Latvian rublis printed quite similar notes but with different signatures on them. This government recognized the previously printed banknotes as legal tender. The designer of these banknotes was Jūlijs Madernieks. On 3 August 1922, the Cabinet of Ministers approved the "Regulations on Money" which introduced the "lats" as Latvia's national currency. The lats was equal to 50 rubļi. The rublis remained in circulation alongside the lats for a time. Latvia's regained independence was recognized by the Soviet Union on 6 September 1991. In the first four months of 1992, the country was adversely affected by inflation of the Soviet ruble. In addition,
Baltic Development Forum emerged. Nowadays the Baltic Sea Region is interlaced by a myriad of formal and informal cross-border organisations and fora signalising the multidimensional scale of interaction. Baltic Development Forum The Baltic Development Forum is an independent think-tank and non-profit high-level and agenda-setting networking organisation with strategic partners and sponsors from large companies, major cities, institutional investors, business associations and academia in the Baltic Sea Region. The network involves more than 8,000 decision-makers from all over the region and beyond. March 2014 former Minister for Foreign Affairs, Mrs. Lene Espersen replaced the interim Chairwoman, Mrs. Helle Bechgaard as chairwoman of Baltic Development