Central bank’s foreign reserves amounted to EUR 5.788bn as of end of June, up by 1.8% ytd, according to a report by the Bank of Latvia. In m/m terms the reserves declined by 1.4% or EUR 80.24mn. Following a 16% m/m drop in March 2012, reserves picked up in the fall 2012 and have followed a moderate upward trend throughout the beginning of 2013.
In June, the monthly change in reserves was attributed to changes in fx funds deposited by credit institutions and the government. Most of the central bank’s foreign reserves as of end of June were foreign convertible currencies amounting to EUR 5.432bn. Gold reserves stood at EUR 237.25bn (down from EUR 280.2bn as of end of April and EUR 267.73bn as of end of May).
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