), in the most specific use of the word, refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a "system of money" (monetary units) in common use, especially in a nation. Under this definition, US dollars, British pounds, Australian dollars, European euros and Russian ruble are examples of currency. These various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the