Latvian annual report reveals reserves diversification
The Bank of Latvia's foreign reserves at the end of 2012 amounted to just under 4 million lats; an increase of 15% from 2011. In its latest annual report, published yesterday, the central bank attributed the increase to income gains from investing in overseas financial markets and interventions on the foreign exchange market.
In 2012, the central bank introduced Canadian and Singapore dollar-denominated assets into its reserve portfolio, which now comprise 8% and 2% of its "benchmark assets"
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