Latvia allays devaluation fears

Einars Repse, Latvia's finance minister and a former governor of the Bank of Latvia, on 29 May reinforced comments by Ilmars Rimsevics, the governor, that the country was not facing a currency devaluation.

Rimsevics said that a devaluation would be "poison" for the country, but a former prime minister has called for a 30% devaluation to boost the economy.

"There will be no lat devaluation," said Repse, who was governor of the central bank from its re-constitution in 1992 to 2001, adding tha