In January, Riga International Airport serviced 246,000 passengers or almost five times more than a year prior, according to the airport’s operational data on the airport’s results for the first month of the year. Two of the biggest passenger carriers in January were Latvia’s national airline airBaltic, which carried 49.9% or nearly 122,000 passengers to…
The bank business model change process is not over in Latvia, says the chairperson of Latvian Finance and Capital Market Commission (FKTK) Santa Purgaile. She said several years ago it became clear a number of banks in Latvia would need to transform, change their business model and strategy. It was also clear not all banks…
The packaging deposit system start working in Latvia on February 1, said Minister of Environment Protection and Regional Development Arturs Toms Pless. He admitted having something akin to Christmas morning anticipation when it comes to this event. “I believe I’ll not be the only one – the whole of Latvia’s society has been waiting for…
The state joint-stock company Latvian Railway (LDz) plans to electrify the country’s entire railway network until 2040, as announced by LDz board chairman Maris Kleinbergs at a press conference. He explained that the company was currently working on this project’s financing plan and mechanism. Project cost estimates are also in the works. Initial estimates suggest…
On January 1, the minimal wage amount in Latvia was the second lowest among 21 members states of the European Union, according to information published by Eurostat. The current minimal wage in Latvia is EUR 500 a month. The only other EU member state in which the minimal wage is lower is Bulgaria, where it…
Both Latvia’s Minister of Defense Artis Pabriks and Prime Minister Krisjanis Karins suggest gradually increasing the country’s defense budget to 2.5% of GDP. During the annual foreign affairs debates in the Saeima, Pabriks said that in addition to relying on Article 5 of NATO Treaty, Latvia should follow Finland’s example, develop its armed forces and…
On January 26, Riga City Council adopted the municipality’s new budget, outlining three priorities – social aid, wages and transport infrastructure. The meeting during which the city council reviewed the 2022 budget lasted for more than seven hours. More than five hours were spent discussing the municipal budget. Riga’s budget revenue is planned at EUR…