bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Friday 28.04.2017 | Name days: Terēze, Gundega
LatviaLatvia

Vejonis: banks should play a more active role in business lending

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU«Latvia’s joining of the club of the world’s most developed countries is proof of the efforts and hard work that was put into the enhancement of Latvia’s financial sector’s monitoring and international reputation. Nevertheless, even after joining OECD Latvia should continue launched reforms to further improve the quality of our country’s financial sector and expand the monitoring capacity of the country’s financial sector, especially in the field of combating economic crimes,» – said Latvia’s President Raimonds Vejonis during a meeting with the Chairman of the Finance and Capital Market Commission Peteris Putnins.

Improvement of the reputation of Latvia’s financial sector and establishment of high standards of international organizations are equally important. This helps increase the trust of partner countries and international investors in Latvia, thereby having a positive effect on credit ratings and the country’s national economy in general, notes the press service of the State President’s Chancellery.

During the meeting, the president expressed confidence that realization of FCMC’s launched initiatives and enhancement of the commission’s internal capacity, improvement of legislation that governs the financial system and adoption of specific monitoring policy measures and mechanisms to combat money laundering activities and terrorism financing should be continued.

«Introduction of better management practices in the financial sector, including measures to prevent money laundering and terrorism funding has been one of the main priorities for FCMC. We have accomplished much. Latvia’s financial sector has experienced significant changes over the course of the past several years. Changes have been added to the supervisory regulatory framework and FCMC’s supervisory practices. It is important to remain open for changes,» – Putnins said during the meeting.

According to what Vejonis said, the latest data suggests that Latvia’s current economic growth rate is slow. One of the reasons for this is the increased caution of banks when it comes to issuing loans to businesses, which results in limited capabilities for small and medium enterprises to develop.

«Banks should take more active participation in business lending to help the formation of new companies, develop existing businesses and increase the volumes of Latvia’s manufactured export goods. Stable and developed financial sector has always been one of the pre-conditions for business development and investment attraction for companies,» – added Vejonis.

Ref: 102.109.109.7896


Leave a reply

Antane: we have to act fast to prevent our transit industry from falling behind other countries

Europe has major plans in relation to port development – it is planned to increase cargo volumes by one and a half times and create 160,000 new jobs by 2030. We have to act fast to make sure our transit industry does not fall into second speed countries group, says president of Baltic Association – Transport and Logistics Inga Antane.

Retail trade turnover up 1.5% in Latvia

Compared to March 2016, total retail trade turnover in Latvia rose by 1.5 % in March 2017. Turnover of retail trade in food products declined by 0.8 %, whereas turnover of retail trade in non-food products grew by 3.3 %.

The biggest environmental threat in Riga is pollution caused by vehicles’ exhaust gases

Looking at the main factors that create the most pollution to Latvia’s environment, 53% of Riga residents mentioned pollution caused by vehicle exhaust gases, according to results of Baltic International Bank’s Latvian barometer data.

Murniece: Kremlin's aggressive behaviour is a threat to our region

The presence of US armed forces in Baltic States is a decisive element to oppose the region’s current security threat, says Saeima speaker Inara Murniece during her meeting with US Congress House of Representatives speaker Paul Ryan.

Lithuania plans to add asphalt surfacing to 815 km of gravel roads this year

This year, Lithuania plans to add asphalt surfacing to 815 km of gravel roads. 600 km of roads will receive soft asphalt surface, and 215 km of roads will receive surface restoration.

Study: number of Baltic tourists’ trips to USA increases

In the summer season, Baltic tourists prefer to travel by air to Asia and UAE. The most popular destinations reachable by land include Italy, Spain and Germany, according to information compiled by travel agency Estravel and car rent company Budget.

Lithuanian PM: Lithuania will hush Latvia in pursuit of Chinese investments

Lithuanian Prime Minister Saulius Skvernelis must have scratched Latvia‘s ego. «In the competition for Chinese investments, Lithuania should overcome Latvia,» the head of Lithuanian Government declared after meeting Zhang Dejiang, China‘s Parliament Speaker.

Estonia allows drivers to use studded tyres in part of May

As the northern-most Baltic nation experiences cold weather, unlike normally in late April, the Estonian roads’ authority has permitted drivers to leave their studded winter tyres on until May 7.

