Catalog & market information for bank notes issued by Latvijas Socialistiskas Padomju Republikas
On 17 June 1940, Latvia was occupied by the Soviet Union, and on 5 August, became the Latvijas Socialistiskas Padomju Republikas (Latvian Socialist Soviet Republic, LSPR) within the USSR. On 10 October, the Latvia Republican Office of the State Bank of the USSR, which was a constituent part in the centralized Soviet banking system, took over the rights of the Bank of Latvia and the USSR’s monetary system was gradually introduced in Latvia. With the resolution of the Popular Council of Commissars of the Latvian SSR passed on 25 November 1940, the official exchange rate of the lats against the Soviet ruble was set at par. This marked the beginning of a simultaneous circulation of two currencies in Latvia, which lasted for four months. Without prior notice, the lats was withdrawn from circulation on 25 March 1941 and the Soviet ruble became the only legal tender in Latvia.
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