Latvian rublis printed quite similar notes but with different signatures on them. This government recognized the previously printed banknotes as legal tender. The designer of these banknotes was Jūlijs Madernieks. On 3 August 1922, the Cabinet of Ministers approved the "Regulations on Money" which introduced the "lats" as Latvia's national currency. The lats was equal to 50 rubļi. The rublis remained in circulation alongside the lats for a time. Latvia's regained independence was recognized by the Soviet Union on 6 September 1991. In the first four months of 1992, the country was adversely affected by inflation of the Soviet ruble. In addition,
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