The Latvian monetary unit is synonymous with several other terms. The official currency of Latvia is the euro, which replaced the previous currency, the Latvian lats, in 2014. The euro is the most common term used to refer to the Latvian monetary unit. Other synonyms for the Latvian currency include Latvian money, Latvian currency, Latvian banknotes, and Latvian coins. These terms are often used interchangeably and can all be used to refer to any official monetary instrument issued by Latvia's central bank. The Latvian monetary unit, like any other currency, plays a significant role in the country's economy and financial system.