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Friday 21.09.2018 | Name days: Matīss, Modris, Mariss
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Tverijons: Latvia has potential to boost financial services export

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU, Teodors Tverijons

Teodors Tverijons

The Latvian banking industry keeps growing; moreover, there is great potential to increase the financial services export, namely, collecting in the future not only Latvia’s population and businessmen’s transactions, but also those of foreigners, the Association of Latvian Commercial Banks’ former president Teodors Tverijons points out to LNT broadcast 900 sekundes.

However, he notes it does not mean an increase in foreign deposits, since Latvia is not Switzerland where cash deposits are a tradition.

The Latvian banks service non-resident accounts a lot, for instance, 37% of the accounts at the Latvian banks are foreign funds, the Association’s former president says.

Tverijons considers that currently loans are available to absolutely everyone meeting the required conditions. The fact that the loan balance is decreasing does not mean there are no new loans issued, the expert points out, adding that during the second half of 2010 the volume of issued loans amounted to nearly 700 million lats. This means about 100 million lats per month.

According to Tverijons, within half-year, the loan increase could reach up to 10%, also the interbank lending rates could rise in the nearest future.

When assessing the government’s work, the banking expert points out, to a large extent, everything depends on the Prime Minister and the Finance Minister, while others are fighting amongst themselves, Tverijons asserts.

The worst thing in the government’s actions is the unpredictability and uncertainty. Namely, currently the business environment has to keep track of what is happening in legislation. As an example Tverijons mentions the situation with public utilities payments and the problems regarding high debts.

In his view, tariffs and excise taxes should not be increased in order to facilitate debt repayment. Instead, a populist proposal was adopted – if the debtor has a pledged real estate, the debt is covered by selling the pledge.

It is not taken into account that such actions fundamentally destroy the civil perception of what is a pledge. Do these few million lats, obtained by public utilities providers, compensate the fact that the pledge’s value is altered, Tverijons asks rhetorically.


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