Latvia

The name "Latvia" originates from the ancient Latgalians, one of four eastern Baltic tribes that formed the ethnic core of the Latvian people (ca. 8th-12th centuries A.D.). The region subsequently came under the control of Germans, Poles, Swedes, and finally, Russians. A Latvian republic emerged following World War I, but it was annexed by the USSR in 1940 - an action never recognized by the US and many other countries. Latvia reestablished its independence in 1991 following the breakup of the Soviet Union. Although the last Russian troops left in 1994, the status of the Russian minority (some 30% of the population) remains of concern to Moscow. Latvia joined both NATO and the EU in the spring of 2004.

Economical characteristics

 * Currency: Lats (ISO code: LVL)
 * Central bank discount rate: 6% (31 December 2008)
 * Commercial banks lending rate: 11.85% (31 December 2008)
 * Stock of money (M1): $6.688 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $5.572 billion (31 December 2008)

Notable events:

 * Banking crisis: July 1931, 1994-1999

Links

 * Latvia on Wikipedia
 * Central bank of Latvia
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * Used to Hardship, Latvia Accepts Austerity, and Its Pain Eases by Andrew Higgins, January 2013