Banks, Financial Services, Good for Business, Latvia, Risk management
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Friday, 26.04.2024, 10:09
Latvian banks have successfully completed work on risk reduction measures - association
Sanda Liepina. |
“We believe that we have coped with the challenges that arose in February
fairly successfully,” Liepina said, adding that with the work on risk reduction
measures completed the banks can now focus on tackling new challenges.
Further work will be needed to restore the banking sector’s reputation,
but combating money laundering is sure to pay off in the long term, the head of
the banking association said.
Liepina also noted that the risk reduction measures have caused an
outflow of nonresident deposits but that resident deposits have continued to
grow in Latvian banks at roughly the same rate as last year, or by 8%.
“In the long-term perspective, the Latvian financial sector is focusing
on the European market, with a very strong focus on digital solutions and their
accessibility,” Liepina said.
At the end of July, the Association of Latvian Commercial Banks announced
that reflecting the development of the finance industry and growing cooperation
between participants in the sector, as well as the sustained creation of
innovations in financial technology, the association has expanded its
activities and become the Finance Latvia Association.