×

Latvian c.bank says bought net 44 mln euro last week

RIGA, May 10 (Reuters) - Latvia's central bank said on Monday it had bought net 44 million euros last week, up from a zero net position for its currency interventions the previous week. On Monday, the lat continued to trade at the weaker end of its band against the euro and was quoted at a 0.7065/75 euros compared with 0.7069 on previous close. One trader said the market was stable and not affected by Greece's credit woes or worries over the future of the euro zone and with no significant changes expected. The central bank automatically accepts offers to buy lats in what it calls passive intervention when the euro hits 0.7098 lats, the top end of its 1 percent fluctuation band based on a central rate of 0.7028. Latvia took a 7.5 billion euro rescue package from the International Monetary Fund, the European Union and other donors at the end of 2008 to keep its currency stable. Central bank interventions this year have been limited or even aimed at capping gains, cooling speculation the government would have to devalue the currency. (Reporting by Aija Braslina) Keywords: LATVIA CURRENCY (Riga newsroom, aija.braslina@reuters.com, +371 26 596 553) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.