A practical currency and money guide to travel, living and doing business in Latvia and the LVL (LVL).
What's in this Latvia currency guide:
The official currency of Latvia (country code: LV) is the LVL, with symbol Ls and currency code LVL.
The Latvian Lats (LVL) was the official currency of Latvia until 2014, when it was replaced by the Euro (EUR). The Latvian Lats was abbreviated as LVL and was made up of 100 santīmi. The Bank of Latvia issued the currency and was responsible for managing the country's monetary policy.
The Latvian Lats was introduced in 1922, after Latvia gained independence from the Russian Empire. It was replaced by the Euro on January 1, 2014, as part of Latvia's efforts to join the Eurozone.
Latvia has the Baltic Sea to the West and is sandwiched between Estonia in the North and Lithuania to the South. The landscape is characterised by wide beaches and dense forest. Riga, is the medieval capital of Latvia, famous for the medieval old town St Peter's church as well as its more recent art nouveau architecture.
Money can be exchanged at banks or bureau de changes. ATMs are widely available in the major cities and towns, but always carry cash when venturing further out.
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Latvia.
The past decade has been a turbulent period for the Latvian economy. From acquiring double digit growth figures before 2008, the country has first experienced a double digit drop in GDP before rebounding to a healthier economy and more focus on socio economic challenges.
Here we list some key points for expats and businesses to consider when managing financial dealings in Latvia:
Understand LVL currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the LVL exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local LVL bank account: A local LVL bank account can make it easier for you to manage your finances and pay bills while you are in Latvia. It may also be more convenient to use a local LVL bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Latvia. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Latvia. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Latvia, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
The exchange rate of LVL (LVL), or the amount of LVL that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/LVL rate plus recent trend, chart, and historic rates.
26 Mar 2013
29 Mar 2003
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Latvia or planning a trip or maybe living there, so will need to exchange and spend LVL.
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It is important to note that the exchange rate of the LVL can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect LVL exchange rates before making any financial decisions.