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%
Baltic Slavic piracy von Jungingen conquered the island in 1398 and drove the Victual Brothers out of Gotland and the Baltic Sea. Baltic Slavic piracy In the Baltic Sea region, groups of pirates of Slavic descent lived dating as far back as the 8th century to the 14th century. Baltic Slavs, whose agriculture was not highly developed in early 800, were in dire need of resources, since the dry islets were the only ones capable of cultivation and cattle were scarce. Flax was able to be grown, which was turned into linen or canvas for clothes and used as a form of currency.