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. Last Updated: 07/27/2016

Latvian Bank Crunch

RIGA () -- Sakaru Bank, the latest of the Latvia's commercial banks to hit financial problems, said Monday that it had given the central bank a restructuring plan.

The central bank last week ordered Sakaru to freeze most of its activities after a liquidity crunch left it unable to service its clients. It gave the bank until today to hand in a plan detailing how it will get out of its problem situation.

Latvia's banking sector has had a roller-coaster ride since Latvia regained independence in 1991.