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Ceturtdiena 31.07.2014 | Name days: Ruta, Rūta, Sigita, Angelika
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Business crediting sees stabilization

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Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUBetter Latvian companies’ competitiveness and positive export dynamics have activated collaboration between banks and businesses – the balance of loans issued to non-financial companies has been growing for the fourth straight month.

Despite the total balance of crediting kept dropping, the pace fell to its lowest in 13 months (-7.7%), according to the Bank of Latvia economist Vilnis Purvins.

The tough situation in the eurozone and the uncertainty over the budget prevented from boosting deposits. Also the bank deposits and the total money supply fell in October, according to the economist.

Loans issued in the euro currency kept dropping, mostly due to repayment of mortgage loans. Loans in lats in turn grew 3.2%, with their proportion in the total volume of loans reaching 10%. Moreover, loans in lats grew not only in the business sector, but also for households.

“However, possible slow-down of the economy expected next year is casting a shadow on the optimistic future expectations. If exports indeed fall and the national economy slows down its recovery, money supply, including deposits, could drop as well,” Purvins says.

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