Latvian rublis 1 Rublis, 2 and 5 Rubļi, 10, 20, 50, 200 and 500 Rubļu. This second Latvian rublis was withdrawn from circulation on 18 October 1993, but could be exchanged for lats until 1 July 1994, when it lost validity. and the historic national currency - the "lats" - was reintroduced in 1993, replacing the Rublis at the ratio of 1 lats = 200 Rubļu. The lats was replaced on 1 January 2014 by the Euro, at the rate of 0.702804 Lats to 1 Euro. Latvian rublis The Latvian rublis () was the currency of Latvia from 1919 to 1922 and
Baltic states housing bubble was unsustainable; many banks in the Baltic states found themselves "trapped" with high debts denominated in euros. When the housing price in the Baltic states crashed, banks in the Baltic States were unable to re-pay their debts due to high non-performing loans and lacked of liquidity to sufficiently cover their debts to the parent banks. Following the integration with the European Union, the Baltic States enjoyed strong economic growth and subsequently among the fastest economic growth in Europe. Thus, the Baltic States emerged as the top destinations for foreign direct investment (FDI). Generally majority FDI into the Baltic States was