Posts tagged as central bank

Merger of financial regulator and central bank could cause 30 job losses

Thursday, May 28, 2020

By adding the Finance and Capital Market Commission (FKTK) to the Bank of Latvia, approximately 30 people could lose their jobs, said FKTK Chair Santa Purgaile in an interview on Latvian Television on May 28. She pointed out that these are employees who perform supporting rather than monitoring functions. Purgaile believes that merger is positive because funds will be saved and the work of both institutions will become more efficient. Around EUR…

Latvian government approves merger of financial regulator with central bank

Wednesday, May 27, 2020

The Cabinet of Ministers on May 26 supported in principle merging the Bank of Latvia with the financial regulator, the Financial and Capital and Market Commission (FKTK), the LETA newswire reported. As  reported by LSM previously  , the idea was formally floated last week after months of general discussion on the subject. According to the government’s decision, the two institutions will be merged either in 2022 or in 2023. The Finance Ministry’s…

Finance Minister plans to merge regulator with Latvian central bank

Thursday, May 21, 2020

The Ministry of Finance (FM) said May 21 it has submitted a proposal to the cabinet that would place Latvia’s independent financial regulator, the Financial and Capital Markets Commission (FKTK) under the wing of the Latvian Central Bank (LB). “The addition of the FKTK to the Bank of Latvia is the logical conclusion of the overhaul of the financial sector. Synergies of information and competencies will help the assessment of risks in…

Latvian central bank predicts major economic contraction ahead

Thursday, March 26, 2020

Latvia’s central bank, (Latvijas banka, LB) updated its economic forecasts March 26 and unsurprisingly, given the severity of the world coronavirus crisis, the prognosis is not optimistic. “The Bank of Latvia has revised Latvia’s gross domestic product (GDP) and inflation forecasts. Taking into account the current developments in the world economy, LB predicts that Latvia’s GDP will decline by 6.5% in 2020 (compared to a 2.6% increase predicted in December 2019), while…

Lithuania’s economy may shrink 1.2 percent due to coronavirus – central bank

Monday, March 16, 2020

Lithuania’s  economy   may shrink at least 1.2 percent this year due to the  coronavirus  , economists from the country’s central bank estimate. This would be an “optimistic” scenario, according to the bank’s chairman Vitas Vasiliauskas. “We believe the economy could contract 1.2 percent, meaning that the former baseline scenario changes by almost 4 percentage points. But, once again, I would say it’s an optimistic scenario,” Vasiliauskas said on Monday.…

Latvian central bank to pay 19 million euros into budget pot

Monday, March 2, 2020

The Board of the Latvian central bank, Latvijas Banka (LB), said March 2 it had approved financial statements for 2019 according to which Latvijas Banka’s profit for the year totalled 27.2 million euros, a 45% increase on 2018’s figure. In accordance with the law, the accounts have been independently audited and 70% or 19 million euros of Latvijas Banka’s profit for 2019 will be sent to the central government budget; the remaining 8.2 million euros being added to the reserve…