OREANDA-NEWS. January 5, 2011. Bank of Latvia changes Table of Exchange Rates.

On the Estonian Krona

Due to the fact that starting from 1 January 2011 Estonia becomes part of the Eurosystem, starting from 3 January 2011 the Bank of Latvia stops quoting the exchange rate of the Estonian krona (EEK) to the Latvian lats (LVL).

On the Maltese Lira and the Cyprus Pound

Due to the fact that starting from 1 January 2008 Malta and Cyprus become part of the Eurosystem, starting from 2 January 2008 the Bank of Latvia stops quoting the exchange rates of the Maltese lira (MTL) and the Cyprus pound (CYP) to the Latvian lats (LVL).

On Setting New Exchange Rates

As of 2 January 2008, the Bank of Latvia sets the exchange rates for eleven more currencies –

the Chinese yuan renminbi (CNY),

the Egyptian pound (EGP),

the Indian rupee (INR),

the Iceland krona (ISK),

the South Korean won (KRW),

the Moroccan dirham (MAD),

the Tunisian dinar (TND),

the Turkish lira (TRY),

the new Taiwan dollar (TWD),

the Uzbekistan sum (UZS),

the South African rand (ZAR).

For the Chinese yuan renminbi, the Egyptian pound, the Indian rupee, the Moroccan dirham, the Tunisian dinar, the Turkish lira, the new Taiwan dollar and the South African rand the foreign exchange rate is quoted as the Latvian lats per 1 (one) unit of the foreign currency. For the Iceland krona, the South Korean won and the Uzbekistan sum the foreign exchange rate is quoted as the Latvian lats per 100 (one hundred) units of the foreign currency.

On the Slovenian Tolar

Due to the fact that starting from 1 January 2007 Slovenia becomes part of the Eurosystem, starting from 2 January 2007 the Bank of Latvia will stop quoting the exchange rate of Slovenian Tolar (SIT) to Latvian lats (LVL).

On the Romanian leu

As of July 1, 2005, the Romanian national currency unit, the Romanian leu (ROL), will be replaced by a new currency unit, Romanian New Leu (RON), using the exchange rate 1 RON = 10000 ROL. This will bring changes in the quotation of the Bank of Latvia's exchange rates.

As of July 1, 2005, the Bank of Latvia will use the new international code RON for the new Romanian leu in its exchange rate quotations. Likewise, when quoting the new Romanian leu, the exchange rate will be translated as Latvian lats for 1 (one) Romanian leu (RON).

Pegging the Lats to the Euro

The Bank of Latvia on December 30, 2004, has fixed the peg rate of the lats and the euro at 1 EUR = 0.702804 LVL, in effect as of January 1, 2005 in line with the government approved plan for Latvia's preparation for full-fledged membership in the Economic and Monetary Union (EMU).

On Setting New Exchange Rates

As of January 27, 2003, the Bank of Latvia sets the exchange rate of the Slovenian Tolar (SIT) against the Latvian lats (LVL).

On Exchange Rates

Due to the fact that as of March 1, 2002, the banknotes and coins of national currencies of the Eurozone countries no longer constitute legal tender, the Bank of Latvia has stopped setting the exchange rate of the Latvian lats against the national currencies of the 12 Eurozone countries (see the table below).

The fixed rates of these currencies against the euro will be respectively set as follows:

DEM German Mark

1.95583

BEF Belgian Franc

40.3399

LUF Luxembourg Franc

40.3399

ESP Spanish Peseta

166.386

FRF French Franc

6.55957

IEP Irish Punt

0.787564

ITL Italian Lira

1936.27

NLG Netherlands Gulden

2.20371

ATS Austrian Shilling

13.7603

PTE Portuguese Escudo

200.482

FIM Finnish Mark

5.94573

GRD Greek Drachma

340.75

On Exchange Rates

As of April 23, the Bank of Latvia will stop quoting the accounting exchange rates for the Azerbaijan manat (AZM), Kyrgyzstan som (KGS) and Uzbekistan sum (UZS).

On Exchange Rates

With reference to the announcement by the National Bank of the Republic of Belarus concerning the denominations of the Belarussian ruble (BYB), effective as of January 1, 2000, the Bank of Latvia informs that the exchange rate of the Belarussian ruble against the Latvian lats has been set considering the new denominations starting with January 3, 2000.

Due to the changes in the denominations, the ISO code of the Belarussian ruble has also been replaced by a new code, BYR. The conversion rate of the Belarussian ruble is 1000 BYB = 1 BYR.

As of January 3, 2000, the exchange rate of the Belarussian ruble against the lats has been set in the following format: 1000 BYR = 0.--- LVL.

On Exchange Rates

As of October 25, 1999, the Bank of Latvia has started to publish exchange rates of foreign currencies and gold in a common table on a day-to-day basis. A weekly table for non-convertible currencies will no longer be provided. Five currencies included in the table of non-convertible currencies, i.e., the Azerbaijani manat (AZM), Belarussian rubel (BYB), Kazakh tenge (KZT), Ukrainian hryvnia (UAH), and Uzbek sum, have been moved to the common table. No quotations are available for the Armenian dram (AMD), Georgian lari (GEL), Tajik ruble (TJR) and Turkmen manat (TMM), as no financial and import-export transactions are conducted in these currencies in Latvia.

The Bank of Latvia also sets the exchange rate for the Maltese lira (MTL) for the purposes of electronic data processing when preparing the balance of payments.

On Exchange Rates

As of July 12, 1999, the Bank of Latvia sets the exchange rate of the unconvertible currency Uzbekistan som (UZS) against the Latvian lats (LVL) at 1000 units for 1, i.e., UZS 1000 = LVL 1.

In view of the fact that the denomination of the Bulgarian leva has been changed from 1000 BGL to 1 BGN, from now on the Bank of Latvia exchange rate of the Bulgarian leva will be set at 1 BGN is = 0.--- LVL. The change in the code of the Bulgarian leva reflects its altered ISO code. Henceforth, the Bulgarian leva will be assigned the code BGN. These changes are in effect as of July 6.

On Setting New Exchange Rates

As of June 7, 1999, the Bank of Latvia has started setting the accounting (official) exchange rates for two more currencies - the Greek drachma (GRD) and the New Zealand dollar (NZD). These rates will be respectively set as follows: 100 GRD = 0.--- LVL and 1 NZD = 0.--- LVL.

Bank of Latvia Exchange Rates by Electronic Mail

It is possible to receive the exchange rates for foreign currency and gold set by the Bank of Latvia by registering and submitting an e-mail address. The e-mail message will be sent automatically once a day.