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Created on 13.11.2012

The Bank of Latvia Council today resolved to leave the interest rates and reserve requirement set by the Bank of Latvia unchanged.

Over the course of this year, the central bank’s interest rates have been lowered gradually in view of the low inflation risks and motivating banks to direct their free lats resources for the development of the economy. Inflation risks are still limited and the Bank of Latvia foresees no mid-term risks to price stability, yet economic growth has been more sustained than previously predicted. Moreover, a gradual redirection of the economy from external to domestic demand has been observed. The Bank of Latvia Council is of the opinion that the current monetary policy conditions match the economic situation.

The Report of the Governor of the Bank of Latvia, Ilmārs Rimšēvičs, at today’s press conference will be available in the news section of the Bank of Latvia’s home page www.bank.lv . 

The interest rates set by the Bank of Latvia are as follows:

 

In effect as of

% per annum

Bank of Latvia refinancing rate 

24.09.2012.

2.5

Bank of Latvia marginal lending facility rate to banks that have used the facility no more than 5 working days within the previous 30 day period

24.09.2012.

3.0

Bank of Latvia marginal lending facility rate to banks that have used the facility no more than 10 working days within the previous 30 day period

24.09.2012.

6.0

Bank of Latvia marginal lending facility rate to banks that have used the facility more than 10 working days within the previous 30 day period

24.09.2012.

9.0

Bank of Latvia overnight deposit facility rate

 

24.09.2012.

0.050

Bank of Latvia 7-day deposit facility rate

24.09.2012.

0.075