Definition

Noun: 1. The basic unit of money in Latvia: The lats was the official currency of the Republic of Latvia until it was replaced by the euro in 2014. It was subdivided into 100 santīmi.

Usage Examples

• Noun:
  • Before adopting the euro, prices in Latvia were listed in lats.
  • He exchanged his remaining lats for euros at the bank.
  • The old coin collection included several silver lats.

Advanced Usage

• Historical Financial Context: The term is primarily used in historical or economic discussions about Latvia's pre-2014 financial system.
  • The stability of the lats was a key factor in Latvia's entry into the Eurozone.

Variants and Related Words

• Lat (singular): The singular form of the word.
  • One lat was equivalent to 100 santīmi.
• Santīms (noun): A subunit of the lats, equal to 1/100 of a lat.
  • The small purchase cost only a few santīmi.

Synonyms

• Currency: A system of money in general use in a particular country.
• Monetary unit: The standard unit of value of a currency.

Notes

• The lats is no longer in active circulation as Latvia is now a member of the Eurozone. The word is now used in a historical context.

Noun

1. the basic unit of money in Latvia