The stability of the lats is ensured also by its peg—since 1994, the lats has been pegged to the SDR basket of currencies, and its fluctuations against any particular currency in the basket depend ...

Cavallo, Alberto, Brent Neiman, and Roberto Rigobon. "The Price Impact of Joining a Currency Union: Evidence from Latvia." IMF Economic Review 63, no. 2 (September 2015): 281–297.