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.