On July 14, Latvia’s Saeima passed in the second and final reading urgent amendments to the Law on State Pensions. These amendments provide for indexation of state pensions two months earlier than usual this year – in August. “Earlier than usual indexation of pensions is proposed to provide support to pensioners in a situation of…
The negative influence of euro’s weakness exceeds positive aspects. Additionally, the low euro exchange rate could contribute to inflation even though it is not the biggest factor contributing to price growth, according to bank analysts. SEB Bank macroeconomic expert Dainis Gaspuitis said companies focused on export outside Eurozone were the ones to benefit the most…
Purchase of discounted products, search of cheaper goods and services and more frequent meals at home – these are the most common strategies Latvian residents use to save up money and reduce the impact from the rapid price climb, says Swedbank Institute of Private Finances expert Evija Kropa, commenting on data from the institute’s study.…
The Finance and Capital Market Commission (FKTK) has permitted the merge of Signet Bank and Expobank, as confirmed by the commission. The Council of FKTK permitted the acquisition of Signet Bank’s shares by Expobank. This means as of July 11, operations of both banks are united in a single institution. From now on all operations…
Compared to June 2021, the average level of consumer prices increased by 19.3% in June. The average level of consumer prices was mainly influenced by the rise in prices of goods and services related to housing, food and non-alcoholic beverages, goods and services related to transport, restaurant and hotel services, within the miscellaneous goods and…
Latvia’s Ministry of Economics predicts the national economy will increase by an average of 4.2% a year between 2022 and 2030. Between 2031 and 2040 the average growth of the national economy is expected to reach 3% annually, according to the ministry’s report on the labour market’s medium and long-term outlooks. The report explains that…
Energy will definitely remain expensive in the future, governor of the Bank of Latvia Martins Kazaks has said. “There is no reason to keep glancing hopefully at the past – it will not come back, last year’s snow has already melted, so to speak,” said Kazaks in regards to the rise of energy prices. He…