Latvia under intensified devaluation pressure

The Bank of Latvia on Thursday issued a strongly-worded statement defending the lats after the Baltic state's currency crisis intensified on Wednesday following a failed government auction.

The central bank called on domestic policymakers to weigh their words carefully when talking about the national currency. The central bank statement also stressed that "[the central bank] has explained and clearly said that it will maintain the stability of the lats until the lats is replaced by the euro."

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