Latvia’s Central Bank Sold 17 Million Lati for Euros Last Week

Latvia’s central bank sold 17 million lati ($32 million) for euros last week, the Riga-based bank said today on its website.

Latvia is a member of the pre-euro exchange-rate mechanism and pegs the lats to the European Union’s common currency. Latvia keeps the exchange rate within a 1 percent band around a target.

Latvia’s treasury exchanges funds from the country’s 7.5 billion-euro ($10 billion) international loan directly with the central bank for lati.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

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