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Sweden, Denmark grant loans to Latvia's central bank

Monday, December 22, 2008
NEW YORK -- The central banks in Sweden and Denmark have decided to enter into swap agreements under which Latvia's central bank may borrow up to 500 million euros in exchange for Latvian lats.

The swap agreements "provide short-term funding in order to assist the preservation of macroeconomic and financial stability in Latvia," Riksbank, Sweden's central bank, said in a statement posted on its Web site. Riksbank will provide 375 million euros and Denmark's central bank will provide 125 million euros.

 "It is important that central banks cooperate and assist each other in times of financial crisis," said the governor of the Riksbank, Stefan Ingves, in a statement.

"There is also a risk that a financial crisis in Latvia could spread and create unease on the financial markets in Sweden and our neighboring countries. Ultimately, it could affect the payment system and the Swedish economy.

Source:http://www.marketwatch.com/news