Latvian national currency is the Lats (LVL). 1 Lats consists of 100 Santimi. At present, banknotes with nominal values of 5, 10, 20, 50, 100, and 500 Lats, as well as coins with nominal values of 1, 2, 5, 10, 20, and 50 santimi, 1 and 2 Lats are in circulation.   Latvian currency has remained strong and secure since its introduction in 1993. Since January 1st, 2005 Lats has been pegged to Euro, which is one of the criteria to introduce Euro as the national currency in Latvia.