On Thursday, 13th September, Estonia, Latvia and Lithuania expressed and signed the letter of their common reflections about the Commission’s proposals on Cohesion policy post-2020. Considering that Baltic states still have significant differences in development comparing to the EU average, Latvia, Estonia and Lithuania disagrees to the proposed Cohesion policy budget reductions and points out other improvable issues of the published proposals.
The Financial Sector Development Council, supported by Prime Minister Māris Kučinskis, has today (11 September) approved an action plan to strengthen Latvia’s anti-money laundering capabilities, and its ability to combat the financing of terrorism and weapons proliferation.
The State Revenue Service (the SRS) has carried out considerable improvements in servicing foreign investors. Several solutions have been developed to help foreign entrepreneurs to better orientate themselves in the Latvian tax system and the range of SRS services. Special focus is placed on an individual approach and high level service standards.
The Ministers for Finance of the Baltic States have joined in a shared invitation for the European Commission to preserve financially strong European Union (EU) Cohesion Policy, and to make it strategic and results-oriented.
On Thursday, February 22, the credit rating agency S&P Global affirmed its 'A-' long-term foreign and local currency sovereign credit ratings on the Republic of Latvia. The outlook remain positive.
Recent developments as regards the situation with ABLV Bank differ considerably, as compared to 2008, given the stability of the financial sector and high financial performance indicators. The Ministry of Finance (MoF), the regulator of the financial sector - the Financial and Capital Market Commission (FCMC) and the European Central Bank (ECB), in collaboration with the Bank of Latvia, are professionally working in the 24/7 mode to control the situation, fully respecting the interests of the population and entrepreneurs.
Latvia’s financial system is stable and necessary steps have been taken to ensure that the international financial commitments and interests of the people of Latvia are fully respected.
The Bank of Latvia has a capable board and council, and it works in its usual effective manner. Latvia’s Corruption Prevention and Combatting Bureau (KNAB) investigation against the President of the Bank of Latvia are not related to any of currently in Latvia operating credit institutions, including AB.LV bank.
According to the recommendation of the European Central Bank, limitations have been imposed on the operation of AB.LV bank: it is possible for the bank to receive all types of payments, while outgoing payments are limited. In addition, there are no limitations on disposing the securities, thereby accumulating funds required for liquidity. The ECB took this decision in order to stop the rapid outflow of funds from AB.LV bank and give time to prove that the AB.LV bank has both a long-term business plan and a possibility to accumulate necessary funds for short-term liquidity. AB.LV bank is currently drafting such a plan and plans to submit it to the Financial and Capital Market Commission (FCMC) by 22.02.2018.
Latvia’s law-enforcement institutions are independent, they operate in accordance with relevant Latvian and international regulation. They enjoy full support and confidence of the Government of Latvia.
The United States has full confidence that the Government of Latvia will take the necessary steps to uphold the integrity of its banking and financial sector. For many years, we have been working together with Latvia to combat corruption, money laundering, and other threats to international security. Moving forward, the United States supports and will continue to help the Government of Latvia, the Latvian Financial Capital and Markets Commission, and Latvian law enforcement to realize our shared vision of a strong and well-regulated Latvian financial sector.
On Monday, January 15, Japanese credit rating agency R&I upgraded Latvia`s credit rating to A- from BBB+ and assigned stable rating outlook.
On Thursday, December 14, the Minister of Finance Dana Reizniece-Ozola and the State Secretary of the Norwegian Ministry of Foreign Affairs Jens Frølich Holte signed the Memorandums of understanding on the Implementation of the European Economic Area (EEA) and Norwegian Financial Mechanism in 2014 - 2021. The memorandums provide to Latvia support in amount of 102.1 million euro, which, for both mechanisms in total, is by 29.15 million euros or 40 per cent more than in the previous period.