16. Article

The long-term foreign exchange swaps have served their intended function of contributing to the broader availability of long-term credit in lats. We will therefore discontinue this instrument by end-December 2001. We will also strive to reduce our reliance on short-term swaps, only using this instrument for monetary fine-tuning. For this purpose, the outstanding stock of short-term swaps would normally not exceed LVL 25 million.