Country and Pick Number: Latvia ; Pick P- 42
First year of issue: 1992
Denomination and currency: 500 Rublu
Issue type: circulated
Description of paper money: Banknote 1992; Violet-brown on gray and dull orange underprint. Series RE 124130.
Back – Violet-brown on gray and dull orange underprint.Watermark: symmetrical design.
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On 31 July 1990 the Republic of Latvia's Supreme Council passed the Resolution "On the Programme for Establishing the Monetary System for the Republic of Latvia". The Bank of Latvia began re-establishing the national currency of Latvia. In order to prepare for issuing stable national currency – the lats, inflation had to be reduced. The USSR ruble was no longer suitable for this purpose; a temporary currency had to be created. The Republic of Latvia's Monetary Reform Committee was established. On 4 May 1992 the Committee made a decision to put into circulation the Bank of Latvia's provisional currency, the Latvian ruble. The nominal value of this currency was 1, 2, 5, 10, 20, 50, 200, and 500 rubles (artist Kirils Šmeļkovs).
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