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%
Currency Commission Currency Commission The Currency Commission ("Coimisiún Airgid Reatha"), was created by the Currency Act, 1927 (Section 14) as part of the policy of the Irish Free State to create the 'Saorstát pound'. The Currency Commission commissioned the Series A Banknotes, through the advice of an advisory commission. It also issued the "Ploughman series" of banknotes for Irish banks, which were legal tender until 1953. The Chairman of the Currency Commission was Joseph Brennan. On the adoption of the Constitution of Ireland in 1937 the "Currency Commission of the Irish Free State" became the "Currency Commission of Ireland". In 1942 the