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Latvia’s 3-Month Rigibor Hits Record Low After Central Bank Cut

Latvian three-month borrowing costs in lati fell to a record low after the central bank cut the refinance, deposit and marginal lending rates.

Asking rates for three-month loans at the Riga interbank offered rate, or Rigibor, fell to 0.67 percent from 0.87 percent yesterday, the lowest level on record.

Central bank Governor Ilmars Rimsevics yesterday cut the interest rate on overnight deposits to 0.1 percent and the 7-day rate to 0.125 percent and the benchmark refinancing rate to 3 percent after the European Central Bank lowered borrowing costs last week.

The Baltic country pegs its currency, the lats, to the euro in a quasi-currency board where money in circulation is backed by foreign-currency reserves.

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