Bank of Latvia leaves refinancing rate at 3½%

By Richard Connell

New York, Jan. 13 - The Council of the Bank of Latvia left its refinancing rate unchanged at 3½% at its meeting on Thursday, according to a news release issued by the bank.

The council noted that inflation at the beginning of 2011 will be determined by short-lived supply side factors, including the rise in the value-added tax and higher global food and energy prices.

In the medium term, the council expects inflation to stabilize, while risks to price stability should remain insignificant.

The refinancing rate has remained unchanged since March 2010.

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