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BalticLegal Offline

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23.12.2022 08:24
The Republic of Latvia Antworten

The Republic of Latvia was proclaimed on November 18, 1918. The next steps that the new state took were the creation of the financial system and the introduction of the national currency of Latvia.

On November 2, the Bank of Latvia issued temporary banknotes in the denomination of 10 lats – 500 ruble notes with overprint. The Bank of Latvia included both the functions of a central bank (issuing currency, controlling currency hedging and cash circulation) and a commercial bank (lending to and financing public and private companies, institutions and individuals).

The structure of the bank was worked out in 1924 as follows: a head office (2A K. Valdemara Street, Riga), eight branches, which handle all banking business, and fourteen branches, which act as treasury and accept deposits. This was the structure of the bank until 1940.

The law nationalizing banks and large industrial companies was passed on July 25, 1940. The nationalized credit institutions were merged and reorganized into branches of the Bank of Latvia.

On March 2, 1990, the Supreme Council of the Latvian SSR (then entity of the USSR) passed the Law on Banks and the Resolution on the Bank of Latvia.

Latvia joined the IMF on May 19, 1992. The legal basis for cooperation between Latvia and the IMF is the Law of April 15, 1992 on the Accession of the Republic of Latvia to the International Monetary Fund (IMF). The International Monetary Fund is an organization of 188 countries working to promote global monetary cooperation, ensure financial stability, facilitate international trade, promote high employment and sustained economic growth, and reduce poverty around the world. In 1992 there were 50 active banks, with the number of active banks increasing to 80 the following year.

The 2008 Latvian financial crisis, which emerged from the 2008–2009 global financial crisis, was a major economic and political crisis in Latvia. Interestingly, despite the crisis, the number of officially registered banks in Latvia has increased from 28 to 29. The crisis was triggered by a bursting of the easy credit market, which led to an unemployment crisis and the bankruptcy of many companies.

Economic activity has recovered since 2010 and Latvia's rate of economic growth in the first three quarters of 2012 was the fastest among EU Member States. 29 active banks resumed their activities on Latvian territory in 2012. On October 12, 2011 the Bank of Latvia opened its annual conference on economic development. This year it was entitled Global Challenges and Local Opportunities: Achievements and Prospects in the Baltic States.

In early July 2013, EU finance ministers approved Latvia as the 18th member of the eurozone, a formality that put the country on track to use the currency on January 1, 2014.

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