1 rublis 1992 Latvia

1 rublis 1992 Latvia

Latvia's regained independence was recognized by the Soviet Union on 6 September 1991. In the first four months of 1992, the country was adversely affected by inflation of the Soviet ruble. In addition, outgoing cash payments exceeded incoming amounts by 122 million rubles (5.9%) in February, and by 686 million rubles (29.2%) in April, thus causing a serious shortage of cash.

Since the currency was issued by the Soviet Union, and by Russia after 20 December 1991, the Bank of Latvia was unable to increase the amount of cash circulating in the country; it was completely dependent on the availability of cash and credit from the Central Bank of Russia, the successor of the State Bank of the Soviet Union. It was evident that a crisis could develop by the end of May, when the Bank of Latvia would not be able to finance even the most necessary payments.

To resolve the problem, on 4 May 1992, the Monetary Reform Commission of the Republic of Latvia passed a resolution "On Introduction of the Latvian rublis". From 7 May 1992, a temporary currency, the Latvian rublis (LVR), was put into circulation as a legal tender parallel to the existing ruble notes. It was declared equal in value to the Soviet ruble. The Latvian rublis notes (widely known as repiki, after the then governor of the Central Bank, Einars Repe) were issued in denominations of 1 rublis, 2 and 5 rubi, 10, 20, 50, 200 and 500 rubu.

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