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Ceturtdiena 19.10.2017 | Name days: Drosma, Drosmis, Elīna
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Latvia offers a new deposit option for residents – savings bonds

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn Wednesday, June 19, Latvian residents were presented with a new deposit option – savings bonds. The point of this deposit initiative is to offer any resident an opportunity to purchase state bonds and invest money in Latvia.

In the first stage of this initiative, Latvian residents will be able to buy bonds via the official website (www.krajobligacijas.lv) through authentication of one of the internet banks. Upon purchasing bonds currently in circulation in Latvia, an internet account will be automatically opened for that person. Current offer consists of bonds with a 6-month, 12-month, 5-year or 10-year period. Interest rates will be calculated according to that of the currently circulating state securities, as reported by the Finance Ministry.

The minimum price of one state bond is LVL 30. The maximum price will be LVL 49 000 for a single purchase. However, there will be not limit for the number of times a client can perform purchases in a single day. These bonds will be digital only, and will be stored on a person’s internet account. They are available for purchase 24/7.

After the adoption of euro in 2014, the bonds that were originally released in lats will be automatically converted into euro currency. This will be carried out in full accordance with the Law on Euro Adoption and following the exchange rate set up by the Council of the European Union.

“Compared with other types of investment instruments, one of the main advantages of savings bonds is safety – the investment will not depend on other participants of the financial market. The state will guarantee these investments in full amount”, – Finance Minister Andris Vilks explains.

The State Treasury currently holds talks with Latvian Post. It is expected that savings bonds will be made available for purchase at Latvian Post branches no sooner than 2014.

Ref: 102.109.109.7899


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