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Tuesday 26.03.2019 | Name days: Eiženija, Ženija
LatviaLatvia

Latvian Post to require a loan of 10.5 million due to euro adoption

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUStarting from January 2014, in accordance with the lat-euro free exchange initiative, residents will be able to exchange these currencies free of charge at Latvian Post branches located in low-populated areas for a period of three months. It is estimated that the total volume of euro exchange could be near EUR 14,94 million.

Latvian Post will require a loan in order to afford this service until euro becomes a fully legal and abundant means of payment. Latvian Post will require a loan from the state budget’s short-term loan fund, Finance Ministry explains.

FM has come up with a special law to clarify the second stage of early euro supply to Latvian Post and secure the necessary conditions for the successful progress of the early euro exchange initiative. The bill has been added to the agenda of today’s state secretary meeting. It will need to be approved by the government and parliament.

The bill provides for the issue of of a short-term loan to Latvian Post. It states that the Finance Minister is to sign an agreement regarding the issue of a LVL 10.5 million loan to Latvian Post this year.

The conditions of the loan are as follows: loan pay back term – March 31, 2014; the loan is to have a set interest rate in accordance with the loan issue and service order; the loan is not to be fitted with a risk interest rate; it is to be provided without security for the loan.

The completion of the agreement will be monitored by the State Treasury. The Transport Ministry will oversee the use of the loan money. Latvian Post will need to pay back the interest from the 2014 state budget to cover the costs of Transport Ministry’s supply of exchange currency, as mentioned in the bill.

Ref: 102.109.109.8616


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    I am Mrs betty Richy

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U.S. social media platforms Facebook and YouTube have been sued by a French Muslim organisation blaming them of inciting violence by allowing the streaming of footage of the recent New Zealand massacre online.

Latvian ministry urges development of voluntary fire-fighting organizations

To assist with development of voluntary fire-fighting organizations and municipal fire-fighting services, it is planned to implement a pilot project in which five voluntary fore-fighting teams will be picked from different regions to receive training and later assist with putting out less serious fires and participate in preventive measures in a specific region, as reported by Latvia’s Interior Affairs Ministry.

UK Parliament takes control of Brexit decisions to find way forward

The Parliament of the United Kingdom has reached an opposition majority to seek a parliamentary consensus on a Brexit option, however, British Prime Minister Theresa May has warned she does not promise her government would abide by the majority decision of the members of parliament.

Latvia's MPC abolishment plan includes plans A, B and C; more information to come later

Latvia’s Economy Ministry has completed Saeima’s given order and has prepared amendments to regulations for abolishment of electricity procurement component as early as the end of March 2019, as confirmed by Economy Minister Ralfs Nemiro after a coalition meeting.

Latvian State Revenue Service director says new cash register reform may be needed

The possibility of a new cash register reform cannot be excluded if it turns out new requirements have become outdated and no longer applicable to the actual market situation, says the head of Latvia’s State Revenue Service Ieva Jaunzeme.

Latvia’s Finance Minister says state budget cannot afford more funding requests

Latvia’s 2019 budget does not have sufficient money to afford allocating financing for additional requests submitted by Saeima deputies, said Finance Minister Jānis Reirs after an extraordinary meeting of the government.

Association: deposit system should receive support from the Latvia or EU funds

Beverage packaging deposit system’s introduction in Latvia should be supported financially by either the state or European Union funds, says chairperson of Latvian Federation of Food Companies Ināra Šure.

Poland to launch Vilnius TV channel for Lithuania Poles

Poland's state television TVP plans to introduce a new television channel aimed specifically at the Polish minority population in Lithuania.

Council of Sworn Bailiffs of Latvia appoints new chairperson

A new council has been elected during a meeting of the Council of Sworn Bailiffs of Latvia. The new chairperson of the council is Zemgale Regional Court’s sworn bailiff Iveta Kruka. Until now she was deputy chairperson of the council, BNN was told by the council’s public relations consultant Jānis Basevičs.

Latvian Cabinet of Ministers refuses to allocate additional funds in 2019 budget

During an open meeting on Monday, 25 March, Latvia’s Cabinet of Ministers refused to allocate additional finances in the 2019 budget. At the same time, members of the government accepted several proposals that clarify the order in which finances are allocated.

Ideas to reform second pension pillar criticised in Estonia

As Estonian politicians involved in coalition-building are discussing the possibility of making the country's second pillar pension funds voluntary or dismantling them altogether, public figures have published an open letter against the ideas.

Latvian state auditor: benefit from cash register reform was dubious

The country’s benefits from the cash register reform are unclear, said Latvian State Auditor Elita Krūmiņa in an interview to LNT programme 900 seconds on Monday, 25 March.

Minister: MPC abolishment in Latvia may help reduce electricity bills by 20% in 2020

Once the mandatory procurement component system has been abolished, Latvian residents’ electricity bills in 2020 may reduce by 20%, says Latvia’s Economy Minister Ralfs Nemiro.

U.S. investigators: Trump campaign in no collusion with Russia in 2016 election

Following an exonerating result of the U.S. federal investigation into alleged collusion by his pre-election campaign with Russia, U.S. President Donald Trump has expressed satisfaction with the end of the two-year investigation.

Monitoring of problematic banks: Europe has zero tolerance for money laundering

Europe has a zero tolerance level towards money laundering. Because of that, banks have to be very careful with their reputation, says chairperson of European Single Resolution Board, which is responsible for supervising problematic banks, Elke König.

One million Britons demand second Brexit referendum in protest

A mass march supporting a second Brexit referendum has been held in London, where, according to its organisers, over one million people have taken part.

Air temperature to reach +15° C in Latvia this week

Cyclone activity will bring precipitation to Latvia at the beginning of the week. In the second half of the week air temperature will stay firmly above 0° C, reaching a maximum of +15° C, as reported by Latvian State Environment, Geology and Meteorology Centre.

Week in Lithuania. MPs vote to give hope of release to life prisoners

The Lithuanian parliament adopted on Thursday, March 21, a package of amendments offering a hope of release to prisoners serving life sentences. The Seimas passed the package with 87 votes in favour and none against.