MEP: to prevent Baltics from dying out, we need much higher growth goals

«The growth goals of Baltic States are currently too low if we want to not only avoid dying out, but also recovering the people that have left because of economic reasons,» said Lithuanian MEP Antans Guoga.

Estonian TransferWise to open office in Singapore

Estonian-managed money transfer company TransferWise has announced its plans to open a regional head office for Asia in Singapore.

Rinkevics: we have to demonstrate unity of EU member states in Brexit talks

«We have to demonstrate the unity of 27 EU member states in Brexit talks,» says Latvian Foreign Affairs Minister Edgars Rinkevics.

American company shares traded the most; Apple shares popular the most in Baltics

Shares of Apple, Amazon and Facebook were traded the most in Q1 2017, as announced by international online trading and investment company Saxo Bank. Deals with Apple shares were the most popular among Saxo Bank’s Baltic investors.

Draghi: Economic recovery in eurozone becomes more solid

Increasingly solid is the economic recovery of the euro area as it faces less risks, evaluated head of the European Central Bank, Mario Draghi. The eurozone’s governing financial institution has maintained its main interest rate on hold at zero for another month.

Crowd of protesters break into Macedonian parliament

The Assembly of Macedonia has been stormed by a violent crowd, protesting against the election of an ethnic Albanian politician as the speaker.

April in Latvia to conclude with rain; beginning of May expected to be warm

April in Latvia will conclude with rainy and cold weather, whereas the first days of May are expected to be different, as reported by Latvian Environment, Geology and Meteorology Centre.

Number of POS terminals in Latvia increased 16% in 2016

According to data of Association of Latvian Commercial Banks, compared to 2015, the number of POS terminals in Latvia increased 16% in 2016, reaching 41,613 terminals in total. On average, 494 new POS terminals are released in the country.

Citadele and Visa to create a brand new credit card in Baltics

Citadele Bank has signed a contract for long-term cooperation with global payment technology company Visa. The contract provides for close cooperation in the development of new and innovative payment cards and other payment products in all three Baltic States in the next six years.

Finance Ministry promises tax burden decline will be felt by all residents

The tax policy reform will make Latvia more competitive in comparison with other Baltic States. In addition, reforms in the country will introduce the largest PIT benefits for dependents among other Baltic States, Finance Ministry promises.

Latvia signs contract on procurement of howitzers from Austria

A mutual contract on the purchase of M109A5Oe-type self-propelled howitzer system, fire support and training platform has been signed by Latvian Defence Ministry and Austrian Defence and Sport Ministry.

Committee to evaluate education quality in Riga and reduction of classes in gymnasiums

Riga City Council intends to hold a meeting of the Education, Culture and Sports Committee. The agenda of this meeting includes Unity faction deputy Baiba Brigmane’s request to include the matter regarding Education and Science Ministry’s study performed in Riga’s secondary schools. The meeting will take place at 11:00 on Thursday, 27 April.

NATO cyber defence drill in Estonia gets bigger

Tallinn’s NATO cyber defence centre is currently holding its annual training exercise, cooperating with NATO members, partner countries and tech firms.

Lithuania: EU tends to finance electronic transports and railway, not roads

Lithuanian Road Administration believes European Union’s tends not to finance road infrastructure development and instead focus more on use of electric transports and railway infrastructure development. This is why the administration works on research of other sources of funding, says the administration’s director Egidijus Skrodenis.

KNAB commences criminal process in relation to bribe request

Latvian Corruption Prevention and Combating Bureau has commenced a criminal process in relation to possible corruptive behaviour of a state official, requesting a bribe.

Baryshnikov to be given Latvian citizenship for contribution to Latvia’s culture

On Thursday, 27 April, Latvia’s Saeima supported the legislative draft regarding the provision of Latvian citizenship to world-famous artist Mikhail Baryshnikov for his contribution to Latvia’s culture, as BNN was informed by Saeima’s press-service.

Lithuania asks Klaipeda gas terminal to be added to EU’s list of projects of common interest

Lithuania has asked Klaipeda LNG terminal to be added to EU’s list of projects of common interest. If European Commission decides to approve this request, Lithuania can hope for financial support of at least EUR 100 million. This funding would help reduce gas prices for consumers in Lithuania and other Baltic States.