Securing cash circulation

While non-cash payments are becoming more popular in Latvia, cash remains a popular choice for purchases. Data from a public survey suggest that the average person makes five payments in cash per week. Therefore, one of the primary tasks of Latvijas Banka remains ensuring cash circulation. Furthermore, cash payments are critical financial services, and the National Security Law stipulates that the availability of them must be ensured in the event of a national security threat.

The net issuance of euro banknotes by Latvijas Banka continued to decline and remained negative in 2025. Meanwhile, the net issuance of euro coins by Latvijas Banka increased. The total net issuance of euro banknotes and coins by Latvijas Banka was consequently –730.6 million euro at the end of 2025.

Chart 1. Net issuance of euro banknotes and coins by Latvijas Banka (millions of euro)

 

Net issuance of euro banknotes and coins by Latvijas Banka

The net issuance of euro banknotes by Latvijas Banka in terms of number increased by 0.6% during 2025 (up to 69.7 million banknotes). By the end of 2025, the 50-euro and 20-euro banknotes were the denominations most commonly issued by Latvijas Banka.

Meanwhile, the net issuance of euro coins by Latvijas Banka saw a 4.0% increase in volume, reaching a total of 518.7 million coins in December. Of the coins issued by Latvijas Banka, 1 cent and 2 cent coins accounted for the largest numbers of coins in circulation at the end of 2025.

Chart 2. Net issuance of euro banknotes by Latvijas Banka (by nominal value; 2014–2025; volume; millions)

 

Chart 3. Net issuance of euro coins by Latvijas Banka (by nominal value; 2014–2025; volume; millions)

 

The cash received from credit institutions was checked for fitness and authenticity by the automated cash processing systems of Latvijas Banka. They processed 136.4 million banknotes in 2025 (7.1% less than in 2024). Of the banknotes processed, 5.8%, or 8.0 million, were identified as unfit for circulation and destroyed.

In 2025, Latvijas Banka continued to implement the registration of cash handlers and operational control function. At the end of 2025, the number of registered cash handlers remained stable year on year – 32 merchants. Latvijas Banka oversaw the operations of these merchants by assessing their compliance with the regulatory requirements on processing of cash. Seven such inspections were carried out in 2025.

In 2025, withdrawal of lats coins and banknotes from circulation continued. The value of lats banknotes and coins withdrawn from circulation by Latvijas Banka over the year totalled 0.5 million lats (0.4 million lats in banknotes and 0.1 million lats in coins). Lats banknotes and coins worth 38.2 million lats and 43.6 million lats respectively were in circulation at the end of 2025. In numeric terms, the 5 lats and 20 lats banknotes (1.7 million and 0.7 million respectively) and the 1 santim and 2 santims coins (149.1 million and 89.2 million respectively) accounted for the majority of the number of banknotes and coins in circulation.

Amendments to the Credit Institution Law adopted on 19 September 2024 established an obligation for credit institutions important for access to cash in Latvia to ensure minimum cash withdrawal services for customers. These requirements became effective on 1 January 2025, and were laid down in Paragraphs two, three, and four of Section 73.1 of the Credit Institution Law, as well as in Latvijas Banka's Regulation No 330 "Regulation on the Management of the Cash Withdrawal Service" of 28 October 2024.

According to the data available to Latvijas Banka on 31 December 2025, the four largest credit institutions of Latvia complied with the service provider criteria set out in Paragraph one of Section 73.1 of the Credit Institution Law. These institutions were AS SEB banka, AS Swedbank, AS Citadele banka, and the Latvian branch of Luminor Bank AS.

In 2025, Latvijas Banka implemented several measures to control compliance with the requirements of the cash disbursement service and ensured control over compliance with the requirements of the cash disbursement service. Year on year, the number of ATMs remained stable – at the end of 2025, in the entire territory of Latvia 882 ATMs were available (at the end of 2024 – 889 ATMs)1Of these, 860 are ATMs serving customers of the four largest credit institutions of Latvia; 5 are ATMs serving customers of credit institutions not subject to obligations set out in Paragraphs two, three, and four of Section 73.1 of the Credit Institution Law; 2 are coin deposit machines of Latvijas Banka; and 15 are the ATMs of the independent ATM network operator Euronet 360 Finance Ltd. installed in Latvia.
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In 2025, 15.8 million coins were deposited by individuals and businesses in the cash deposit machines installed at the Riga branch of Latvijas Banka.

