The President of the Bank of Latvia called on citizens to consumer patriotism.

President of the Central Bank of Latvia Ilmars Rimshevich urged its citizens to buy goods otchestvennogo the production and not to believe rumors of a devaluation like lats. Reported AFP. This Rimshevich said that Latvians are not to blame for international lending organizations such as the International Monetary Fund (IMF), to increase the rate of value added tax, which the government conducted in January 2009.
In early March Rimshevich stated that the Bank of Latvia will not devalue the national currency, since this measure will not bring the economy of the country any good. According to the Latvian Central Bank estimates chapters, because of the devaluation of LVL 10 per cent of pensioners would lose 35 percent of purchasing power. In addition, as a result of the devaluation would have increased payments to businesses that have loans in the euro.
Latvia is one of the most severely affected by the global crisis in Europe. At the end of the fourth quarter of 2008, GDP declined by 10.3 percent over the same period a year earlier. In order to support its economy, the country agreed with the IMF on the credit crisis, which will be 7.5 billion euros. The first tranche of the loan in 590 million euros it has already received.
The agreement with the IMF requires the preservation of the stability of lats, which is rigidly pegged to the euro since Latvia suggests to introduce on its territory a single European currency by 2012. In addition, under the terms of the IMF the government of Latvia should significantly reduce costs in order to reduce the growing budget deficit.
At the end of January 2009 the EU finance ministers approved the allocation of credit in Latvia 3.1 billion euro to combat the effects of the global financial crisis. These funds are part of a larger IMF credit.