DEFINITION of 'LVL'

The abbreviation for the lat, the currency of Latvia. The Latvian lat is broken into smaller units called santimu, and is found in both coin and banknote form. It is managed by the central bank, Bank of Latvia.

BREAKING DOWN 'LVL'

The Latvian lat was introduced in 1922, but was phased out in place of the Soviet ruble when Latvia became part of the USSR. It was reintroduced in 1993 after a transitional period in which a temporary currency, the Latvian rublis, was used. As of 2011, Latvia was in the process of integrating into the Economic and Monetary Union (EMU), and upon completion of this process will adopt the euro.

RELATED TERMS
  1. LVL (Latvian Lat)

    The currency abbreviation for the Latvian lat (LVL), the currency ...
  2. Banknote

    A negotiable promissory note issued by a bank and payable to ...
  3. Baltic Tiger

    A colloquial term that refers to any one of the three Baltic ...
  4. Euro Notes

    Legal tender in the form of a banknote that can be used in exchange ...
  5. NZD

    In the currency market, this is the abbreviation for the New ...
  6. Euro

    The official currency of the European Union's (EU) member states. ...
Related Articles
  1. Trading

    The 6 Strongest Currencies Vs. The U.S. Dollar in 2016

    Learn about the world currencies that are stronger than the U.S. dollar, as of February 2016, as well as which factors have contributed to the dollar's strength.
  2. Investing

    What's a Bank Guarantee?

    Bank guarantees are used to assure a third party of payment or performance of an obligation. The obligation can be either to pay an amount due or to perform on a contract. By granting the guarantee, ...
  3. Taxes

    Should The U.S. Switch To A Flat Tax?

    Some countries have begun charging a flat tax rate instead of the gradual tax system of the Western world.
  4. Insights

    A Look at Greece’s Messy Fiscal Policy

    Investigate the muddy fiscal policy, tax problems, and inability to institute austerity that created the Greek crises in 2010 and 2015.
  5. Personal Finance

    Is Money in Your Pocket Worth the Same as Your Money in the Bank?

    Cash in your pocket is a different form of money than that in your bank account, and it takes a strong institutional infrastructure for them to be equal.
  6. Trading

    The 6 Most-Traded Currencies And Why They're So Popular

    Regardless of the reason, forex is an integral part of 21st century finance. And the more widely used and reliable the currency, the greater the likelihood of people buying and selling it every ...
  7. Insights

    Why the USSR Collapsed Economically

    While initially experiencing rapid economic growth, the Soviet command economy collapsed after it grew more complex.
  8. Insights

    What Are Central Banks?

    They print money, they control inflation, and much, much more. All you need to know about central banks is here.
  9. Trading

    The History Of Money: From Barter To Banknotes

    Money has been a part of human history for at least 3,000 years. Learn how it evolved.
RELATED FAQS
  1. Are eurodollars related to the currency called the euro?

    Eurodollars have little to do with the official currency of the European Union, the euro (EUR). In 1999, the euro was implemented ... Read Answer >>
  2. How did the Soviet economic system affect consumer goods?

    Discover how the now-defunct Soviet economic system affected domestic consumer goods markets. Communist ideology dictated ... Read Answer >>
  3. When and why did the euro make its debut as a currency?

    On January 1, 1999, the European Union introduced its new currency, the euro. Originally, the euro was an overarching currency ... Read Answer >>
  4. Who decides to print money in Russia?

    Read about the Central Bank of the Russian Federation, its organizational structure and the role it plays in setting the ... Read Answer >>
  5. Why doesn't England use the euro?

    Understand why the United Kingdom has opted to not join the eurozone in adopting the euro over the pound sterling as its ... Read Answer >>
  6. How do central banks acquire currency reserves and how much are they required to ...

    A currency reserve is a currency that is held in large amounts by governments and other institutions as part of their foreign ... Read Answer >>
Hot Definitions
  1. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  2. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  3. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
  4. Liquidity Event

    An event that allows initial investors in a company to cash out some or all of their ownership shares and is considered an ...
  5. Job Market

    A market in which employers search for employees and employees search for jobs. The job market is not a physical place as ...
  6. Yuppie

    Yuppie is a slang term denoting the market segment of young urban professionals. A yuppie is often characterized by youth, ...
Trading Center