DEFINITION of 'LVL (Latvian Lat)'
The currency abbreviation for the Latvian lat (LVL), the currency for Latvia. The Latvian lat is made up of 100 santïms and is often presented with the symbol Ls before the numerals, or s after them (Ls100 or 100s).
BREAKING DOWN 'LVL (Latvian Lat)'
The Latvian lat replaced the Latvian ruble in 1922, but was replaced by the USSR ruble in 1940 when Latvia became part of the USSR. In 1993, Latvia regained its independence, and the lat was restored as the official currency, replacing the ruble at a rate of 1:200. Latvia planned to adopt the euro in 2008, but was unable to reduce its inflation to the required level in time to do so.