Latvia spends 'staggering' amount defending currency

Jump to navigation The country's central bank revealed that it bought 168 million lati ($331 million) in an effort to defend its peg with the euro. Latvia is a member of the pre-euro exchange-rate mechanism and defends a 1pc band around a target rate. “The level of intervention is frankly staggering and time is clearly running out for the Latvian authorities,” said Timothy Ash, head of emerging-ma