Latvia leaves rates on hold

The Bank of Latvia's Council voted to leave its refinancing rate unchanged at 6% noting that its anti-inflation plan was starting to take effect and there were the first signs of a stabilisation in the real estate market.

The first quarter of the year saw a continuation of the fast growth combined with a high level of inflation and current account deficit that has dogged the Baltic state's economy.

"In the middle of the year, however, several signs in certain branches of the economy - the real