Bank of Latvia would not be able to finance even the most necessary payments. To resolve the problem, on 4 May 1992, the Monetary Reform Commission of the Republic of Latvia passed a resolution "On Introduction of the Latvian ruble". From 7 May 1992, a temporary currency, the Latvian ruble (LVR), was put into circulation as a legal tender parallel to the existing ruble notes. It was declared equal in value to the Soviet ruble. Latvian ruble notes (widely known as repšiki, after the then governor of the Central Bank, Einars Repše) were issued in denominations of 1, 2, 5, 10, 20, 50, 200, and 500 rubles. Lats The second Latvian ruble was withdrawn from circulation on 18 October 1993, but could be exchanged for lats until 1 July 1994, when it lost validity.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 Latvian ruble at the ratio of 1 lats (LVL) = 200 rubles (LVR). On 1 January, 2014, lats was replaced by the euro at the rate of 0.702804 lats to 1 euro. References Modern obsolete currencies Economy of Latvia Currencies of Latvia 1919 establishments in Latvia 1922 disestablishments in Europe 1992 establishments in Latvia 1993 disestablishments in Latvia 1993 in Latvia 1990s economic history