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 pair Currency pair A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market. The currency that is used as the reference is called the counter currency, quote currency or currency and the currency that is quoted in relation is called the base currency or transaction currency. Currency pairs are generally written by concatenating the ISO currency codes (ISO 4217) of the base currency and the counter currency, and then separating the two codes with a slash. Alternatively the slash may be omitted, or replaced by either