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 Pipe On 2 May 2007, PGNiG and Energinet.dk, a Danish transmission system operator, which was taken over Danish natural gas transmission network from DONG, signed an agreement to explore the possibility of construction the Baltic Pipe. In August 2008, the Polish Government replaced PGNiG with the fully state-owned pipeline operator Gaz-System as the project partner. On 18 May 2009, the European Commission launched a call for proposals for grants in the framework of the European Energy Programme for Recovery. It proposed to allocate about €150 million for implementation of Skanled and Baltic Pipe projects. However, on 16 June 2009 Gaz-System suspended