Banks in Latvia have implemented numerous changes to improve their internal control systems, as reported by the Finance and Capital Market Commission (FKTK). In 2020, FKTK performed 12 inspections in the field of money laundering and terrorism financing prevention. While in previous years most inspections concluded with administrative cases and penalties, in 2020 FKTK had…
European Bank for Reconstruction and Development (EBRD) has maintained Latvia’s GDP outlook for 2021 unchanged. The country’s economic growth is expected to be the most rapid among the Baltic States. The bank’s latest outlook estimates Latvia’s economic growth to reach 3.5% this year. Commenting on this year’s outlook, EBRD notes that the slow speed of…
This year Swedish ferry company Stena Line deployed two new, large and modern ferries on its route connecting Latvia’s Ventspils and Sweden’s Nynashamn, as confirmed by the company. The first of them – Stena Scandica – arrived in Ventspils on June 29. It is preparing for its first voyage, which will start on July 2.…
This year municipal company Riga Forests plans to participate in a youth employment program organized by the State Employment Agency (NVA). The company intends to offer summer jobs to 136 youngsters, as confirmed by Riga Forests. In June, July and August youngsters aged 15 to 19 years will be able to work in gardens and…
The European Commission has approved Latvia’s submitted Recovery and Sustainability Plan worth EUR 1.8 billion, as confirmed by EC representatives. New the European Council will need to approve the plan. Latvia’s plan for recovery and sustainability was submitted to the European Commission on April 30 for the entire available amount – EUR 1.826 billion. This…
Latvia’s Finance and Capital Market Commission (FKTK) has fined Rietumu Bank a total of EUR 5.85 million for violations of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing, as confirmed by FKTK. It is the biggest fine that has been applied to a bank by FKTK so far. In 2019,…
At the end of Q1, there were 21.5 thousand job vacancies in Latvia, up by 2.6 thousand vacancies or by 14% YoY. In private sector there were 14.1 thousand and in public sector 7.4 thousand job vacancies. Over the year, the number of job vacancies in private sector increased by 3.2 thousand or by 28.7%,…