... rates in Latvia, Macedonia, and Ukraine; crawling bands in Belarus and Romania; and tightly managed floats in Croatia, Moldova, Russia, and Serbia. - 11 - Figure 1. CEE Countries: Real ... Slovenia, and Ukraine. The benchmark group includes: Argentina, Australia, Brazil, Canada, Chile, Dominican Republic, Ecuador, Egypt, Finland, Germany, Greece, Iceland, Indonesia, Ireland, Japan, ... sustained by an increase in net foreign liabilities of the banks in many of the countries (Figure 4). Banks have been borrowing funds from abroad (including foreign banks from their parents) and/ or...