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
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