Thus, the foreign exchange crisis once again surfaced in early nineties. The policy response in the aftermath of the crisis this time was a comprehensive reform.
Developments in the Banking System Interbank market rates on lats transactions continued to follow a downward trend in November. The overnight RIGIBOR dropped from 4.0% at end-October to 3.0% at end-November, while the six-month RIGIBOR, to which interest rates on lats loans to domestic enterprises and private persons are usually fixed, fell from 4.2% to 4.1%, respectively.