Currency of Latvia 1 Latvian Rublis banknote 1992
Bank of Latvia - Latvijas Banka
The Latvian rublis, widely known as repšiki, after then-governor of the Central Bank, Einars Repše.
Obverse: Abstract geometric design. In the frame is an inscription in Latvian: LATVIJAS BANKAS PAGAIDUS NAUDAS ZIME - Temporary banknote of the Bank of Latvia.
Signatures: Latvijas bankas presidents: Einars Repše & Latvijas Bankas Galvenais Kasieris: Janis Ozolinš.
Reverse: Abstract geometric design.
Size: 120 x 60 mm
Watermark: Latvian pattern.
Designer: Kirill Shmelkov
Printer: Rīgas Paraugtipogrāfija, Valsts Papiru Spiestuve un Naudas Kaltuve, Riga.
In 1987, the Latvia Republican Office of the State Bank of the USSR was renamed the Latvia Republican Bank of the State Bank of the USSR; however, it did not become a central bank with the right to issue the national currency.
On March 2, 1990, the Supreme Council of the Latvian SSR passed the Resolution "On the Bank of Latvia". It stipulated that the Bank of Latvia, a local central bank, was established (actually restored) in the Latvian SSR. This was a central bank - an independent state bank, which had the exclusive right to issue the national currency. However, it was only after the declaration of independence of the Republic of Latvia on May 4, 1990 and the collapse of the USSR that in accordance with the Resolution of the Supreme Council of the Republic of Latvia "On Reorganization of Banks in the Territory of the Republic of Latvia" passed on September 3, 1991 the Bank of Latvia became a central bank with the right to issue the national currency. The Republic of Latvia Laws "On Banks" and "On the Bank of Latvia" reinforced the status of the Bank of Latvia as a central bank with whom the right to issue the national currency had been vested.
On July 31, 1990, the Supreme Council of the Republic of Latvia passed the Resolution "On Program of Creating Republic of Latvia Monetary System". The Bank of Latvia commenced the restoration of the national currency. The Monetary Reform Committee of the Republic of Latvia was established, and on May 4, 1992, it passed the resolution on introducing the temporary currency - the Latvian ruble. Latvian ruble notes were issued in the following denominations: 1 Rublis, 2 Rubļi, 5 Rubļi, 10 Rubļu, 20 Rubļu, 50 Rubļu, 200 and 500 Rubļu (artist Kirils Smelkovs) (widely known as repšiki, after then-governor of the Central Bank, Einars Repše). The national currency - the lats - was introduced in 1993. Imants Zodziks and Valdis Osins were the authors of the graphical design of 5 lats, 10 lats, 20 lats, 50 lats, 100 lats and 500 lats banknotes, and Gunars Lusis and Janis Strupulis were the authors of the graphical design of 1, 2, 5, 10, 20, 50 santims and 1 and 2 lats coins. The successful reform ending in the introduction of the lats provided for the accumulation and turnover of capital, and transition to a market economy.
With the inflation level in Latvia decreasing gradually and hyperinflation beginning to appear in Russia, the exchange rate of the Latvian ruble to the Russian ruble remained at 1 : 1, despite the fact that the demand of the latter was significantly lower than the supply. This led to a disadvantageous situation for the circulation of the Latvian money. To prevent this, on July 6, 1992 the Monetary Reform Commission adopted the resolutions "On the Determination of the Latvian ruble as the Only Legal Tender in the Republic of Latvia" and "On the Determination of the Ruble as the Minimum Payment Unit".
In accordance with these resolutions, on July 20, 1992 the Latvian ruble became the only acceptable tender in Latvia. The circulation of the small change of the FSU was discontinued on July 13. On July 20, the existing ruble accounts in the banks became Latvian ruble accounts. Since the Russian ruble became a foreign currency, the Russian ruble customers had to open separate Russian ruble accounts. From July 7 to July 15 every client was entitled to unlimited exchange of Russian rubles for Latvian rubles at the exchange rate 1 : 1.