On 13 July, President of Latvia Edgars Rinkēvičs met with the President of the Bank of Latvia Mārtiņš Kazaks at the Riga Castle to discuss current issues in the banking and financial sector. The meeting focused, in particular, on the situation in the credit sector, the latest macroeconomic forecasts, as well as future cooperation between the President of Latvia and the Bank of Latvia.
During the meeting, the parties discussed the current situation in the credit sector - the high cost of lending, the weak interest of Latvian commercial banks in issuing loans, and thus contributing to the development of Latvia’s economy and competitiveness. During the meeting, the President of Latvia drew attention to the fact that he expects a radical change of direction on the part of Latvian commercial banks, including active measures by both the Bank of Latvia and the government to improve access to financial services.
The President of the Bank of Latvia presented the latest macroeconomic forecasts of the Bank of Latvia. They show that inflation in Latvia has started to decline and the trend is expected to continue. At the same time, inflation rates in the euro area are still above the optimal level.
