Latvijas Banka maintained the refinancing rate unchanged at 3.50%. Latvia reported inflation of 4.5% in April, with the Bank noting: "The rise in inflation at the beginning of the year is determined by supply side factors and administrative decisions, such as the raising of taxes,". The Bank also said: "Taking into account the gradual recovery of the economy and the fact that the current inflation risk factors are not related to a rise in demand and risks to price stability in the medium term are limited, the Bank of Latvia Council today resolved to leave unchanged the interest rates and the mandatory reserve requirement,"
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