Lat joins exchange rate regime

May 04, 2005
From wire reports

RIGA - The European Central Bank announced April 30 that it has included the Latvian lat in the Exchange Rate Mechanism II, the transition regime necessary before a country can adopt the euro. The news came as a welcome first-anniversary-in-the-EU surprise for the government, which is burdened by high inflation and a current account deficit. The lat was pegged at 0.702804 to 1 euro on Jan. 1, 2005, meaning that only four months had passed before the currency was allowed to join the ERMII. Estoni ...

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