The basic unit of currency for Latvia is the Latvian lats (LVL). The lats was the official currency of Latvia from 1922 until 1940, and then again from 1993 until 2014 when it was replaced by the Euro (EUR) as the country joined the Eurozone.

The Latvian lats was introduced in 1922, following the independence of Latvia from the Russian Empire. It was divided into 100 santīmi, which were the smaller units of the currency. The lats featured various designs and denominations throughout its existence, reflecting the country's history, culture, and notable figures.

Latvia's adoption of the Euro in 2014 was a significant milestone for the country's economy and integration into the European Union. The switch to the Euro aimed to promote stability, facilitate trade, and simplify financial transactions within the Eurozone. It also eliminated the need for currency exchange when traveling to other Eurozone countries.

Today, the Euro is widely accepted and used as the primary currency in Latvia. It is available in various denominations, including coins and banknotes. Euro banknotes feature architectural styles from different periods in European history, while the coins depict Latvian cultural symbols and national landmarks.

As part of the European Union, Latvia benefits from the advantages of a single currency, such as price transparency, reduced transaction costs, and increased economic cooperation. The Eurozone also provides Latvia with access to a larger market, promoting trade and investment opportunities.

In conclusion, the basic unit of currency for Latvia is the Latvian lats, which was replaced by the Euro in 2014. The Euro is now the official currency of Latvia, offering stability and convenience for both residents and visitors. Its adoption has strengthened Latvia's economic ties with other Eurozone countries and facilitated seamless financial transactions within the European Union.

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