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Devaluation fears surface as Latvia crisis deepens

Jun 10, 2009
TBT staff

RIGA - Speculation that Latvia may be forced to devalue its currency intensified after it emerged the Latvian Central Bank spent 165.83 million lats (235.95 million euros) defending the exchange rate peg, which has been in place since the country gained independence from the Soviet Union in 1991. The latest buy up is the largest since the International Monetary Fund (IMF) and other international lenders approved a 1.7 billion euro bailout package in December 2008. Latvian banks have bought ab ...

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