Latvia buys euros for first time since November

The Bank of Latvia bought euros for the first time in seven months last week after the lats gained on hopes that Riga would not have to devalue the currency.

The lats, which is pegged to the euro at 0.7028 with a 1% fluctuation band, rose last week after it looked more likely that the government could make the savings needed to secure the second tranche of its International Monetary Fund loan.

The central bank said on Monday that it sold LVL111.7m ($220m) on the back of the improved investor