Latvia central bank brings rates and rules in line with eurozone
The Bank of Latvia this week brought its interest rates in line with those at the European Central Bank (ECB) ahead of joining the euro in January – but the drastic rate cut, from 1.50% down to 0.24%, left economists in the country unmoved.
Inflation in Latvia has fallen in recent months to 0.3% in the year to October 2013 – lower even than the 0.7% for the eurozone as a whole, which led the ECB to cut its main policy rate from 0.50% to 0.25% last week.
The Bank of Latvia therefore cut its rates
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