LATVIAN GOLD AND CASH RESERVES FALL.
Publication: Monitor Volume: 1 Issue: 60
Because of the crisisin the Latvian banking system which was triggered by the failureof the Baltija Bank, the Latvian central bank has seen its goldand hard currency reserves fall by more than $10 million in Junealone, BNS reported July 25. Another indication of Riga’s financialdifficulties is that the amount of Latvian currency in circulationhas fallen by more than $40 million since April as Latvian residentsconvert their lats into hard currency in expectation of inflationor revaluation.
Latvia Opens First Stock Exchange Since 1940.