Execution of the functions of the National Analysis Centre and the Coin National Analysis Centre

Number and types of counterfeits

Primary objectives of the National Analysis Centre and the Coin National Analysis Centre

  • Identify, analyse, and store any counterfeit money in any currency seized in Latvia or as a result of police measures.
  • Record data on any discovered counterfeit notes and transfer them to the ECB, EC, and other international institutions that are involved in anti-counterfeiting activities.
  • Cooperate with banks and other cash handlers.
  • Ensure training on the recognition of counterfeit notes.

Statistics on the scope and trends of counterfeiting

Discovery of counterfeit notes

Counterfeit notes are mostly discovered by professional money handlers. In 2025, they detected and removed 72% of all counterfeit notes and 78% of all counterfeit coins from circulation.

Approximately half of all circulating counterfeit notes are recognised when an attempt is made to deposit them in an ATM. 10% of counterfeit notes were discovered in retail outlets or by private individuals.

Detected counterfeit notes

In 2025, Latvijas Banka identified 455 counterfeit euro banknotes and 585 counterfeit euro coins in circulation.

The number of detected counterfeit banknotes decreased by 23% year on year, and the number of counterfeit coins – by 18% over the same period.

Chart 4. Number of circulating counterfeit notes discovered in Latvia

In 2025, the number of detected counterfeit euro banknotes remained low, with 2 counterfeit banknotes per 10 000 inhabitants.

In 2025, mostly counterfeit 50-euro and 20-euro notes were discovered amounting to 78% of all recognised counterfeit euro notes.

Chart 5. Counterfeit euro banknotes identified in circulation (%)

 

Number of euro banknote counterfeits identified by Latvijas Banka by nominal value

Year

No nominal
value

5 euro

10 euro

20 euro

50 euro

100 euro

200 euro

500 euro

Total

2021

  

9

71

140

229

22

11

15

497

2022

  

8

25

110

237

33

7

14

434

2023

  

76

67

212

224

34

7

35

655

2024

  

69

76

149

243

34

14

8

593

2025

1

13

45

150

205

29

9

3

455

Total

1

175

284

761

1138

152

48

75

2634

The majority of counterfeit euro coins identified were 2-euro coins. In 2025, the share of counterfeit 2-euro coins reached 92% of all detected counterfeit coins.

Chart 6. Counterfeit euro coins identified in circulation (%)

 

Number of euro coin counterfeits identified by Latvijas Banka by nominal value

Year

50 cents

1 euro

2 euro

Total

2021

10

20

176

206

2022

20

22

415

457

2023

13

36

544

593

2024

14

34

663

711

2025

2

47

536

585

Total

74

133

1985

2192

Counterfeiting quality

Generally, high-quality 100-euro, 200-euro, and 500-euro counterfeit notes are discovered. In 2025, the volume of such counterfeit notes reached 0.5% of all circulating counterfeit notes.

41% of the counterfeit euro banknotes detected in 2025 were low-quality counterfeits with altered designs, i.e. counterfeit banknotes with clear deviations in the visual elements and lacking any imitation of the banknotes' security features.

Information and public relations

In 2025, Latvijas Banka started offering a free online training Verification of cash – it aims to teach how to recognise counterfeit euro notes and coins.

The training tool was mostly designed for professional cash handlers, but it may be completed by any stakeholder. Approximately 90 minutes are required to complete the training, and a knowledge test is required upon completion. In 2025, Latvijas Banka organised four in-person training sessions.

The widespread circulation and high value of euro banknotes continue to make them an attractive target for counterfeiters. To protect oneself from counterfeits and prevent financial loss due to the acceptance of counterfeit banknotes, it is essential to carefully examine the banknotes, for instance, by applying the Feel, Look, Tilt method. Frequent discovery of low-quality circulating counterfeits means that residents fail to pay sufficient attention to the verification of authenticity of received notes.

Euro commemorative and collector coins issued by Latvijas Banka in 2025

In 2025, Latvijas Banka issued five collector coins: the gold collector coin "Our Land" selected during an open competition (issued on 22 May 2025), the coin "Sun and Wind" celebrating the 400th anniversary of Liepāja (issued on 17 June 2025), the coin "Džemma" celebrating artist Džemma Skulme (issued on 21 August 2025), the coin "Latvian Book – 500" celebrating the 500th anniversary of the first book in Latvian (issued on 4 November 2025), and the coin "Flow" celebrating the animated film "Flow" (issued on 10 December 2025). A 2-euro commemorative coin "Sēlija" (in circulation since 9 October 2025; in rolls and gift packaging), as well as a set of circulation coins "Sēlija" (in circulation since 9 October 2025) were also issued. The commemorative coin "Sēlija" marks the conclusion of a series of 2-euro commemorative coins, each honouring one of five historical regions of Latvia.

 

The design of this collector coin, created by Māris Upenieks, offers a symbolic portrayal of one square centimetre of Latvian soil. Each of us has a place in Latvia that is a little closer and warmer to the heart than all the others. A place where the generations before us lived and worked, setting the groundwork for the story of each of our lives. A small piece of soil, measuring precisely one square centimetre, from the yard of the author's great-grandfather's home, was scanned and recreated in this coin.

A symbol of Latvia's land, this coin represents a piece that belongs to all, cherished like gold, but ultimately priceless, even when cast in gold. It is also a symbol of our readiness to defend our land – every square centimetre of it.

 

This coin celebrates the 400th anniversary of Liepāja. From the small fishing village Līva, it has become the third largest city of Latvia. This coin combines the city's contrasts, symbolically reflecting them in the images of the sun and the wind. In their balance, the soul of the city is formed. Buildings line up on the obverse – from the cabin of a fishing boat to the wide rooftops of the 17th century, through elegant Art Nouveau streets, past striking modern buildings, and proud industrial relics. It only takes a short walk to go from the city's heart to the spacious beach. There, one can feel centuries melting together like sand in your sandals and strands of hair drift over the water's surface, weaving with the glow of the afternoon sun.

 

The coin "Džemma" celebrates the distinguished artist Džemma Skulme – a towering figure in Latvian art and cultural life. Her remarkable creative work and civic stance have played a pivotal role in shaping and preserving Latvia's national identity. Her artistic legacy intertwines the enduring thread of family traditions, the pinnacle of interwar modernist achievements, and a fearless spirit of creative freedom even within the confines of socialist realism. Džemma Skulme began incorporating national motifs into her work as early as the 1960s, using them as symbols of national self-esteem and spiritual defiance. The triad of figures – the folk maiden, the caryatid, and the princess – became the core of her artistic identity. In this coin, the artist has incorporated a fragment from the painting "Dialogue" and the characteristic brush stroke of Džemma Skulme.

 

Five centuries ago, the first book in Latvian marked the beginning of the Latvian people's challenging journey towards their own language and nation. Though this book never reached Latvia, the first translations of religious Christian texts in Latvian were followed by others. They ushered in a new era of Latvian culture – one that endures to this day, along with the living tradition of reading. The coin that intertwines the meaningful story of the first book printed in Latvian with the enduring significance of the reader.

 

The coin "Flow" honours the animated film that has received the most prestigious award in the film industry – the Oscar. In the coin, the director Gints Zilbalodis and the animation artist Pēteris Tenisons have yet again brought to life the characters from the film that have won people's hearts worldwide. One side of the coin features the iconic dark grey cat, while the other – five friends, each distinct yet side by side, bound by an unforgettable experience. Between the two sides – a breathtaking odyssey, as the characters of this film share a single boat, fleeing the floods.

Latvia is composed of five historical regions, making up the Latvian nation: Vidzeme, Latgale, Kurzeme, Zemgale, and Sēlija. Sēlija was referenced in historical records as early as the 13th century, yet it was not until 2021, with its formal inclusion in the Law on Historical Regions of Latvia, that Sēlija was defined as a distinct cultural and historical region. The flag of Sēlija was approved in 2023, and the coat of arms on the reverse of the coin crafted by heraldic artist Edgars Sims features a majestic animal, its crown adorned with elaborate antlers and its head held high – a silver stag set against a red background. This coin marks the conclusion of a 2-euro commemorative coin series, each honouring one of the five historical regions of Latvia.

 

Latvijas Banka invites various Latvian artists to participate in coin design competitions and every coin is therefore a unique work of art. Coin themes are selected based on their relevance, with the aim of promoting Latvian cultural values and drawing attention to contemporary societal issues.

Of all the coins issued in 2024, the collector coin "Cabbage" received the title of the "Best Silver Coin" in the 2025 US international competition "Coin of the Year". In the public survey organised by Latvijas Banka and the portal "Delfi.lv" in 2025, the coin "Cabbage" also became Latvia's Coin of the Year 2024. Its design was crafted by the winners of an open design competition.